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Friends Prov issues float prospectus

Friends Provident is issuing 2.5m members with the prospectus for listing on the stock exchange inviting them to buy shares on preferential terms.

It hopes to raise £1.5bn of new capital through the float which it says would give it a market capitalisation of £3.8bn.

The preferential offer is at 5 per cent discount to the institutional offer. Applicants will also be entitled to one bonus share for every 20 ordinary shares they acquire through the preferential offer and keep for one year.

Indicative share prices are between 210p and 270p. On the preferential offer, the price range is between 199.5p and 256.5p. Final offer prices will be announced on July 6. The listing is planned for July 9.

Members wanting to sell all their shares on listing must return their forms to the life office by July 3.


Protection plus RSAIF equals whole life and cic

Royal & Sun Alliance International Financial Services has introduced protection plus, a protection plan designed for UK expatriates and other people living abroad.Protection plus is available for single and regular premiums and allows policyholders to tailor the benefits to their needs.There are two elements to the plan – whole life and critical illness cover. Policyholders […]

Cameron Rowe to undergo restructuring

Kent-based Cameron Rowe is undergoing a re-structure which it says will provide a stronger and more focused base for further development.The IFA company Cameron Rowe IFAs will concentrate on regulated business, while non-regulated business will be transacted by Cameron Rowe Mortgage Services.The restructure also sees the appointment of Interdependence network founding director Stewart Wooles as […]

Financial candidates fail in bid for election

All the general election candidates from the financial services industry met with dis- appointment. Rothschild corporate finance adviser Andrew Griffith put up the best fight as Tory candidate for Corby. Labour MP Phil Hope&#39s majority was down by 6.1 per cent on 1997. Equitable Life pensions administrator Philip Cochrane took second place to Labour, as […]

IFA fined £15k in review

Leicester IFA The Pearce Murphy Partnership has been fined £15,000 by the PIA for pension misselling. The fine follows an investigation by the pension review monitoring department between September 1999 and February 2000 which identified several failings in the company. Its report cited a failure to correctly exclude cases from the pension review and issue […]


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