BP PLC Q1 2017 Scrip Dividend Reference Price (5575F)
18 May 2017 - 8:39PM
UK Regulatory
TIDMBP.
RNS Number : 5575F
BP PLC
18 May 2017
18 May 2017
BP p.l.c.
First quarter interim dividend for 2017
Scrip Dividend Programme
On 2 May 2017 the Directors of BP p.l.c. announced that the
interim dividend for the first quarter 2017 would be US$0.10 per
ordinary share (US$0.60 per ADS). This interim dividend is to be
paid on 23 June 2017 to shareholders on the share register on 12
May 2017. 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$5.9920 for each new ordinary share.
For holders of ordinary shares this is equivalent to 1 new share
for
approximately every 59.9200 shares held prior to the
ex-dividend
date of 11 May 2017.
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 five
consecutive dealing days beginning on the ex-dividend date of 11
May 2017. 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$36.0020 for each new ADS.
For holders of ADSs this is equivalent to 1 new ADS for
approximately every 60.0030 ADSs held prior to the ex-dividend date
of 10 May 2017.
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 23 June 2017 will be
converted from US dollars at the average of the market exchange
rates for the four dealing days from 6 to 9 June 2017. The sterling
cash dividend will be announced to the London Stock Exchange on 12
June 2017.
The latest date for receipt of elections to participate in the
Scrip Dividend Programme for this interim dividend is 5 June 2017.
Shareholders must return their mandate form or otherwise input
their CREST elections, to be received by BP's Registrar, Capita, by
5.00 pm (London time) on 5 June 2017, 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 first quarter 2017 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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May 18, 2017 06:39 ET (10:39 GMT)
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