Report & accounts 2002 in full - Unilever
Report & accounts 2002 in full - Unilever
Report & accounts 2002 in full - Unilever
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<strong>Unilever</strong> N.V.<br />
Under the Dutch External F<strong>in</strong>ancial Relations Act of<br />
28 May 1980 the Government, the M<strong>in</strong>ister of F<strong>in</strong>ance<br />
and the Central Bank of Netherlands are all authorised to<br />
issue regulations relat<strong>in</strong>g to f<strong>in</strong>ancial transactions <strong>in</strong>volv<strong>in</strong>g<br />
Dutch residents, if a non-Dutch resident is also <strong>in</strong>volved,<br />
or if the transactions are conducted <strong>in</strong> a foreign currency.<br />
If regulations are issued <strong>in</strong> the future, we could be <strong>in</strong><br />
need of a licence for this type of transaction. To date<br />
no regulations of this type have been issued.<br />
The pr<strong>in</strong>cipal trad<strong>in</strong>g markets upon which <strong>Unilever</strong> shares<br />
are listed are the Euronext Stock Exchange for NV ord<strong>in</strong>ary<br />
shares and the London Stock Exchange for PLC ord<strong>in</strong>ary<br />
shares. NV ord<strong>in</strong>ary shares trade <strong>in</strong> the form of Nedamtrust<br />
Certificates and almost all the shares are <strong>in</strong> bearer form.<br />
PLC ord<strong>in</strong>ary shares are all <strong>in</strong> registered form.<br />
In the United States, NV ord<strong>in</strong>ary shares <strong>in</strong> registered form<br />
and PLC American Depositary Receipts, represent<strong>in</strong>g four<br />
PLC ord<strong>in</strong>ary shares, are traded on the New York Stock<br />
Exchange. JPMorgan Chase Bank of New York acts for<br />
NV and PLC as issuer, transfer agent and, <strong>in</strong> respect of<br />
the American Depositary Receipts, depositary.<br />
The NV ord<strong>in</strong>ary shares are also listed on the stock<br />
exchanges <strong>in</strong> London, France, Germany and Switzerland.<br />
These shares were also listed <strong>in</strong> Belgium until 31 December<br />
<strong>2002</strong> and <strong>in</strong> Luxembourg until 24 January 2003.<br />
At 28 February 2003 there were 7 963 registered holders<br />
of NV ord<strong>in</strong>ary shares and 901 registered holders of PLC<br />
American Depositary Receipts <strong>in</strong> the United States. We<br />
estimate that approximately 21% of NV’s ord<strong>in</strong>ary<br />
sharehold<strong>in</strong>gs were <strong>in</strong> the United States (approximately<br />
33% <strong>in</strong> 2001), based on the distribution of the <strong>2002</strong> <strong>in</strong>terim<br />
dividend payments, whilst most holders of PLC ord<strong>in</strong>ary<br />
shares are registered <strong>in</strong> the United K<strong>in</strong>gdom – approximately<br />
99% <strong>in</strong> both <strong>2002</strong> and 2001.<br />
The high and low trad<strong>in</strong>g prices for the separate stock<br />
exchange list<strong>in</strong>gs are shown <strong>in</strong> the tables on the<br />
follow<strong>in</strong>g page.<br />
<strong>Unilever</strong> Annual <strong>Report</strong> & Accounts and Form 20-F <strong>2002</strong><br />
Information about exchange controls 143<br />
affect<strong>in</strong>g security holders<br />
<strong>Unilever</strong> PLC<br />
None.<br />
Nature of the trad<strong>in</strong>g market<br />
NV and PLC are separate companies with separate stock<br />
exchange list<strong>in</strong>gs and different shareholders. You cannot<br />
convert or exchange the shares of one for shares of the<br />
other and the relative share prices on the various markets<br />
can, and do, fluctuate. This happens for various reasons,<br />
<strong>in</strong>clud<strong>in</strong>g changes <strong>in</strong> exchange rates. However, over<br />
time the prices of NV and PLC shares do stay <strong>in</strong> close<br />
relation to each other, <strong>in</strong> particular because of our<br />
equalisation arrangements.<br />
If you are a shareholder of NV, you have an <strong>in</strong>terest<br />
<strong>in</strong> a Netherlands legal entity, your dividends will be paid <strong>in</strong><br />
euros (converted <strong>in</strong>to US dollars if you have shares registered<br />
<strong>in</strong> the United States) and you will be subject to Netherlands<br />
tax. If you are a shareholder of PLC, your <strong>in</strong>terest is <strong>in</strong> a<br />
United K<strong>in</strong>gdom legal entity, your dividends will be paid <strong>in</strong><br />
sterl<strong>in</strong>g (converted <strong>in</strong>to US dollars if you have American<br />
Depositary Receipts) and you will be subject to United<br />
K<strong>in</strong>gdom tax. Nevertheless, the Equalisation Agreement<br />
means that as a shareholder of either company you<br />
effectively have an <strong>in</strong>terest <strong>in</strong> the whole of <strong>Unilever</strong>.<br />
You have largely equal rights over our comb<strong>in</strong>ed net profit<br />
and capital reserves as shown <strong>in</strong> the consolidated <strong>accounts</strong>.<br />
(See Taxation for US residents on pages 145 and 146 and<br />
Equalisation Agreement on pages 138 and 139.)<br />
Shareholder <strong>in</strong>formation