BP PLC 4Q 2014 Scrip Dividend Reference Price (2608F)
February 18 2015 - 8:34AM
UK Regulatory
TIDMBP.
RNS Number : 2608F
BP PLC
18 February 2015
18 February 2015
BP p.l.c.
Fourth quarter interim dividend for 2014
Scrip Dividend Programme
On 3 February 2015, the Directors of BP p.l.c. announced that
the interim dividend for the fourth quarter 2014 would be US$0.10
per ordinary share (US$0.60 per ADS). This interim dividend is to
be paid on 27 March 2015 to shareholders on the share register on
13 February 2015. The dividend is payable in cash in sterling to
holders of ordinary shares and in US dollars to holders of ADSs. A
scrip dividend alternative will be made available for this dividend
allowing shareholders to elect to receive their dividend in the
form of new ordinary shares and ADS holders in the form of new
ADSs.
The 'Reference Share Price' for the issue of new ordinary shares
under the scrip dividend alternative is:
US$6.925 for each new ordinary share.
For holders of ordinary shares this is equivalent to 1 new share
for
approximately every 69.25 shares held prior to the
ex-dividend
date of 12 February 2015.
The Reference Share Price is the average of the US dollar
equivalent of the closing mid price quotation for a BP ordinary
share on the London Stock Exchange Daily Official List for the four
consecutive dealing days beginning on the ex-dividend date of 12
February 2015. The US dollar equivalent price each day is
calculated from the sterling closing mid price using the exchange
rate published by the Bank of England at 4pm each day.
The 'Reference ADS Price' for the issue of new ADSs under the
scrip dividend alternative is:
US$41.600 for each new ADS.
For holders of ADSs this is equivalent to 1 new ADS for
approximately every 69.333 ADSs held prior to the ex-dividend date
of 11 February 2015.
The Reference ADS Price is calculated by multiplying the
Reference Share Price by six (as there are six ordinary shares
underlying each ADS) and adjusting for the fee payable to the
Depositary under the ADS Deposit Agreement (US$0.05 per ADS). Prior
to the 2012 first quarter dividend payment stamp duty reserve tax
("SDRT") of 1.5% was deducted from this calculation, but following
a tax tribunal decision in 2012, HM Revenue & Customs will no
longer seek to impose 1.5% SDRT on issues of UK shares and
securities to non-EU clearance services and depositary receipt
systems.
Dividends payable in cash in sterling on 27 March 2015 will be
converted from US dollars at the average of the market exchange
rates for the four dealing days from 10 March 2015 to 13 March
2015. The sterling cash dividend will be announced to the London
Stock Exchange on 16 March 2015.
The latest date for receipt of elections to participate in the
Scrip Dividend Programme for this interim dividend is 9 March 2015.
Shareholders must return their mandate form or otherwise input
their CREST elections, to be received by BP's Registrar, Capita, by
4.30 pm (London time) on 9 March 2015, and ADS holders must return
their election form to the Depositary, JPMorgan Chase Bank N.A., by
5.00 pm (New York time) on that date. Elections received after this
deadline will apply to subsequent dividends only. Unless revoked by
you, your scrip dividend election will apply for all future
dividends for which a scrip dividend is offered. Evergreen
elections for CREST shareholders will not be accepted and elections
will revert to cash by default after the payment of each
dividend.
Details of the fourth quarter dividend and timetable are
available at www.bp.com/dividends and details of the Scrip Dividend
Programme are available at www.bp.com/scrip.
Jens Bertelsen
Deputy Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
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