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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Friends Life | FLG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 429.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 429.40 |
| Top Posts |
|---|
Posted at 10/4/2015 13:10 by lord gnome On Monday morning the FLG shares will have disappeared from your account and you will then have 740 new shares in AV. for every 1,000 shares you held in FLG. You will be free to trade them as you wish. |
Posted at 08/4/2015 16:52 by typo56 Yep, today must have been costly for some, but there's also money to be made out of these things. Unfortunately the bots seem to have sucked the life out of closing auction mispricings, which were good bread & butter.Odd about BP but GNI (like the others) make/made their own rules. I think final dividends have to be approved, interims don't. Remember when the tax on divis changed and companies had a lot of 'interim' divis in lieu of finals, just before the end of the financial year? Which reminds me, IG deducted 10% off my CFD divi adjustment for the 22p final divi in CGL, claiming the 22p was 'gross'. I've argued the case but not received anything back. Slack company with atrocious L2 platform. |
Posted at 08/4/2015 13:42 by typo56 SpectoAcc: "the explanation is that because the divi is conditional on the deal, there's no XD for FLG"I'm not sure that washes. After all, aren't final dividends 'proposals' and are conditional on receiving shareholder approval at the AGM, usually after the ex date? e.g. SL. go ex tomorrow but the AGM isn't until 12 May and, if approved, payment 19 May. However, there could be a lot of revolting shareholders and the divi wouldn't get paid! That doesn't seem to prevent an ex-div date. |
Posted at 08/4/2015 12:09 by typo56 Thanks for the link Skinny. I've had a quick scan and I can't see any mention of ex date. Is it there?Seems AV. and FLG both have record dates of 09/04. AV. going ex today but FLG going ex two days later is a bit odd. |
Posted at 08/4/2015 11:19 by a0148009 Friends Life notes today's share price movementFriends Life notes today's share price movement and reminds investors that, as disclosed in the Friends Life Scheme Document published on 19 January 2015, all Friends Life ordinary shares on the register as at 6 p.m. on 9 April 2015, being the Scheme Record Time and Friends Life Dividend Record Date, will be entitled to receive the second interim dividend of 24.1 pence per share. Friends Life shares should not trade ex-dividend ahead of 6 p.m. on 9 April. It is intended that dealings in Friends Life ordinary shares will be suspended from 7.30 a.m. on 10 April 2015, in anticipation of the scheme of arrangement to implement the acquisition of Friends Life by Aviva plc becoming effective. Defined terms used but not defined in this announcement have the meanings set out in the scheme document in relation to the Scheme dated 19 January 2015. AO |
Posted at 08/4/2015 11:03 by a0148009 I know it is confusing but the offer never intended FLG shareholders to receive a dividend from both companies only the FLG final dividend of 14.1 and a sweetener 10P making total of 24.1 exd tomorrow.AO |
Posted at 08/4/2015 09:39 by kibes A0148009 - is this some sort of trick? Will Friends be down again when it goes ex dividend? If so why didn't those in the know sell yesterday before AV went ex dividend? Because Friend shareholders won't be getting the AV dividend. |
Posted at 05/3/2015 07:06 by skinny Results for the year ended 31 December 2014Strong cash performance · Sustainable free surplus £373 million, up 15% (2013: £325 million) and marginally ahead of guidance · Continued strong performance in Corporate Benefits, positive net fund flows of £0.6 billion, taking assets under administration to £22.0 billion; significant improvement in underlying free surplus, up to £29 million (2013: £11 million) · IFRS based operating profit before tax of £556 million, up 38% (2013: £402 million) · MCEV operating profit before tax of £498 million, down 7% (2013: £535 million); mainly due to reduction in VNB · Value of new business down £47 million to £132 million (including £32 million reduction in Retirement Income VNB) as predicted trends continue Capital position robust · Available shareholder assets £1,066 million · IGCA(i) surplus £2.3 billion, coverage ratio 240% · Economic capital surplus(i) £3.7 billion, coverage ratio 196% · Full year dividend of 31.15 pence per share subject to completion of the Proposed Acquisition by Aviva plc (2013: 21.14 pence per share)(ii) Business highlights · Successful reallocation of £760 million of annuities from with-profits funds, resulting in a sustainable free surplus ("SFS") benefit of circa £7 million per annum from 2015 · Recapture of £1.6 billion of assets backing annuities in November, resulting in a SFS benefit of circa £13 million per annum from 2015 · Further reallocation of £665 million of annuities completed in the first quarter of 2015 resulting in a SFS benefit of circa £5 million per annum from 2015 · Friends Life has responded strongly to the legislative and regulatory changes to pensions and workplace savings: · New individual customer platform My Savings on track to be launched in April 2015 · Developed a range of products and services to meet new regulatory requirements, including an income tool, investment risk appetite assessments, retirement planning and tax information and tools · Invested in the creation of a Retirement Information Centre · Annuity sales down only 15%, outperforming the market which is down 38%(iii) · Efficient cost management, with operating expenses down a further 2% to £549 million · Auto-enrolment activity, which peaked in the first half of 2014, has enrolled 957 schemes this year, contributing to a net increase in members of 169,000 in 2014 · Following the re-platforming of the new business, the International division is on track for re-platforming in-force business during 2015 · Successful sale of Lombard for £316 million, completed in October 2014 Proposed Acquisition of Friends Life Group Limited by Aviva plc · All share acquisition: · 0.74 new Aviva shares for each Friends Life Group share · The proposed second interim dividend includes a 10 pence per share enhancement to the 2013 final dividend · Value share(iv) will be settled · Accelerates Friends Life's existing strategy, creating the UK's leading insurance, savings and asset management business: · Creates the UK's largest back book(v) with the potential to release substantial capital synergies · Leading market positions in corporate pensions and protection; and one in four retiring defined contribution pension customers(vi) · Proven track record in the successful integration and delivery of cost savings · Court and shareholder general meeting to be held on 26 March, completion expected in the second quarter of 2015 |
