LONDON (ShareCast) - Shares in life assurance company Friends Provident were adjusted downward on Friday as the demerger of the company's 52% stake in F & C Asset Management went through.
The court order confirming the
demerger and related reduction of capital has now been registered by the UK Registrar of Companies, enabling capital to be returned to shareholders.
Shareholders who have 2,500 Friends Provident shares or more will receive 1 F&C Share for every 10 Friends Provident shares held at 6.00 pm on 2 July 2009. Members of the CREST paperless shares system should see their new F&C shares credited to their account at 8:00am on Monday, 7 July.
Shareholders with fewer than 2,500 shares will have their F&C entitlement sold in the market on their behalf.
With the demerger now effective and F&C Asset Management an independent entity, Alain Grisay, chief executive of F&C, will resign from the Friends Provident board.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
