SL shares - Ready to be claimed

Standard Life has revealed that over 235,000 former members now shareholders have yet to claim a total of almost 90 million shares following the company's demutualisation and flotation in July 2006. At the closing share price on January 2nd 306p these shares were worth a total of approximately £272 million.

The shares are currently being held in the company's Unclaimed Assets Trust UAT and represent 4.2% of the total shareholding in Standard Life plc.

The company has also revealed that, in addition, a total of just under £18 million in cash has also to be claimed by almost 20,000 former members. This cash is also being held in the UAT.

The cash is being held in a combination of sterling, euro and Canadian dollars. As a mutual Standard Life had significant membership in the UK, Germany, Ireland and Canada, and in total had members in over 140 countries worldwide.

Around 7,000 people are coming forward each month to claim shares and/or cash from the UAT.

Anyone entitled to shares or cash has until July 10th 2016 to come forward. After that point the proceeds of the Trust will be used for general corporate purposes - which may include charitable giving.

The top five largest unclaimed amounts are: 45,136 shares in Essex, 41,317 shares in the Bristol area, 38,465 share in Co Kildare, 36,923 shares in Derby and 36,614 shares in Glasgow.

Meanwhile, 2007 will see at two significant events for Standard Life shareholders.

First of all Standard Life plc will pay its first ever dividend in May - the company has previously indicated that the dividend will be in respect of the second half of 2006 and will be 5.4p per share.

Then on the first anniversary of flotation July 10th 2007 Standard Life will issue bonus shares. These shares will be issued to anyone who received free shares, or bought shares in the preferential offer, and who has held these shares continuously for the 12 months since flotation. One free share will be issued for every 20 held since July 10th 2006.

Both the dividend and bonus shares will be awarded to those shareholdings currently being held in the Unclaimed Assets Trust.

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2007-01-04 10:46:58 © Moneyextra.com