Daily Telegraph: Shell may offer tax-efficient option to its rebel investors
“Shell admitted yesterday that it was considering a new tax-efficient offer for British shareholders in Royal Dutch Petroleum who are refusing to accept the terms of the merger with Shell Transport and Trading.”
Saturday 13 August 2005
By Christopher Hope (Filed: 13/08/2005)
Shell admitted yesterday that it was considering a new tax-efficient offer for British shareholders in Royal Dutch Petroleum who are refusing to accept the terms of the merger with Shell Transport and Trading.
In a meeting with the Association of Private Client Investment Managers and Stockbrokers, Patrick Ellingsworth, Shell’s executive vice president in charge of tax and corporate structure, conceded that a tax efficient solution for the British holders was one of five to six options being considered.
Shell’s chief executive, Jeroen van der Veer
Angela Knight, chief executive of APCIMS, said Mr Ellingsworth said that one option was “an alternative share for share” swap which will not result in a capital gains tax bill for the British holders in Royal Dutch.
Before the restructuring, APCIMS estimated that around 3,000 British holders, with a £192m stake in Royal Dutch, faced a combined £77m tax bill because of the restructuring.
Mr Ellingsworth told Ms Knight that the proposals, which also include forcing investors to accept cash for the shares, will be put to a meeting of Shell’s board next month.
The news marks a climb-down by Shell. Previously Jeroen van der Veer, Shell’s chief executive, insisted there was nothing left in his “tool-box” to help the investors.
Earlier this week Shell revealed that a stubborn rump of 1.3pc of shareholders in Royal Dutch had failed to accept the deal to create a £128.7billion oil and gas giant.
The company reiterated its threat “to use any legally permitted method to obtain 100pc of the Royal Dutch shares”. It continued: “This could include a squeeze out procedure, engaging in one or more corporate restructuring transactions such as a merger, liquidation, transfer of assets or conversion of Royal Dutch into another form or corporate entity.”
A Shell spokesman the APCIMS meeting was private, but that everything which was said has already been in the public domain. She added: “We are carefully reviewing the options available to obtain 100pc of the shares but no decision has yet been made.”
Some of the rebels welcomed the development last night. David Hunter, a director at Smith & Williamson Investment Management, said: “Why didn’t they tell us before? But what about the people who accepted their advice in the first place who could not afford to take the risk?”
Peter Buckley, chairman of Caledonia Investments, added: “I am encouraged to hear this because the last thing one wants is to deal with this on a controversial basis.”
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
