Business Context and Reporting Period
This Form 6-K filing by Royal Dutch Shell plc (Shell) relates to the Second Quarter 2013 Scrip Dividend Programme. The report was filed on August 26, 2013, and announces the Reference Share Price used to calculate entitlements for shareholders electing to receive dividends in shares rather than cash.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. It focuses exclusively on dividend administration data:
- Q2 2013 Interim Dividend: $0.45 per A ordinary share and B ordinary share; $0.90 per American Depository Share (ADS).
- Q2 2013 Reference Share Price: $31.924 (US dollar equivalent of the average closing price on Euronext Amsterdam for five dealing days).
- Q2 2013 Reference ADS Price: $63.848 (Calculated as two times the Reference Share Price).
Material Changes
A recent court 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.
Outlook, Risks, and Management Commentary
Management is currently exploring with the Depository how ADS holders might reclaim SDRT amounts deducted on previous issues under the Scrip Dividend Programme. Details regarding this reclamation process are expected to be published on the company's dividend website. The filing notes that joining the Scrip Dividend Programme may offer tax advantages in certain jurisdictions, as share dividends are not subject to Dutch dividend withholding tax (15%) and may not be taxed on receipt by UK or Dutch corporate shareholders.
Investor Verification Checklist
- Verify the specific Reference Share Price ($31.924) and Reference ADS Price ($63.848) for Q2 2013 dividend calculations.
- Confirm eligibility and election deadlines for the Scrip Dividend Programme to receive shares instead of cash.
- Monitor the company website for updates on the process to reclaim previously deducted SDRT amounts.
- Note that only new A Shares are issued under the programme, even for shareholders holding B Shares.