Dissolution of the Stichting
Information on 3rd Distribution
11 November 2011, Important information on distribution
12 September 2011, Update Distribution Process
Shell Settlement amounts expected to be distributed NOT before November 2011
Press release Amsterdam Court of appeals declares shell settlement binding
Q and A on Settlement
I. Questions on the Distribution
- Why did I get an award?
- Why did I not get an award?
- Why did I get a cheque (not a wire)?
- How was my award amount determined?
- When were wires issued?
- When were cheques issued?
- Why are payments made in USD?
- Why did/does my bank charge a fee for currency conversion?
- Why do I have to pay bank fees for cashing a cheque?
- Do I have to pay taxes on this award?
- When will there be a Second Distribution?
- Why was the pay-out of the Shareholders Payment split into 50 % for the first distribution and 50% for the second distribution?
- I have lost my cheque, what can I do?
- I need the name on my cheque changed (the payee is deceased, my name has changed, etc).
- Will there be costs charged on wire-payments or checks that need to be reissued because the information on the Claim Form was not clear enough or because of others reasons not to be attributed to the Claims Administrator?
II. Timing and Process
- How much money will I receive?
- What does the binding declaration mean?
- What do I have to do now/What is the next step?
- How long until investors see the proceeds of the settlement?
- Why will it take so long for investors to receive their money?
- Can I receive a copy of the Settlement Agreement?
- Can I receive a copy of the court decision declaring the Settlement Agreement binding?
- Who is actually entitled to claim under the Settlement?
- Is there more money available if more shareholders join?
- Where can I find the Plan of Allocation you mention?
- I already submitted information in relation to the SEC Settlement. Do I need to fill out another claim form and submit the information again?
- How can I opt-out?
III. Substance of the Settlement
- How were the settlement amounts arrived at?
- Who are members of/what is the Shell Reserves Compensation Foundation?
- What is the purpose of the $12.5 million payment, is it part of the settlement?
- What is the purpose of the $6.25 million payment, to be used by VEB and other similar organizations?
- Does this settlement cover investors who purchased options on Shell securities?
Why did I get an award?
The award you received is a result of the initial distribution of the net settlement funds for the Royal Dutch Shell Non-US Settlement. You or someone acting on your behalf filed a Proof of Claim that was determined to be eligible under the terms of the Settlement. More information on the Distribution can be found on the home page of the Settlement website.
Why did I not get an award?
To qualify for a settlement payment, you or someone acting on your behalf must have sent in an eligible Proof of Claim and documentation proving that you purchased outside the US and on the open market shares of RD and or STT during the Relevant Period (8 April 1999 through 18 March 2004, inclusive) and suffered damage under the Plan of Allocation.
Why did I get a cheque (not a wire)?
If you received a cheque it was because the administrator did not receive valid wire information from you in order to send the award payment via wire. All wire information received was first validated. If you provided wire information but instead received a cheque this means that your wire information was found to be invalid as provided.
How was my award amount determined?
Please refer to the full information posted under the link .Important Information on Distribution. on the home page of the Settlement website for information on how your award has been calculated. You may also review the Plan of Allocation and other Settlement documentation on the Documents & Links page.
When were wires issued?
Payment of wire awards began on 15 November 2011. The majority of wire payments are expected to be executed between 21 November 2011 and 30 November 2011.
When were cheques issued?
Cheques for eligible claimants began mailing 22 November 2011.
Why are payments made in USD?
All Payments from the settlement were paid in US Dollars (USD) per the terms of the Settlement Agreement. It will be the responsibility of the claimant to pay any currency exchange or bank fees associated with the Settlement payment.
Why did/does my bank charge a fee for currency conversion?
We are not able to advise claimants on their banking decisions. We apologize for the inconvenience but all payments have been made in USD per the terms of the Settlement.
Why do I have to pay bank fees for cashing a cheque?
Some banks may charge a fee for depositing a cheque. We apologize for the inconvenience but it is the responsibility of the claimant to pay any currency exchange or bank fees associated with the Settlement payment.
Do I have to pay taxes on this award?
Please note that the tax treatment of the distribution varies based upon the individual circumstances and tax status of each Claimant. Accordingly, the Foundation, Plaintiffs. Counsel, and the Claims Administrator are not able to determine the appropriate tax reporting for any Claimant. You may consult with your own tax advisor to determine the tax consequences, if any, that the distribution of the Net Settlement Fund may have to you.
