Standard Life says it has over 90 million unclaimed shares worth approximately £272m following the company’s demutualisation and flotation in July 2006.
Over 235,000 former members who are now shareholders have still not claimed the shares which are currently being held in Standard Life’s Unclaimed Assets Trust and represents 4.2 per cent of the total shareholding in the company.
In addition, a total of just under £18m in cash has to be claimed by almost 20,000 former members which is also being held in the UAT.
Anyone entitled to shares or cash has until July 10 2016 to claim them and after this deadline the proceeds of the Trust will be used for general corporate purposes.
Standard Life will pay its first ever dividend in May which will be in respect of the second half of 2006 and will be 5.4p per share.
Bonus shares will be issued on the first anniversary of flotation which is July 10 2007 and these will be issued to anyone who received free shares or bought shares in the preferential offer and who has held them for the 12 months since flotation.
A Standard Life spokesman says: “We are pleased that people are continuing to come forward to claim their shares and cash. However, we would like the Unclaimed Assets Trust to decline further in value. It is neither in the best interests of the individuals concerned or the company for these assets to be lying in trust.”