UK policyholders not claiming free shares
Free shares worth £291m (€430.59m) have still to be claimed by policyholders following British insurer Standard Life’s flotation last month.
The firm said around 300,000 of the 2.4 million policyholders entitled to shares in the demutualisation had failed to get in touch.
The 112 million shares – equivalent to 4.8% of the company’s total shareholding – have been placed in a trust and can be claimed up to 10 years from the date of the flotation. Any dividends payable on the shares will be held in the trust and distributed when customers come forward.
Since the flotation, approximately 50,000 customers have claimed their shares.
Standard said it carried out six separate mailings in an attempt to secure a response from the missing policyholders.
A spokesman said: “We have done quite a bit through the demutualisation process to reach these customers. We want them to come forward to claim what is theirs.”
The stock began trading at 230p on July 10 and closed on Thursday night at 259p, giving the unclaimed shares a value of around £291m (€430.59m).
The dealings brought to an end a two-year process for the insurer which culminated in members voting in May to end more than 80 years as a mutual company.
Each eligible member received a fixed allocation of 185 shares, which was worth a total of £425 (€628.87m) at the time of the flotation. There was also a variable element based on the size of policies and how long they have been held.
UK customers can claim their shares by calling Standard Life’s demutualisation hotline on 0845 275 3000.
