BP 2010 Annual Report Download - page 131

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Additionalinformationforshareholders
Additional information for shareholders
Substantial shareholdings and other information
Thedisclosureofcertainmajorinterestsinthesharecapitalofthe
companyisgovernedbytheDisclosureandTransparencyRules(DTR)
madebytheUKFinancialServicesAuthorityandtheUSSecurities
ExchangeActof1934.UnderDTR5,wehavereceivednoticationthat
BlackRock,Inc.holds5.72%ofthevotingrightsoftheissuedsharecapital
ofthecompany;andLegal&GeneralGroupPlcholds3.72%ofthevoting
rightsoftheissuedsharecapitalofthecompany.
ThecompanyhasbeennotiedthatJPMorganChaseBank,as
depositaryforAmericandepositaryshares(ADSs)holdsintereststhrough
itsnominee,GuarantyNomineesLimited,in4,888,530,141ordinaryshares
(26.01%ofthecompany’sordinarysharecapitalexcludingsharesheldin
treasuryandsharesboughtbackforcancellation).During2009,BlackRock,
Inc.acquiredBarclaysGlobalInvestors,resultinginanincreaseintheshare
interestofBlackRock,Inc.BlackRock,Inc.holdsinterestsin1,078,318,880
ordinaryshares(5.74%oftheordinarysharecapitalexcludingsharesheld
intreasuryandsharesboughtbackforcancellation).Legal&GeneralGroup
plcholdinterestsin701,642,238ordinaryshares(3.73%ofthecompany’s
ordinarysharecapitalexcludingsharesheldintreasuryandsharesbought
backforcancellation).Thecompany’smajorshareholdersdonothave
differentvotingrights.
AspartofanagreedstrategicalliancewithRosneftOilCompany
(Rosneft),thecompanyhasagreedtoissue5%ofitsordinarysharecapital
(excludingsharesheldintreasuryandsharesboughtbackforcancellation)
toRosneftinexchangeforthereceiptofapproximately9.5%ofRosneft’s
ordinarysharecapital.Onceissued,thesesharesaresubjecttomutual
lock-uparrangements.Neitherpartycan,subjecttocertainexceptions,
disposeoftheotherparty’ssharesforaperiodoftwoyears.Thelock-up
doesnotpreventRosneftfromacceptingatakeoverofferforthewholeof
thecompany’ssharecapitalorfromprovidinganirrevocableundertakingto
acceptatakeoverofferwhichhasbeenrecommendedbythecompany.
Followingtheexpirationofthelock-upperiod,orderlymarketingprovisions
willapplytothedisposalofeitherparty’sshares.
SeeLegalproceedingsonpage133forinformationonaninterim
injunction,grantedbytheEnglishHighCourton1February2011,
restrainingBPfromtakinganyfurtherstepsinrelationtotheRosneft
transactionspendingtheoutcomeofarbitrationproceedings.
Thecompanyhasalsobeennotiedofthefollowinginterestsin
preferenceshares:TheNationalFarmersUnionMutualInsuranceSociety
Limitedholdsinterestsin945,0008%cumulativerstpreferenceshares
(13.07%ofthatclass)and987,0009%cumulativesecondpreference
shares(18.03%ofthatclass).M&GInvestmentManagementLtd.holds
interestsin528,1508%cumulativerstpreferenceshares(7.30%ofthat
class)and644,4509%cumulativesecondpreferenceshares(11.77%of
thatclass).DuncanLawrieLtd.holdsinterestsin459,8768%cumulative
rstpreferenceshares(6.36%ofthatclass).LazardAssetManagementLtd.
holdsinterestsin374,0008%cumulativerstpreferenceshares(5.17%of
thatclass)and404,5009%cumulativesecondpreferenceshares(7.39%of
thatclass).RoyalLondonAssetManagementLtd.holdsinterestsin438,000
9%cumulativesecondpreferenceshares(8.00%ofthatclass).RufferLLP
holdsinterestsin398,0009%cumulativesecondpreferenceshares(7.27%
ofthatclass).GartmoreInvestmentManagementLimiteddisposedofits
interestin394,5388%cumulativerstpreferencesharesand500,0009%
cumulativesecondpreferencesharesduring2010.
Thetotalpreferencesharesinissuecompriseonly0.44%ofthe
company’stotalissuednominalsharecapital(excludingsharesheldin
treasury),therestbeingordinaryshares.
Related party transactions
Transactionsbetweenthegroupanditssignicantjointlycontrolledentities
andassociatesaresummarizedinFinancialstatements–Note25on
page183andNote26onpage184.Intheordinarycourseofitsbusiness,
thegroupentersintotransactionswithvariousorganizationswithwhich
certainofitsdirectorsorexecutiveofcersareassociated.Exceptas
describedinthisreport,thegroupdidnothavematerialtransactionsor
transactionsofanunusualnaturewith,anddidnotmakeloansto,related
partiesintheperiodcommencing1January2010to18February2011.
Dividends
Whendividendsarepaidonitsordinaryshares,BP’spolicyistopayinterim
dividendsonaquarterlybasis.During2010theBPboardannouncedan
agreedpackageofmeasurestomeetitsobligationsasaresponsibleparty
arisingfromtheGulfofMexicoincident.Asaconsequenceofthis
agreement,theBPboardrevieweditsdividendpolicyanddecidedthat,in
thecircumstances,itwouldbeprudenttocancelthepreviouslyannounced
rst-quarterdividendandthatnointerimdividendswouldbeannouncedin
respectofthesecondandthirdquartersof2010.On1February2011the
BPboardannouncedthatitwouldpayadividendforthefourthquarter2010.
BPpolicyistoannouncedividendsforordinarysharesinUSdollars
andstateanequivalentpoundssterlingdividend.DividendsonBPordinary
shareswillbepaidinpoundssterlingandonBPADSsinUSdollars.The
rateofexchangeusedtodeterminethesterlingamountequivalentisthe
averageofthemarketexchangeratesinLondonoverthefourbusiness
dayspriortothesterlingequivalentannouncementdate.Thedirectorsmay
choosetodeclaredividendsinanycurrencyprovidedthatasterling
equivalentisannounced,butitisnotthecompany’sintentiontochangeits
currentpolicyofannouncingdividendsonordinarysharesinUSdollars.
ThefollowingtableshowsdividendsannouncedandpaidbythecompanyperADSforeachofthepastveyears.
      March June September December Total
DividendsperAmericandepositaryshare
2006   UKpence 31.7 31.5 31.9 31.4 126.5
    UScents 56.25 56.25 58.95 58.95 230.4
    Canadiancents 64.5 64.1 67.4 66.5 262.5
2007   UKpence 31.5 30.9 31.7 31.8 125.9
    UScents 61.95 61.95 64.95 64.95 253.8
    Canadiancents 73.3 69.5 67.8 63.6 274.2
2008   UKpence 40.9 41.0 42.2 52.2 176.3
    UScents 81.15 81.15 84.0 84.0 330.3
    Canadiancents 80.8 82.5 85.8 108.6 357.7
2009   UKpence 58.91 57.50 51.02 51.07 218.5
    UScents 84 84 84 84 336
    Canadiancentsa n/a n/a n/a n/a n/a
2010 UK pence 52.07 – – – 52.07
US cents 84 – – – 84

a  BPshareswerede-listedfromtheTorontoStockExchangeon15August2008andthelastdividendpaymentinCanadiandollarswasmadeon8December2008.
BPAnnualReportandForm20-F2010 129