Applications, hearings, determinations, etc.: Royal Dutch Petroleum Co.,
[Federal Register: September 14, 2005 (Volume 70, Number 177)]
[Notices]
[Page 54420-54421]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14se05-114]
SECURITIES AND EXCHANGE COMMISSION
[File No. 1-03788]
Issuer Delisting; Notice of Application of N.V. Koninklijke Nederlandsche Petroleum Maatschappij (English Translation, Royal Dutch Petroleum Company) To Withdraw Its Ordinary Shares, Par Value 0.56 Euro, From Listing and Registration on the New York Stock Exchange, Inc.
September 7, 2005.
On August 10, 2005, N.V. Koninklijke Nederlandsche Petroleum Maatschappij (English translation, Royal Dutch Petroleum Company), a company organized pursuant to the laws of the Netherlands (``Issuer''), filed an application with the Securities and Exchange Commission (``Commission'') pursuant to Section 12(d) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) thereunder,\2\ to withdraw its ordinary shares, par value 0.56 euro (``Security''), from listing and registration on the New York Stock Exchange, Inc. (``NYSE'').
\1\ 15 U.S.C. 78l(d).
\2\ 17 CFR 240.12d2-2(d).
On August 5, 2005, a delegate committee of the Board of Management (``Committee'') of the Issuer approved resolutions to withdraw the Security from listing on NYSE. The Committee stated that the following reasons factored into its decision to withdraw the Security from NYSE. First, the Committee considered that in approving
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the unification transaction between the Issuer and The ``Shell'' Transport and Trading Company, p.l.c., and recommending the public exchange offer (``Offer'') by Royal Dutch Shell, plc (``Royal Dutch Shell'') it was understood that following completion of the Offer that expired on July 18, 2005 and depending on the level of acceptance, Royal Dutch Shell intended to request the Issuer to seek delisting of its shares. It was noted that the Offer documents in relation to the unification transaction contemplated that Royal Dutch Shell would request such delisting. Second, the Committee also considered the likely effects of delisting described in the Offer documentation, including reduced liquidity and the fact that the Security in New York registry form might no longer constitute ``margin securities.'' Third, the Chairman of the Committee informed the Committee that this forecast regarding reduced liquidity has proved accurate: trading volumes in the Security have decreased on Euronext Amsterdam and NYSE after July 19, 2005. In this regard, the Committee considered that should interest exist in trading the Security, an over-the-counter market might offer an adequate market for trading the Security. Fourth, furthermore, the Committee considered that a liquid market has developed and is being maintained in shares in the Issuer's parent company, Royal Dutch Shell, on the London Stock Exchange, Euronext Amsterdam, and NYSE. The Committee considered that these listings required Royal Dutch Shell to comply with listing rules and corporate governance requirements, and therefore that delisting of the Security from Euronext Amsterdam and NYSE would not result in investors in the Shell Group of Companies, (``Shell Group'') no longer benefiting from such corporate governance requirements. The Committee also noted that the proposed delisting would not impair the ability of investors interested in acquiring an interest in the Shell Group to acquire such an interest. Fifth, the Committee also noted that Royal Dutch Shell has publicly reserved the right to use any legally permitted method to obtain 100% of the Security. Sixth, the Committee also considered the cost of the listing fees and administrative time and expense associated with maintaining listings. In view of the factors noted above, the Committee expressed its unanimous view that the benefits of the Issuer to delist the Security from both Euronext Amsterdam and NYSE outweigh any disadvantages of such delisting for the remaining minority shareholders.
The Issuer stated in its application that it has complied with the rules of NYSE by providing NYSE with the required documents governing an issuer's voluntary withdrawal of a security from listing and registration.
The Issuer's application relates solely to the withdrawal of the Security from listing on NYSE and from registration under Section 12(b) of the Act,\3\ and shall not affect its obligation to be registered under Section 12(g) of the Act.\4\
\3\ 15 U.S.C. 78l(b).
\4\ 15 U.S.C. 78l(g).
Any interested person may, on or before September 29, 2005 comment on the facts bearing upon whether the application has been made in accordance with the rules of NYSE, and what terms, if any, should be imposed by the Commission for the protection of investors. All comment letters may be submitted by either of the following methods:
Electronic Comments
Send an e-mail to rule-comments@sec.gov. Please include the File Number 1-03788 or;
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-9303.
All submissions should refer to File Number 1-03788. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/delist.shtml).
Comments are also available for public inspection and copying in the Commission's Public Reference Room. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly.
The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\5\
\5\ 17 CFR 200.30-3(a)(1).
Jonathan G. Katz, Secretary.
[FR Doc. E5-5004 Filed 9-13-05; 8:45 am]
BILLING CODE 8010-01-P
