OIL SHARE. BONUS
LONDON, November 3. The Anglo-Iranian OU Company today decided to recommend a 400 per cent, share bonus to stockholders. The recommendation follows the announcement last week of the terms of the Persian oil agreement. The company*j board also decided to propose to the shareholders that its name should be changed to British Petroleum Company, Ltd. The board recommended that £80,550,000 of the general. reserve should be capitalised and applied in paying up in full 80,550,000 new ordinary £1 shares for issue to ordinary stockholders on a fpur for one basis. The new shares are part of 87.000,000 new ordinary £1 shares which the board proposes to create. It did not reveal what would be done with the remaining 6,450,000 shares. The board said the recommendations would be put to a shareholders’ meeting on December 16.
The principal ordinary share holding in the company is in the hands of the British Government, which first took up stock in 1917.
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Press, Volume XC, Issue 27499, 5 November 1954, Page 13
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161OIL SHARE. BONUS Press, Volume XC, Issue 27499, 5 November 1954, Page 13
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