Standard Life - unclaimed shares worth £261m

Standard Life has revealed that 220,000 former members (now shareholders) have yet to claim around 83 million shares following the company's demutualisation and flotation in July 2006. This amounts to 3.9 percent of Standard Life plc.

At last night's closing price of 314.5p this totals approximately £261 million worth of shares. These shares are currently sitting in the Company's Unclaimed Asset Trust.

In addition, there are 20,000 former members who still haven't come forward to receive cash entitlements, totalling £18million.

The top five shareholdings currently waiting to be claimed are (with monetary amounts based on last night's closing price in brackets):

36,923 shares in Derby (£116,123)
36,614 shares in Glasgow (£115,151)
34,793 shares in Derby (£109,424)
23,210 shares in Edinburgh (£72,995)
22,589 shares in Bolton (£71,042)

Although around 7,000 people are coming forward each month to claim their shares and cash, Standard Life would like to see that number increase over the next year.

The deadline for claiming cash and shares is 10 July 2016. After that, Standard Life will use the proceeds of the Trust in a number of ways, including giving money to charity.

Anyone who thinks they may have unclaimed shares or cash should call Standard Life on 0845 275 3000.

With little over a month remaining as Standard Life Chairman, Sir Brian Stewart said: "In a perfect world these former members would be reunited with their shares or cash by the time I stand down as Chairman. Whilst this is not going to happen I would urge anyone who thinks they may have an entitlement to contact the company. It is not in our interest, nor theirs, for these assets to be sitting unclaimed."

Standard Life share performance

SL shares closed at 314.5p on Wednesday 18 April.

Since the offer price for the shares (230p) was announced (7 July 2006) they have outperformed the:

FTSE 100 by 20.32 percentage points
FTSE ALL SHARE by 17.69 percentage points
FTSE 350 LIFE INSURANCE SECTOR by 15.15 percentage points

Dividend payment and bonus shares

Standard Life makes its first dividend payment to shareholders on 31 May 2007 (this will be 5.4p per share).

Anyone who received free shares as a result of the flotation, or who bought discounted shares in the preferential share offer, may be entitled to a bonus share award on 10 July 2007. If these shares have been held continuously for 12 months from the date of Standard Life's flotation then shareholders will receive one free share for every 20 held.

Those with unclaimed shares do not miss out on either a dividend payment or their bonus shares. Instead, these will be held in the Unclaimed Assets Trust and can be claimed when a shareholder comes forward.