Business Context and Reporting Period
This Form 6-K filing by Royal Dutch Shell plc (Shell) is dated February 20, 2013. The report serves as a notification regarding the Reference Share Price for the fourth quarter 2012 interim dividend under the company's Scrip Dividend Programme.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. It focuses exclusively on dividend-related pricing:
- Q4 2012 Interim Dividend: $0.43 per A ordinary share and B ordinary share; $0.86 per American Depository Share (ADS).
- Reference Share Price: $33.000 (US$).
- Reference ADS Price: $66.000 (US$).
- Calculation Basis: The Reference Share Price is the US dollar equivalent of the average closing price of A Shares on Euronext Amsterdam for the five dealing days commencing on the ex-dividend date.
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 the Scrip Dividend Programme offers potential tax advantages, as dividends paid in shares 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 ex-dividend date to confirm the five-day averaging period used for the $33.000 Reference Share Price.
- Check the Shell dividend website for updates on the process to reclaim previously deducted SDRT amounts.
- Confirm eligibility and election requirements for B Shareholders wishing to participate in the Scrip Dividend Programme for newly issued A Shares.
- Review the full Q4 2012 earnings release (not included in this filing) for comprehensive revenue and profit data.