Standard Life Shares

Chrismaths

Float price expected @ £2.30p. linky

Gorgeous_George

And confirmed by SL press release



GG

Milarky

Now does that make the discounted price 218.5p then? And will that definitley be all that they cost to buy at the IPO (i.e. no gov't stamp duty?)

That equates to 457.665 shares per £1000 subscribed I calculate.

ReportInvestor

Yea. Going for 230p rather than 229p makes it easier on the brain cells / calculator batteries .

No stamp duty AFAIK.

It sounds like the offer has been heavily oversubscribed, so the next announcement re the allocation is important.

Gorgeous_George

I expect they'll return any pence that is left over from the cheques.

On another note, they haven't cashed my cheque yet so it's likely that my application was late. I flew into Gatwick on Monday evening and sent it 1st class Tuesday. Not likely to be a big loss if I was late.



GG

Milarky

Gorgeous_George wrote:

I expect they'll return any pence that is left over from the cheques.

On another note, they haven't cashed my cheque yet so it's likely that my application was late. I flew into Gatwick on Monday evening and sent it 1st class Tuesday. Not likely to be a big loss if I was late.



GG

Are you allowing for 2+ days to draw any cheque after receipt/presentation? Maybe it will come out Monday? My cheque was only drawn this am and I posted it in the SAE last Saturday.

Good luck

DocProc

From http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/07/07/ustlife107.xml&sSheet=/money/2006/07/07/ixcitytop.html

Over £660m of free Standard Life shares remain unclaimed
By Ian Cowie, Personal Finance Editor
(Filed: 07/07/2006)

Standard Life has failed to contact nearly a fifth of its policyholders entitled to receive free shares worth a total of more than £660m, it said today.

The insurance giant, whose shares will begin trading on the stock market on Monday at a price of 230p, added that it had sent at least three letters to each of the missing 450,000 policyholders. Their stock will now be held in an Unclaimed Assets Trust until they get in touch or for a maximum of 10 years, after which it may be sold for the benefit of charity.

Despite Standard Life striking an offer price 35p per share or 13pc lower than the first indicative mid-price it quoted earlier in the year, the insurer insisted yesterday it was pleased with the level of subscriptions.

A spokesman said the offer to institutional investors had been three to four times over-subscribed and retail investors - mostly Standard Life customers - had offered to invest a total of £1.34 billion. Members - or holders of with-profits policies - opted to sell stock worth about £1 billion, leaving net new investments by retail investors of about £70m.

As a result of demand exceeding supply, only applications by retail investors for up to £2,000 of stock will be met in full. Applications above that value will be allocated shares up to 70pc of the value subscribed for, with a maximum allocation of £50,000 of stock.

Standard Life members - about 2.5m with-profits policyholders - will receive a 5pc discount off the offer price and pay 218.5p per share. A spokesman for the company said: "We wanted to be comfortable there would be a good after market - we did not want to see the share price go down on the first day of trading."

But analysts were unenthusiastic about the offer price. Graham Neale of stockbrokers Killik said: "We advised eligible clients to take advantage of the 5pc discount and the free shares available after one year but are not looking to build positions in the secondary market at 230p.

"Now that with-profits policyholders have crystallised the value of their goodwill in the business, investors need to be alert to the risk that Standard Life experiences a high level of policy redemptions this year and next."

Similarly, Keith Bowman, equity analyst at Hargreaves Lansdown, said: "We see the shares as a 'hold' because, although there are some takeover prospects and the possibility of further profits recovery, you need to consider what policyholders will do once they have got their windfall shares."

Henk Potts, equity strategist at Barclays Stockbrokers, said: "We are not particularly positive as we think they may have difficulty in maintaining the 4pc dividend in a market where there is cut-throat competition and profit margins may prove unsustainable."

If you think you may be entitled to windfall shares but have not claimed them, contact Standard Life on 0845 275 3000 or send an email to unclaimed-shares@standardlife.com

DocProc

What does the above mean?

Well it's a bit early to say just yet, but according to the article above, if you applied for £2,000 worth of shares or less, then your application will be met in full.

But, suppose you sent in a cheque for £10,000 with your application:

70% x £10,000 = £7,000

So £7,000 divided by £2.185 per share = 3,203.661 shares. I think this might then be rounded down to 3,200 shares per £10,000 sent in.

So recalculating, 3,200 x £2.185 = £6,992 spent on shares and a refund cheque to come back to you in the post (with your share certificate?) for the change out of your original £10,000 and to the value of £3,008

Of course, I could be wrong about this.

We'll have to wait and see what happens exactly.

pauliepie

Need some advice relating to standard Life....

I have an endowment with Standard Life which is a "with profits fund".
I took out the policy back in 1999.

Firstly, do I qualify for the windfall?
If so, how much should I recieve, and when should I recieve the money?

Why Hasn`t Standard Life contacted me, should I drop them a line or a telephone call?
Can I buy shares, being a policy holder or is it not wise to purchase.

Look forward to your advice soon.

Many Thanks
paul

DocProc

If you think you may be entitled to windfall shares but have not claimed them, contact Standard Life on 0845 275 3000 or send an email to unclaimed-shares@standardlife.com