When will there be a Second Distribution?
It is currently anticipated that the final pay out can be distributed in the course of 2012 assuming that any disputes that might arise will be settled in due time. We currently expect that the second distribution will not take place before June 2012. Please continue to consult the Settlement website www.royaldutchshellsettlement.com for any additional questions and updates.
Why was the pay-out of the Shareholders Payment split into 50 % for the first distribution and 50% for the second distribution?
A large number of small shareholders participated in this Settlement. If the Shareholders Payment was not split in this manner, these Shareholders would potentially not receive an award in the Second Distribution large enough to offset any bank charges or fees. Taking into consideration the stipulations in the Settlement Agreement, it was decided that splitting the Shareholders Payment in this manner was the best course to ensure that all Participating Shareholders are able to receive their full award, spread over two distributions.
I have lost my cheque, what can I do?
The Administrator is able to reissue your cheque once it has passed the 120-day stale date or has been returned to us. We are not able to reissue prior to that time. If you are unable to locate the cheque by 21 March 2012, please send a request to the Administrator to have the lost cheque reissued.
I need the name on my cheque changed (the payee is deceased, my name has changed, etc).
If you wish the cheque reissued in a different manner, please return the cheque to the Claims Administrator, along with specific instructions on how the reissued check should be addressed and documentation that the new payee is eligible to receive the award. We will not be able to reissue your cheque unless we receive both the cheque and valid documentation of the name adjustment needed.
Will there be costs charged on wire-payments or checks that need to be reissued because the information on the Claim Form was not clear enough or because of others reasons not to be attributed to the Claims Administrator?
Yes, a (minimum) administrative fee of USD 2.50 and any costs charged or withheld by the beneficiaries. bank will be deducted from your award if we need to reissue your cheque or your wire payment due to reasons that cannot be attributed to mistakes by the Claims Administrator.
How much money will I receive?
The amount of money a shareholder may be entitled to will be based upon the plan of allocation (= An annex to the petition to the Court, to be downloaded on this website, it is attached as Exhibit C to the Agreement). It generally allocates the settlement proceeds based on when securities were purchased during the relevant period and when, if at all, they were sold. The Plan has been reviewed and approved by the Shell Reserves Compensation Foundation. The amounts to be paid also depend on the number of claims made and therefore at this point this is all we can say about this.
What does the binding declaration mean?
(i) purchased shares in the capital of Royal Dutch Petroleum Company and/or The .Shell. Transport and Trading Company, plc in the period as of 8 April 1999 up to and including 18 March 2004 at a stock exchange outside the United States; and
(ii) at the moment of the purchase, were not resident or established in the United States, might be entitled to a compensation.
Such shareholders do not have any other possible actions against Royal Dutch Petroleum Company and/or The Shell Transport and Trading plc further to these purchase transactions, unless they declare in time that they do not want to be bound to the binding declaration.
What do I have to do now/What is the next step?
The parties to the settlement agreement are currently working on a notification to inform shareholders about the declaration by the court and the actions to be taken. The notification will inter alia be published in newspapers, announced on this website and on the other websites (www.royaldutchshellsettlement.com, www.shell.com, www.shellcompensation.com, www.shellvergoeding.nl, www.veb.net, www.abp.nl en www.pfzw.nl). The shareholders registered with the administrator will receive the notification and a claims form. To benefit shareholders will ultimately need to provide information and supporting documentation relating to their purchases and sales of Royal Dutch Petroleum Company and The .Shell. Transport and Trading Company, plc shares in the relevant period (April 8, 1999 through March 18, 2004, inclusive). Alternatively, as said in the release at that time you can also "opt out" of the agreement. Exact procedures as well as forms to be filled in will be available early November at the latest, also at this website.
How long until investors see the proceeds of the settlement?
The verification process and the preparations for the distribution now indicate that the settlement amounts will not be distributed before November 2011.
Why will it take so long for investors to receive their money?
Under the applicable Dutch law, if the Court declares a settlement binding, investors will receive information on the terms and will be granted a period of time during which they can consider whether they want to participate in the settlement or "opt-out". In addition, Dutch law requires that investors have a year to file their claim after the Court issues a binding declaration. Once all claims have been received, the settlement administrator, with oversight by the Foundation, will calculate the amounts due to participating investors and distribute the settlement relief accordingly.
