Printer Friendly

BP DIVIDEND ANNOUNCEMENT

 CLEVELAND, Aug. 5 /PRNewswire/ -- The board of directors of The British Petroleum Company p.l.c. (NYSE: BP) of London, England, today announced payment of a quarterly dividend which, on the basis of current tax law and practice, would (with the addition of the tax credit and less the withholding tax described below) be worth $0.402 per American Depositary Receipt (ADR) to qualifying U.S. resident ADR holders. The record date for ADR holders is August 27, 1993 with payment to be made on November 7, 1993.
 The current double tax convention between the U.K. and the U.S. includes provisions which entitle qualifying U.S. resident ADR holders to a refund of the currently applicable 20/80ths U.K. tax credit attaching to the dividend, less a currently applicable 15 percent U.K. withholding tax charged on the sum of the dividend and the tax credit. The effect of these arrangements for qualifying U.S. resident ADR holders is that currently the tax credit would raise the value of the dividend announced by the board from $0.378 to $0.473 but the 15 percent withholding tax would reduce it to $0.402 per ADR. Subject to certain limitations, that withholding tax, currently worth approximately $0.071 per ADR, may be treated as a foreign income tax, eligible for credit against the ADR holder's federal income taxes.
 The rate of exchange of $1.5010 to the pound used to translate BP's ordinary share dividend into U.S. dollars was that in effect at 5:00 p.m. London time on August 4, 1993.
 -0- 8/5/93
 /Notes to Editors:
 The dividends per ADR in U.S. dollars that BP has paid in recent years were declared for the years listed below. These include credit under the U.S./U.K. double tax convention noted above less withholding tax of 15 percent.
 1988 1989 1990 1991 1992
 Full year (U.S.$) 3.068 3.331 4.103 3.994 2.397
 One ADR represents 12 ordinary shares of BP traded in London.
 The ex-dividend date on the New York Stock Exchange is expected


to be August 23, 1993./
 /CONTACT: Ian W. Fowler of BP, 216-586-4976/
 (BP)


CO: The British Petroleum Company, p.l.c. ST: Ohio IN: OIL SU: DIV

BM -- CL006 -- 9636 08/05/93 06:44 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1993
Words:392
Previous Article:SHOPKO STORES REPORTS COMPARABLE STORE SALES UP 1.9 PERCENT
Next Article:FLEETWOOD ACQUIRES ASSETS OF STERLING HOMES
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters