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RE RSL http://www.investegate.co.uk/Article.aspx?id=200911041736559881B
Yeah, been paid off for them! Share dealing isn't really my forte and I get this yearly bumpf through and don't read it! However, after the F+C thing I made sure I read the next lot and have logged for my RSL shares!
Bought these on floatation and got freebies as had a With Profits fund (Don't buy one!) with them. Not exactly lit up my portfolio over the years, but it may benefit when the Tories come, as there may be more emphasis on investing for your own future. Take the shares and then forget about them for a few years. I'm not a ramper or a Quaker! P1lgrim: Are you sure you cannot still get your F+C shares?
I would like to know if these are worth buying in order to get the free shares in resolution. As I understand for every share you hold in Friends, you will get 0.9 of a share in resolution.
Yes you are correct, you need to return your green sheet and you will get 0.9 shares in RSL to every one share in Friends.
As i understand it you do not have to sell your shares, this was a question i had raised, but since receiving the paperwork the other day if you do nothing you will receive 79.4p for up to 2500 FP shares. However if you do not want to accept this you can fill out & return the green form (section 1) by 30th October which will give you RSL shares instead. This is my understanding of the situation, but would like to hear otherwise if it is incorrect.
My wife and I have a very small holding of FP shares, and it is not an area of business we understand. (Shares in general!) We got some free and then bought a few extra. They are just something we like to keep for a very long term investment, but this latest paperwork about an aquisition confuses me! Do I HAVE to sell my holding? (only 538 shares), or can I take RSL shares if it goes through? I do not want to lose this little investment we have, a small dividend trickles in and its something we could cash when we retire if needs be. For a novice the papers are confusing, and we lost out on the recent F&C business as we did not understand what was going on? Help or advice greatly sought!
I/we bought £5k each holding 2455 & 2838 (inc freebies) shares. If we accept offer or even sell now @ .83? then the 2838 is only worth £2383.86 less costs. This is less than half original investment. Therefore the only solution for us is to hold & take RSL shares instead & hope they will go up so we can recover losses. Looking at some of the trades today people must think this is a good move or else why would they buy? £523.85k in particular today - not i think a PI
My understanding is that if you have less than 2,500 you do nothing then (probably!) get 79.4p per FP share. You can, however, opt for 0.9 of RSL share (currently 93.5p). At 0.9 RSL this equates to RSL 84.1p value. Surely this is a LOSS if you don't opt for the RSL shares? I know that dealer charges to sell would kick in but perhaps RSL are a good share to transfer to? Any opinions out there please? I have 1,173 shares so would lose £60 approx in value...but then would 'save' £30 selling fee.
There is a choice - so much for the advice given by Equniti http://www.friendsprovident.com/doclib/acquisition_shareholder_guidance.pdf Hopefully all is not lost & RSL will come good. Does anyone have any thoughts?
Many thanks - I don't mind the poopydog!!, hubby only got a few free shares for holding for 1 year when they floated, we both bought £5k each (with hindsight stupid i know but didn't know anything about share dealing then) as thought it was a sound company, have been holding these since, have bought & sold few more in between for profit so i think we average about £1.60 ish. I called the number on the bumph they sent out which is the same as on the dividend certificate. I think it was Equiniti - they hold the shares electronically. As i said the girl didn't know and had to ask someone else but said that is what people voted for? and if i wanted more then I should perhaps sell before it happened? To me it seems bang out of order if it is compulsory that's why i raised the question.
