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Friends Provident for sale?

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Chippychap
Sun, 30/03/2008 - 10:04

http://www.ft.com/cms/s/0/b9e625ae-faa8-11dc-aa46-000077b07658.html

If F/P is possible to be sold I just wonder at the possible ramifications for policy holders.

I hold an endowment policy with them and am not sure if I should be whooping with joy or sobbing into my cornflakes.

Not even sure if I am considered a shareholder.

What do you guys think?

 

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Max A's picture
Max A
Mon, 31/03/2008 - 14:25

Don't think its something you should worry about just yet - Friends Prov has rejected the offer from J.C Flowers cos it was too low.
The statement read: "The proposal indicated that the offer price would be reduced in the event that Friends Provident paid shareholders the 2007 final dividend of 5.3p a share. The Board of Friends Provident plc informed JC Flowers & Co UK Ltd that its proposal significantly undervalues Friends Provident plc and its prospects and does not represent a basis for discussion."
Not to say Flowers won't put up its offer - after all it is no longer bidding for Northern Rock! But don't think you are considered a shareholder, just a lowly customer!

Matt Pitcher's picture
Matt Pitcher
Wed, 02/04/2008 - 07:45

Friends Provident have for some time been a publicly listed company so there is no demutualisation payout coming which would be the only reaosn I can think of to whoop with joy.

However depending on the type of endowment and when you held it, you may have received Friends Provident shares when they demutualised and so you could be a shareholder.

Time to dig around in the loft for those share certificates. 

Matt Pitcher is a wealth adviser at Towry Law Group and a Moneywise Ask The Professionals columnist

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