Can I receive a copy of the Settlement Agreement?
Yes, a copy is available on this website, the website of the Claims Administrator (www.royaldutchshellsettlement.com), as well as on the websites of the other parties including Shell.
Can I receive a copy of the court decision declaring the Settlement Agreement binding?
Yes, a copy is available on this website, the website of the Claims Administrator (www.royaldutchshellsettlement.com), as well as on the websites of the other parties including Shell. In case you wish to receive a hard copy of the court decision, please contact the administrator (contact details can be found at https://www.royaldutchshellsettlement.com/contactus.aspx).
Who is actually entitled to claim under the Settlement?
I.e. what does a shareholder need to prove to receive money?
Whether you are entitled to claim depends on several factors, amongst others the timing of purchase and timing of sale, if any, of Royal Dutch Petroleum Company and The "Shell" Transport and Trading Company, plc shares in the relevant period (April 8, 1999 through March 18, 2004, inclusive). Early November at the latest, you will be provided with additional information about submitting a claim and any required supporting materials.
Is there more money available if more shareholders join?
No, the payments made by Shell in the settlement will be as announced. The allocation of those payments to investors who file claims in the settlement process will be made pursuant to the terms of a Plan of Allocation submitted to the Amsterdam Court of Appeals and under the oversight of the Foundation.
Where can I find the Plan of Allocation you mention?
In the agreement this is referred to as the Settlement Distribution Plan, it is attached as Exhibit C to the Agreement. It generally allocates the settlement proceeds based on when securities were purchased during the relevant period and when, if at all, they were sold. The Plan has been reviewed and approved by the Foundation.
I already submitted information in relation to the SEC Settlement. Do I need to fill out another claim form and submit the information again?
Upon consultation between the administrator for the Non US Settlement and the administrator for the SEC Settlement it appeared that the information provided in the SEC Settlement cannot be used for the claims under the Non US Settlement. For that reason, you have to fill out a new claim form and submit the information requested.
How can I opt-out?
You can opt-out by informing the claims administrator that you do not want to be bound by the binding declaration by the court. The opt-out term will run as of the date the notice of the binding declaration has been published in the newspapers for a period of three months. You can inform the claims administrator by sending a letter to Royal Dutch Shell Settlement Administrator, 128-129 Cheapside, London EC2V 6BT, Unitied Kingdom or sending an email to firstname.lastname@example.org. If you wish to opt-out, it would be appreciated if you could indicate (i) the amount and type of RD shares or STT shares purchased, (ii) the dates within the Period on which they purchased these shares, (iii) the dates on which they sold these shares, if applicable, (iv) the price or prices at which they bought or sold such shares, and (v) the stock exchange(s) on which the shares were traded. You are not obliged to provide the information requested.
How were the settlement amounts arrived at?
The settlement is the result of negotiations between Shell and the participating members of the Foundation.
Who are members of/what is the Shell Reserves Compensation Foundation?
The June 23, 2005 Dutch law, Wet collectieve afwikkeling massaschade, stipulates the creation of a foundation to represent the interests of covered investors. The foundation.s 167 participants include European-based institutional investors (including ABP, PGGM, DEKA, UBS and Morley) as well as VEB and similar organizations representing individual shareholders from France, Sweden, Italy and Germany. The Foundation is governed by an independent Board of Directors, which includes professor M.J.G.C. Raaijmakers as its Chairman, professor M.J. Kroeze and G. Izeboud.
What is the purpose of the $12.5 million payment, is it part of the settlement?
The $12.5 million payment is to be distributed equally to all shareholders who submit a valid claim for relief, irrespective of the number of shares held by the person submitting a claim so pro rata over all persons or entities submitting a claim. The amount of the $12.5 million payment a shareholder is entitled to is therefore dependent of the number of claims that have been validly submitted. This additional amount and the way this is to be distributed is therefore likely to be of more interest to a person or entity holding a relatively low number of shares.
What is the purpose of the $6.25 million payment, to be used by VEB and other similar organizations?
The $6.25 million is to be used by VEB and other similar organizations to promote and actively encourage individual shareholders to submit claims for relief and to assist shareholders in making claims for settlement relief.
Does this settlement cover investors who purchased options on Shell securities?
The settlement covers stock and similar securities, including derivatives, issued by Shell. Shell has not issued options during the period covered by the settlement.