• Natural Gas News

    Shell lays out timetable for UK move

Summary

Shell shareholders supported the changes in a vote on December 10.

by: Joseph Murphy

Posted in:

Complimentary, Natural Gas & LNG News, Europe, Corporate, Corporate governance, Appointments, Political, Tax Legislation, News By Country, Netherlands, United Kingdom

Shell lays out timetable for UK move

Shell announced a timetable on December 20 for relocating its head executives to the UK and simplifying its share structure.

Shareholders of the oil and gas, in a unanimous vote December 10, backed the changes, which also include moving the company's tax residence to the UK and dropping "Royal Dutch" from its legal name.

Shell will hold its first board meeting in the UK on December 31 and then change its name to Shell plc in the week starting January 24, it said. January 26 will mark the last day of issuance and the cancellation of its American depositary shares (ADS).

The last day of dealing for ADS A and B shares on the New York stock exchange will be January 28, and the effective date of assimilating A and B shares into a single line of ordinary shares will be January 29.

The dealing of single-line ordinary shares will begin in London on January 31. That day conditional dealings of single-line shares will also begin at Euronext Amsterdam, and the conditional trading of single-line ADS shares in New York will commence.

On February 1, regular trading of single-line ADS shares will start in New York and the unconditional dealing of single-line shares will begin at Euronext Amsterdam on February 2. Single-line ADS shares will be issued at the ADS depositary that day as well.