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Standard Life looks to scrip dividends

Standard Life is asking shareholders to approve the replacement of their cash dividend payments with a scrip dividend.

The scheme will mean that investors will receive ordinary shares in the company instead of the cash payouts they usually receive as part of the firm’s dividend reinvestment plan.

If all eligible shareholders opt to receive a their final payout for 2008 as a scrip dividend, the maximum number of shares that will be issued would be 93,423,285, or 4.28% of the company.

The board will put the plans to a shareholder vote at its annual general meeting.

Subject to approval, investors will receive a scrip reference price of 179.74p for each ordinary share. The proposed final dividend for the year ended December 31 2008 will be paid on May 29 this year.

Standard Life will write to shareholders with further details of the proposals on April 14.

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