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Shell News Archive Friday 26 November, 2004

Shell News Archive Friday 26 November, 2004

Business Day (Nigeria): Shell in Nigeria denies Ogoniland claims: “Anglo-Dutch oil giant Shell on Friday denied charges by a minority rights group that it was attempting to “forcefully” return to oil-rich Ogoniland to resume operations, more than 11 years after bloody unrest forced it to suspend work there.” 26 Nov 04

Investments And Pensions Europe (IPE.com): NETHERLANDS – Shell pension proposals anger unions: “Trade unions in the Netherlands have responded furiously to proposals by oil giant Shell to increase the pension age for its 11,000 Dutch workers from 60 to 65.”: “FNV Bondgenoten, one of Holland’s biggest unions, called on all Shell workers to protest the plans”: “If Shell does not listen, we will consult our members and could eventually go on strike.” (ShellNews.net) 26 Nov 04

London Evening Standard: Shell reserves jitters resurface: “SHELL sent a shudder through the City today as it raised the prospect of yet more damaging downgrades to the amount of proven oil and gas reserves on its books.”: “Shell insisted it was simply being ‘prudent’, but the move sparked yet more fears of hefty revisions to its reserves – its lucrative lifeblood” (ShellNews.net) 26 Nov 04

CNN: Shell pushes back AGM: Oil giant Royal Dutch/Shell has decided to delay shareholder meetings that will vote on a new unified board structure to allow more time to prepare the necessary documentation. Shell, the world’s third-largest oil group, expects to complete a review of its oil and gas reserves by the year end, it added in a statement on Friday, as it seeks to rebuild investor confidence after an earlier reserves scandal. (ShellNews.net) 26 Nov 04

BBC NEWS: Shell delays shareholder meetings: “If the company is forced to revise estimates further, previous financial statements may have to be restated, which could delay publication of its results.”: “Shell is also in the middle of a restructuring, after the reserves scandal resulted in the ousting of top directors and led to about £80m in regulatory fines.”: “The scandal rocked investor confidence” (ShellNews.net) 26 Nov 04

THE WALL STREET JOURNAL: Shell Delays Hldr Meeting In Case 2004 Accounts Held Up: “The company is undertaking a detailed review of its reserves. In a statement issued Friday, the oil giant said this could in turn trigger a delay to its 2004 accounts.” (ShellNews.net) 26 Nov 04

CBS MARKETWATCH: Shell warns of possible delay to 2004 financials: “Royal Dutch/Shell warned Friday it may have to delay its 2004 financials should a proved reserves restatement of previous periods be needed. It said given the potential for delay, its annual general meeting will now be held June 28, 2005.” (ShellNews.net) 26 Nov 04

Financial Times: Reserves review forces Shell to postpone AGM: “Shell said on Friday that it had decided to postpone its annual general meeting by two months amid continued disruption caused by the oil giant’s review of its proved oil and gas reserves.”: Because the shareholder documents relating to the reforms must be included in the group’s 2004 financial statements details of the deal will also be postponed.” (ShellNews.net) 26 Nov 04

Yahoo! News: Shell pushes back AGM to June amid ongoing uncertainty about reserves: “The Royal Dutch Shell group of companies has decided to delay its next annual shareholders meeting – and with it the vote on its plan to move to a single parent company from a dual-board structure – to June from April because of ongoing uncertainty about its reserves estimates” (ShellNews.net) 26 Nov 04

AFX Europe (Focus): London shares lower in opening deals as Shell spooks with new reserve fears: “Leading shares opened the session under pressure, weighed down by new concerns over oil heavyweight Shell and the continuing slump in the dollar, dealers said.”: “Shell weighed on the index after the oil major announced it is to delay its next annual shareholders meeting – and with it the vote on its proposed structural changes – to June from April because of ongoing uncertainty about further revisions to its reserves estimates”: “The latest bad news from Shell sent its shares down…”(ShellNews.net) 26 Nov 04

AFX Europe (Focus): Shell pushes back AGM to June amid ongoing uncertainty about reserves: “… Royal Dutch Shell… has decided to delay its next annual shareholders meeting – and with it the vote on its proposed structural changes – to June from April because of ongoing uncertainty about FURTHER revisions to its reserves…” (ShellNews.net) 26 Nov 04

THE WALL STREET JOURNAL: Corp Shareholders To Sell Showa Shell Sekiyu Stock In Dec: “Showa Shell Sekiyu K.K. said Friday seven financial institutions, including Mizuho Corporate Bank and Tokio Marine & Nichido Fire Insurance, will offer 9.29 million shares in the oil refiner to the market in December” (ShellNews.net) 26 Nov 04

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