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Norges Bank, the central bank of Norway, has notified Shell (LON:) plc about a series of significant changes to its shareholding in the company. The series of notifications were delayed due to an administrative error and were received by Anthony Clarke, Shell’s Deputy Company Secretary, on November 1, 2023.
The communications from Norges Bank followed the TR-1 standard form and indicated that major shareholding thresholds had been crossed twice. Initially, in August 2022, Norges Bank’s acquisition of shares led its voting rights in Shell to exceed the 3% notifiable threshold. At this point, the bank held 3.017190% of Shell’s voting rights, which included direct shares (3.015200%) and financial instruments (0.001990%), totaling 220,180,863 voting rights.
However, by the end of October 2023, Norges Bank’s shareholding had decreased below the 3% threshold again. The bank now holds 2.984360% of Shell’s voting rights, all from direct shares, reducing their total voting rights to 197,118,319.
These significant developments related to Norges Bank’s shareholding in Shell plc were acknowledged by Anthony Clarke, Deputy Company Secretary at Shell.
InvestingPro Insights
In line with the recent shareholding developments in Shell plc, InvestingPro has some crucial insights to share. InvestingPro Tips reveals that Shell’s management has been actively engaged in buying back shares, indicating a strong belief in the company’s intrinsic value. Additionally, two analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook on the company’s financial performance.
InvestingPro Data provides further context. Shell boasts a market capitalization of 219.75 billion USD, with a P/E ratio of 7.78, reflecting its potential for growth. The company also demonstrates a robust revenue growth of 8.8% over the last twelve months as of Q2 2023. Moreover, Shell’s return on assets for the same period is 6.78%, indicating efficient use of its resources.
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