BP 2008 Annual Report Download - page 166

Financial statements
BP Annual Report and Accounts 2008
Notes on financial statements
39. Called-up share capital
The allotted, called-up and fully paid share capital at 31 December was as follows:
2008 2007 2006
Shares Shares Shares
Issued (thousand) $ million (thousand) $ million (thousand) $ million
8% cumulative first preference shares of £1 each 7,233 12 7,233 12 7,233 12
9% cumulative second preference shares of £1 each 5,473 9 5,473 9 5,473 9
21 21 21
Ordinary shares of 25 cents each
At 1 January 20,863,424 5,216 21,457,301 5,364 20,657,045 5,164
Issue of new shares for employee share schemes 24,791 6 69,273 18 64,854 16
Issue of ordinary share capital for TNK-BP ––– – 111,151 28
Repurchase of ordinary share capital (269,757) (67) (663,150) (166) (358,374) (90)
Othera––– – 982,625 246
At 31 December 20,618,458 5,155 20,863,424 5,216 21,457,301 5,364
5,176 5,237 5,385
Authorized
8% cumulative first preference shares of £1 each 7,250 12 7,250 12 7,250 12
9% cumulative second preference shares of £1 each 5,500 9 5,500 9 5,500 9
Ordinary shares of 25 cents each 36,000,000 9,000 36,000,000 9,000 36,000,000 9,000
aReclassification in respect of share repurchases in 2005.
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.
Repurchase of ordinary share capital
The company purchased 269,757,188 ordinary shares (2007 663,149,528 and 2006 1,334,362,750 ordinary shares) for a total consideration of $2,914
million (2007 $7,497 million and 2006 $15,481 million), all of which were for cancellation. At 31 December 2008, 150,444,408 (2007 150,966,096 and
2006 99,045,000) ordinary shares bought back were awaiting cancellation. These shares have been excluded from ordinary shares in issue shown
above. At 31 December 2008, 1,888,151,157 shares of nominal value $472 million were held in treasury (2007 1,940,638,808 shares of nominal value
$485 million). The maximum number of shares held in treasury during the year was 1,940,638,808 shares of nominal value $485 million (2007
1,946,804,533 shares of nominal value $487 million), representing 9.3% (2007 9.1%) of the called-up ordinary share capital of the company.
During 2008, 10,000,000 treasury shares (2007 1,700,000 treasury shares) were gifted to the Employee Share Ownership Plans (ESOPs),
20,000,000 treasury shares were transferred at market price to the ESOPs, and 22,487,651 treasury shares (2007 4,465,725 treasury shares) were re-
issued in relation to employee share schemes, in total representing 0.25% (2007 less than 0.1%) of the ordinary share capital of the company. The
nominal value of these shares was $13 million (2007 $2 million) and the total proceeds received from the re-issues in relation to employee share
schemes were $75 million (2007 $35 million).
Transaction costs of share repurchases amounted to $16 million (2007 $40 million and 2006 $83 million).
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