Daily Telegraph: Sterling work on Shell's divi: "Lord Oxburgh has written a valedictory letter to the shareholders of Shell.": "Sounds like an Ernie Wise composition… (One half of the late great British comedy duo, Morecambe & Wise, famous for the “plays what I wrote”. (ShellNews.net) 12 Nov 04

City diary

Edited by Helena Keers (Filed: 12/11/2004)

Lord Oxburgh has written a valedictory letter to the shareholders of Shell. In an attempt to reassure them, he explains that the new Royal Dutch Shell "will continue to seek to increase dividends at least in line with inflation over time".

Since the business will be based in Holland, which rate of inflation does the chairman have in mind? Alas, he doesn't say, and he won't be around long enough for any problem to emerge.

Besides, with the dividend declared in euros and paid in pounds, Shell shareholders should brace themselves for fluctuating payouts whatever happens to inflation rates.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/11/12/ccdiary12.xml

Related piece from The Telegraph “City diary”, 11 Nov 04

• Here's Shell writing to its shareholders about the changes to its structure and governance: "This was foreshadowed in what I wrote in our Midyear Review that was sent to you in August." The letter is signed by chairman Lord Oxburgh.

Comment by ShellNews.net: Letter from Lord Oxburgh: Sounds like an Ernie Wise composition… (One half of the late great British comedy duo, Morecambe & Wise, famous for the “plays what I wrote”.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/11/11/ccdiary11.xml#4

THE RELEVANT LETTER FROM LORD OXBURGH:

Acrobat Reader is needed to access the related file below. Please be patient when downloading as the files contain multiple pages. (To download a FREE Acrobat Reader click on the adobe link): http://www.adobe.com/products/acrobat/readstep2.html)

File One: Click here to access letter from Lord Oxburgh dated 2 Nov 04 and associated 16 page document announcing the proposal (on 28 Oct 04) by Royal Dutch/Shell for one company, one board and one chief executive. This is the letter which amused The Telegraph "City diary" so much that it was the subject of features on two successive days, 11 & 12 November 04. If you are a Japanese or Canadian national, Royal Dutch/Shell does not want you to read this document.