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Whast confuses me is that it asks me to decide what to do with my shares as follows: CASH-OUT PROCEDURE: It is intended that Shareholders who are not US Persons and who hold 2,500 New Ordinary Shares or less at the Demerger Record Time and who would therefore receive 250 F&C Shares or less pursuant to the Demerger will not receive these F&C Shares unless they actively elect otherwise. Instead, the Company intends to appoint an agent or agents to sell these F&C Shares on such shareholders` behalf in the market and the relevant shareholders will receive the cash proceeds of such sale instead of F&C Shares. This is referred to as the Cash-out Procedure. The price at which such F&C Shares are sold will depend upon market conditions and the proceeds of sale may be less than the prevailing market price of the F&C Shares prior to the Demerger. There can be no guarantee of the time period within which the F&C Shares will be sold or that they will be able to be sold. The proceeds of sale are expected to be despatched within five business days after settlement of any sale. If no sale can be made then such Shareholders will receive the F&C Shares to which they would otherwise have been entitled as soon as practicable. Please note that the decision to keep your F&C shares or not does not affect your existing holding in Friends Provident.
I believe its like a straight swap and for every share you own on friday 12th June will become new New Friends Provident Group Ordinary on Monday 15th June. I must say this part confuses me a bit - The objective of the Reorganisation is to impose a new holding company called Friends Provident Group with increased share capital to allow for it to be reduced to create the distributable reserves i.e. are they creating more shares and will this mean the SP will drop??
thanks for the info. what does this mean for shareholders, will we be given a 1 for 1 offer or a discount?
here are guys I got this a few days ago. I sold today but will re-buy if it hits 65 next week The Company announced on 5th May 2009 that the Board believes a Reorganisation to be the most effective way to create distributable reserves that will allow the Group to declare and pay dividends in the future. The objective of the Reorganisation is to impose a new holding company called Friends Provident Group with increased share capital to allow for it to be reduced to create the distributable reserves. The Proposals are subject to shareholder approval at a General Meeting of the Company and Court Meeting, both to be held on 21st May 2009, and further sanctioning at a Court Hearing to be held on 12th June 2009. Subject to acquiring the necessary approval the Scheme is expected to become effective on 15th June 2009, with the last date for dealings in Existing Friends Provident shares expected to be 12th June 2009. New Friends Provident Group Ordinary shares expected to be credited to accounts on 15th June 2009, with dealings in New Friends Provident Group Ordinary shares also expected to commence on that date. Subject to the Scheme becoming effective the Company proposes to pay a dividend of 2.6 pence for the year ended 31st December 2008. The pay date for the dividend is expected to be 24th July 2009. The Company also proposes to demerge the Group's interest in the Ordinary share capital of F&C. The Reorganisation will put in place a Group structure which
yes I had one of these too today , and like you no details attached in my account and have not as yet had chance to ring broker -anyone got any firm news on what this is all about?
just had a corporate action listed in my TD account. there were no details attached to the note and the only thing i found was some document about shares at 48p and a renaming as FP group? i might have totally got the wrong end of the stick as rather fried from a hard day at work!
What price should one get for these at the trade-over time? It's all a bit vague. FYI i bought a few thousand of these (by chance) a few days ago at 64.2 and sold them at 72.2 towards the end of the day yesterday when I got my alert of the corporate action. Reason I sold (w time running out to close of trade) is because the wording of the action is so unclear (for a quick read). Take my profit while it's there. My next buy should be Premier Foods - suspect I can make around 25% this week.
i did listen i kept about a third but you are right i should have kept the lot just got greedy and wanted some profit out .if these dip down i will be buying a load more
i sold most of mine at 69p first thing this morning
70+ going well as brought in last week as a punt at 58p. not bad
this follow LGENs lead and begin to pick up soon as it seems to be stuck in the 62-67 range
You did really well holding your nerve to 67.5p and I'm pleased for you. As for RBS, I've been looking at them a lot today. I think a retrace is likely but I doubt it would be to the low 30's now. A 6 month chart shows support (lows) around 40p at the end of last year so I'd be very surprised it it fell below that now even though prices above 40p have only just come around again. RBS seems to be gaining momentum and is certainly very tempting as it looks like it could soar like Barclays did. But the government own 70% of it unlike their 0% of Barclays. This week will decide where this share is going longer term and fortune could favour the brave.
hey griz! i sold today at 67.5p then it shoots up to 68.5p lol. Glad i didnt sell fri. Regarding the banks i can see RBS falling to 30-35p on thur/fri im pretty sure stress tests will bring rbs down, barc wont suffer much. What you rekon
The market has gone crazy this morning playing catch up from the US gains yesterday. Financials are flying and the swine flu news doesn't seem that bad at the moment. I still can't understand the overall zest for buying at present. The volumes have been so large today that many online services have been struggling to keep up with demand. It seems totally at odds with the real ecomomic news about GDP contraction here and in the US. Adidas profits down 97% to pick just one example and yet it makes no difference to the general market??? US Bank Stress test results are due out Thursday and then the UK banks start reporting Q1 figures (RBS Friday??). Early signs are that some of the major US banks need more capital and shorting positions on them have massively increased according to Gloomberg. This doesn't seem to be bothering anyone though! I feel I can't see the wood for the trees at the moment and the safest thing for me to do is just hibernate for a while. Not making any money doing this I know but I think there's more chance of losing some if the correction comes which I have been anticipating. But what do I know!!!
Wish i was a journo, prob earn a lot more than i do now! I did buy this for a profit, and can wait till it gets to where i want. I wouldn't have bought in if i didn't think it would rebound, though its nice to see some positive news for a change. A buyer might wait till there is a more substantial turn around in FP, though the signs are promising. Why the fear of fishy named hacks?
Interesting article. At least paints a rosier picture for the future. I Still think i got a good wait before i get a decent return on the 65p price i bought in at. http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=483703&in_page_id=3
I hear you brother. Yes FP has been 'treading water' today its just I consider Aviva and LGEN to be better barometers of this sector at the moment. Standard Life (my fave) are still hurting from yesterday. Aviva have managed to bounce off the £3 again now so it might not go today. Difficult stuff this crystal ball gazing.............!!
recovery!
fp and olm have been near enough stable and pru
Aviva have just gone under £3 for the first time today and LGEN is under 56p again.
its been level all day, the whole market is down now the dow has bought the ftse down further.
The sector is just starting to show signs of a slide. This last hour is going to be intersting as I thought it might be.
monday markets closed. I can see this flu thing getting worse over weekend so i wouldnt buy anything today too risky. I was looking for a quick profit bort lpx this morning but sold quickly to make a small loss but im glad i did as it has now plummeted.
Well done mate. I don't see anything worth risking today myself and I'm going to heed my own advice to stay out and see what transpires on Tuesday.
Im out at 64.5p. A tidy £160 profit :) Now the next question is, is there anything worth buying into now for a quick return today, or shall we just wait till next monday? If a small crash is likely then next week sounds far more lucrative!