Business Context and Reporting Period
This Form 6-K filing by Royal Dutch Shell plc (Shell) is dated November 21, 2013. The report serves as a notification regarding the Reference Share Price for the third quarter 2013 interim dividend under the company's Scrip Dividend Programme. The filing does not contain operational results or a full financial report for the period.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The only financial figures disclosed relate to the dividend program:
- Q3 2013 Interim Dividend: $0.45 per A ordinary share and B ordinary share; $0.90 per American Depository Share (ADS).
- Q3 2013 Reference Share Price: $33.386 (US dollar equivalent of the average closing price on Euronext Amsterdam for five dealing days).
- Q3 2013 Reference ADS Price: $66.772 (Calculated as the Reference Share Price of the two A Shares underlying each new A ADS).
Material Changes
The filing notes a material change in the calculation of the Reference ADS Price due to a court ruling. The ruling established that Stamp Duty Reserve Tax (SDRT) is not due on the issue of shares to a US depositary. Consequently:
- The Reference ADS Price no longer includes an adjustment for the deduction of SDRT or associated Dutch withholding tax.
- The "Alternative Reference ADS Price" is no longer required; the standard Reference ADS Price now applies to all A ADSs and B ADSs.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of general business risks. It highlights specific tax considerations for the Scrip Dividend Programme:
- Tax Advantages: Dividends paid as shares are not subject to Dutch dividend withholding tax (15%) and are generally not taxed on receipt by UK or Dutch corporate shareholders.
- Shareholder Action: Holders of B shares who join the programme must make a Scrip Dividend Election for new A shares issued unless they have previously elected for new A shares.
- Reclaiming Taxes: ADS holders may wish to reclaim SDRT amounts deducted on previous issues under the programme.
Investor Verification Checklist
- Verify the specific Reference Share Price ($33.386) and Reference ADS Price ($66.772) for Q3 2013 to ensure accurate calculation of share entitlements.
- Confirm whether the removal of the SDRT adjustment affects the net value of shares received compared to prior periods.
- Check if B share holders have made the necessary Scrip Dividend Election for new A shares to maintain programme participation.
- Review the company website for details on reclaiming SDRT on previous dividend issues.