BP 2005 Annual Report Download - page 95

43 Called up share capital
The company’s authorized ordinary share capital remains unchanged at 36 billion shares of 25 cents each, amounting to $9 billion. In addition, the
company has authorized preference share capital of 12,750,000 shares of £1 each ($21 million).
The allotted, called up and fully paid share capital at 31 December was as follows:
2005 2004 2003
Issued shares (thousand) $ million shares (thousand) $ million shares (thousand) $ million
8% cumulative first preference shares 7,233 12 7,233 12 7,233 12
of £1 each
9% cumulative second preference 5,473 9 5,473 9 5,473 9
shares of £1 each
21 21 21
Ordinary shares of 25 cents each
1 January 21,525,978 5,382 22,122,610 5,531 22,378,651 5,595
Employee share schemes 68,500 17 62,224 16 32,889 8
Atlantic Richfield 13,644 3 29,288 7 9,786 2
Issue of ordinary share capital
for TNK-BP 108,629 27 139,096 35 – –
Repurchase of ordinary share capital (1,059,706) (265) (827,240) (207) (298,716) (74)
31 December 20,657,045 5,164 21,525,978 5,382 22,122,610 5,531
5,185 5,403 5,552
Authorized
8% cumulative first preference shares 7,250 7,250 7,250
of £1 each
9% cumulative second preference 5,500 5,500 5,500
shares of £1 each
Ordinary shares of 25 cents each 36,000,000 36,000,000 36,000,000
Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for
every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on
other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each.
In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the
preference shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid
up on the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous
six months over par value.
EMPLOYEE SHARE SCHEMES
During the year 68,499,852 ordinary shares (2004 62,224,092 and 2003 32,889,234 ordinary shares) were issued under the BP, Amoco and Burmah
Castrol employee share schemes.
ATLANTIC RICHFIELD
13,644,462 ordinary shares (2004 29,288,178 and 2003 9,786,396 ordinary shares) were issued in respect of Atlantic Richfield employee share
option schemes.
REPURCHASE OF ORDINARY SHARE CAPITAL
The company purchased 1,059,706,481 ordinary shares (2004 827,240,360 and 2003 298,716,391 ordinary shares) for a total consideration of
$11,597 million (2004 $7,548 million and 2003 $1,999 million), of which 76,800,000 were cancelled and 982,906,481 were retained in treasury.
All the shares repurchased in 2004 and 2003 were cancelled. At 31 December 2005, 982,624,971 shares of nominal value $246 million were
held in treasury. Transaction costs of share repurchases amounted to $63 million (2004 $43 million and 2003 $11 million).
BP Annual Report and Accounts 2005 93