BP 2006 Annual Report Download - page 88

86
The offer and listing
Markets and market prices
The primary market for BP’s ordinary shares is the London Stock
Exchange (LSE). BP’s ordinary shares are a constituent element of the
Financial Times Stock Exchange 100 Index. BP’s ordinary shares are also
traded on stock exchanges in France, Germany, Japan and Switzerland.
Trading of BP’s shares on the LSE is primarily through the use of the
Stock Exchange Electronic Trading Service (SETS), introduced in 1997 for
the largest companies in terms of market capitalization whose primary
listing is the LSE. Under SETS, buy and sell orders at specific prices may
be sent to the exchange electronically by any firm that is a member of the
LSE, on behalf of a client or on behalf of itself acting as a principal. The
orders are then anonymously displayed in the order book. When there is a
match on a buy and a sell order, the trade is executed and automatically
reported to the LSE. Trading is continuous from 8.00 a.m. to 4.30 p.m. UK
time but, in the event of a 20% movement in the share price either way,
the LSE may impose a temporary halt in the trading of that company’s
shares in the order book to allow the market to re-establish equilibrium.
Dealings in ordinary shares may also take place between an investor and
a market-maker, via a member firm, outside the electronic order book.
In the US and Canada, the company’s securities are traded in the
form of ADSs, for which JPMorgan Chase Bank is the depositary (the
Depositary) and transfer agent. The Depositary’s principal office is 4 New
York Plaza, Floor 13, New York, NY 10004, US. Each ADS represents six
ordinary shares. ADSs are listed on the New York Stock Exchange and are
also traded on the Chicago, Pacific and Toronto Stock Exchanges. ADSs
are evidenced by American depositary receipts, or ADRs, which may be
issued in either certificated or book entry form.
The following table sets forth for the periods indicated the highest and
lowest middle market quotations for BP’s ordinary shares for the periods
shown. These are derived from the Daily Official List of the LSE and the
highest and lowest sales prices of ADSs as reported on the New York
Stock Exchange composite tape.
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Pence Dollars
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Ordinary shares
American
depositary
sharesa
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High Low High Low
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Year ended 31 December
2002 625.00 387.00 53.98 36.25
2003 458.00 348.75 49.59 34.67
2004 561.00 407.75 62.10 46.65
2005 686.00 499.00 72.75 56.60
2006 723.00 558.50 76.85 63.52
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Year ended 31 December
2005: First quarter 579.50 499.00 66.65 56.60
Second quarter 600.00 516.00 64.94 57.95
Third quarter 686.00 580.50 72.75 62.84
Fourth quarter 679.00 599.00 71.25 63.26
2006: First quarter 693.00 623.00 72.88 65.35
Second quarter 723.00 581.00 76.85 64.19
Third quarter 653.00 560.00 73.28 63.81
Fourth quarter 619.00 558.50 69.49 63.52
2007: First quarter (through 20 February) 574.50 527.50 64.03 61.29
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Month of
September 2006 605.50 560.00 68.60 63.81
October 2006 619.00 558.50 69.49 63.52
November 2006 606.50 566.00 69.11 65.75
December 2006 587.50 563.00 66.88 66.20
January 2007 574.50 527.50 62.27 61.29
February 2007 (through 20 February) 544.00 527.50 64.03 61.90
aAn ADS is equivalent to six 25 cent ordinary shares.
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