(Nederlandse versie)
Following the USD 380 million settlement with Europe-based Shell investors, it has now been announced that Shell shareholders having suffered financial damages may share in an additional USD 120 million. This is the amount that Shell paid the US Securities and Exchange Commission (‘SEC’) by way of a penalty in 2004.
The settlement with the SEC is not connected with the settlement that Shell reached with the VEB and Europe-based shareholders that had suffered financial prejudice. On 11 April 2007 Shell reached a settlement in the value of USD 352 million as compensation for the reserves scandal. This amount was subsequently increased to USD 380 million after Shell also reached a settlement with US-based shareholders. This European settlement must still be declared generally binding by the Amsterdam Court of Appeals before a distribution can be made. Judgment is expected at the beginning of 2009. Today, 28 July 2008, advertisements (pdf) have appeared in a number of Dutch newspapers calling on shareholders to register with the SEC no later than 18 November 2008 so as to qualify for payment of the SEC compensation. The VEB is pleased to note that the SEC money is to be placed at the disposal of investors. Compensation from the SEC will be paid before the USD 380 million involved in the European settlement. A section of the advertisements appearing in today’s newspapers relates to the US settlement. That section is only of relevance if you have purchased shares on a US stock exchange or are a US resident. The VEB is still in discussions with the most important parties to the settlement about the efficient handling of claims from European shareholders, given that the same documentary evidence that is required in the European settlement is likely to be needed. The VEB urges Shell shareholders not to take any action at this stage. We shall advise Shell shareholders that have registered on www.shellvergoeding.nl or on www.shellcompensation.com about the steps to be taken to qualify for the SEC money and developments in the settlement with European shareholders.Vereniging van Effectenbezitters/Dutch Investors’ Association