sorry about the poopydog, hope I haven't put my foot in it (yep I know its a bad joke... sorry again)
You should have no worries about your shares, you should be contacted regarding offer when it is fully decided .... if you are unsure this will happen ring the broker who sends you the divi...... also if you like the idea of selling you should ring that broker ... I guess there is a broker? Actually there is some info on selling on the FP. website, I guess that is probably for people like you who got issued free shares its www.friendsprovident.co.uk. Look under investors then shareholder services. I am sure things will all fall into place in due course. poppydog ...surpisingly little info on that website re this takeover in fact I found none ... but was pushed for time
Although as far as I can tell it is almost a done deal things appear not to be finalised yet. I am sure shareholders will have to be consulted and the majority accept. Looks at moment like only a recommendation, though I rember at time the press reported it as FP. have succumbed to RSL deal or some such. Assuming it all goes ahead as indicated you will be asked what option you would like to take shares or cash ... and cash is only available for up to 2500 shares per shareholder at least that is how it reads to me. It may be there will be some twists in the tail yet, but I am sure you will have some choices in things as a shareholder. Appears to be dangerously bad advice you were given, which is pretty astonishing!!! I think they are getting at cross purposes it is agreed (compulsory) that they will pay you 79.4p/share should you demand it (for up to 2500 shares)
Hi poppydog. I am sure they are wrong. If you look on www.investegate.co.uk there are RNS's from both companies on 10/11 August. I already posted part of the RSL one and here is what FP. one says 'Friends Provident Group plc ('Friends Provident') confirms that it has received a further proposal on behalf of Resolution Limited ('Resolution'). The Board of Friends Provident believes that this revised proposal has been sufficiently improved to justify entering into discussions with Resolution with a view to recommending its proposal. Prior to the receipt of this proposal Resolution had completed a period of due diligence. The revised proposal is an exchange ratio of 0.9 new Resolution shares for each Friends Provident share. It also includes a partial cash alternative subject to the maximum cash available not exceeding £500 million. For the purposes of Note 7 to Rule 2.4 of the Code, this announcement is not being made with the agreement or approval of Resolution. While discussions are ongoing, there can be no certainty that any offer will result nor as to the terms on which any offer might be made. *************************************** This clearly indicates cash is an alternative to the RSL shares at .9 pershare, I read that as optional. *************************************** I have had no notification of any corporate action which will happen when this is actually being finalised. And the (possible) takeover is still listed in the takeover panel disclosure t
or anyone Can anyone clarify a point for me. I have just spoken to somebody on FP shareholder line to ask if it will be a compulsory payout for the first 2500 shares @ 79.4 each or could we opt to take RSL shares instead. After finally getting the gist of what i was asking she then asked a colleague and the reply was that it will be compulsory to take the cash without an option to have RSL shares instead. If this is the case then why are people buying in excess of 79.4p per share if that is all they will get in return? Does any one know? Thanks in advance
thx for that!!! I did get notice of demerger and a chq from the companies.... however I knw im thick and new to this..... but do i still hold these.... just risen 48%... bugger
No shares won't be invalid, someone whoevere pays your divi's will be in touch with you should it reach the point where you have to decide to take RSL shares in their stead or the cash offer, which now is far lower than the sp. If you don't want RSL shares you may be better to sell them at some point. I'd hang in there for now though!
question for you guys!!!! I have 200 free shares for about 10yrs and banked the divs thx very much!!! however are my shares now invalid??????
My guess is what you were saying was right, but as it turned out you would have had a better return just buying and selling. At the time you really couldn't lose by buying 2500 at anything below the RSL cash offer. Still it's become academic now with current price, the chance is gone, and unlikely to return, though anythings possible! Still RSL is pulling FP. price up nicely for you poppydog and me for that matter. I may well sell out if this gets much past 90!
can anyboby answer below please
Hello, I don't really hold any FP share yet and was just by accident came to this share. If I buy the share (2500 shares), lets say 77 or 78p, does it mean even if the share drops to e.g. 70p, I can still sell it to Resolution at 79.4p? Many Thanks Jerry
a bit from RNS The key terms of the Acquisition include: total consideration of £1,858 million (based on a Resolution Share price of 88.25 pence as at close of trading on 7 August 2009); 0.9 of a New Resolution Share per Friends Provident Share; cash consideration for up to the first 2,500 shares held by each Friends Provident Shareholder at 79.4 pence per Friends Provident Share; total cash consideration of up to £500 million at 79.4 pence per Friends Provident Share (including the cash consideration in respect of up to the first 2,500 shares); total consideration representing 69 per cent. of adjusted EEV as at 30 June 20091; * transfer to a primary listing on the Official List of the UKLA at completion; * inclusion in FTSE index expected to follow completion; * Friends Provident interim dividend of 1.3 pence per share to be paid before completion of the Acquisition; and Resolution to commence paying dividends from completion - currently expected to pay a final dividend of 2.72 pence2 per Resolution Share in respect of the second half of 2009. I have read that government is not entirely happy with Resolution's or perhaps the structure of its deals (to do with it being based in Guernsey), what I read never specifically referred to FP. deal but (perhaps) more to upcoming ones. I think it was actually on this site. It is vague,I need to look into further and I stand to be
Thanks for your input, I will sit it out as i don't like to sell at a loss & all the time I have them there is hope I can recoup all, if I sell then i don't. GL to us all
I am only going on a scrap of info in a newsletter from ADVFN, but the way it read was cash offer will be an option, so you don't have to do it. and you would only be able to do so for 2500 shares which cannot be all you are holding? Whether you should take any of it is hard to say. I had reasonably high hopes of FP. making me some money and maybe this will come with RSL. Ironically I hold at just over cash offer at 79.65p and on top of that have 2750 shares so cannot go whole hog anyway. I may well sell 50% I just don't have much trust in Resolution, although it is totally without basis just gut feeling