Posted at 02/12/2014 07:51 by skinny RECOMMENDED ALL-SHARE ACQUISITION OFFRIENDS LIFE GROUP LIMITED BY AVIVA PLC Summary · The Boards of Aviva and Friends Life are pleased to announce that they have reached agreement on the terms of a recommended all-share acquisition of Friends Life by Aviva. · Under the terms of the Proposed Acquisition, holders of Friends Life Shares will receive 0.74 New Aviva Shares for each Friends Life Share they hold. · Based on the Exchange Ratio and the Closing Price of Aviva and Friends Life shares as at 20 November 2014 (being the last business day prior to talks between Aviva and Friends Life being made public), the Proposed Acquisition, excluding the payment to RCAP in relation to the Value Share and Friends Life's proposed second interim dividend payment in respect of the 2014 financial year (each as described below), values each Friends Life Share at 394p and Friends Life's existing issued ordinary share capital at approximately £5.6 billion, representing a premium of: - 15 per cent. to the Closing Price of 343p per Friends Life Share on 20 November 2014; and - 27 per cent. to the average Closing Price of 310p per Friends Life Share for the three-month period ended 20 November 2014. · Based on the Exchange Ratio and the Closing Price of Aviva as at 1 December 2014, the Proposed Acquisition values each Friends Life Share at 370p, which represents a premium of 8 per cent. to the closing price of 343p per Friends Life Share on 20 November 2014. · In addition, assuming the Proposed Acquisition completes, Friends Life Shareholders who are on the Friends Life shareholder register at the Friends Life Record Date will also be entitled to receive, in place of Friends Life's 2014 final dividend, Friends Life's proposed second interim dividend of 24.1p per share, in respect of the 2014 financial year, resulting in a 2014 full year dividend of 31.15p per share. In the event that the Proposed Acquisition does not complete, Friends Life expects that its 2014 final dividend and therefore its 2014 full year dividend would be in line with Friends Life's 2013 final dividend and 2013 full year dividend, respectively. Friends Life Shareholders will have no entitlement to Aviva's proposed 2014 final dividend. · The Proposed Acquisition would result in Friends Life Shareholders owning approximately 26 per cent. of the issued ordinary share capital of the Enlarged Aviva Group. · The Proposed Acquisition accelerates Aviva's investment thesis of "cash flow plus growth" with a financial and strategic rationale that the board of Aviva believes creates a compelling opportunity for the Enlarged Aviva Group to create value for both sets of shareholders: Financial - Expected to generate approximately £0.6 billion incremental Holdco Excess Cash Flow per annum[1]; - Gives rise to a combined central liquidity position of £2.4 billion[2]; - Reduces "day 1" external debt leverage and S&P Leverage to a level consistent with an S&P AA rating, beyond Aviva's medium term objectives, with no requirement to further deleverage the Enlarged Aviva Group; - Expected to generate approximately £225 million of run-rate annual cost synergies by the end of 2017, which Aviva has valued at approximately £1.8 billion[3]. Aviva believes these synergies will deliver substantial value and increase cash flow generation and expects significant additional value through capital, financial and revenue synergies over time; and - Accelerates Aviva's expected dividend growth, with the intention, in the medium term, to move dividend cover to approximately 2x operating EPS on an IFRS basis. Strategic - Secures position as the leading insurance and savings business in the Enlarged Aviva Group's home market, with 16 million customers in the UK (prior to the deduction of overlapping customers); - Increases scale in attractive segments of the UK Life market including leadership position in Corporate Pensions, Protection and At-Retirement; - Opportunity for Aviva Investors to add up to approximately £70 billion[4] of Friends Life's UK assets under administration, increasing its AuM by up to 29 per cent., to up to approximately £309 billion[5]; - Brings 5 million current Friends Life customers to Aviva, who stand to benefit from being part of a stronger and more diversified group with a wider product range, and enables Aviva to accelerate its Digital First and True Customer Composite strategies; - Adds significant scale to Aviva's existing UK Life back book, as well as a management team with the expertise to unlock further value from UK Life insurance back books; and - Enables investment in the Enlarged Aviva Group's growth businesses. · The Aviva Directors propose to pay a 2014 final dividend of 12.25p per share, representing a 30 per cent. increase on the 2013 final dividend per share, and resulting in a 2014 full year dividend of 18.1p per share. The Aviva Directors believe the Proposed Acquisition would be broadly neutral to Aviva's operating EPS once full run-rate synergies are achieved, expected by the end of 2017. · The Aviva Directors believe the Proposed Acquisition brings together two successful management teams, combining Aviva's particular expertise in cost reduction and turnaround with Friends Life's expertise in business integration and back book management. · Following the Proposed Acquisition, it is anticipated that, Andy Briggs, the current Group Chief Executive of Friends Life, will become Chief Executive Officer of Aviva UK Life and will join the board of Aviva as an Executive Director. Shortly after the Scheme becomes Effective, it is expected that Sir Malcolm Williamson, the current Chairman of Friends Life, will join the board of Aviva as Senior Independent Director and it is anticipated that a further Non-Executive Director of Friends Life will join the board of Aviva. · The Exchange Ratio and implied premium have been agreed between Aviva and Friends Life having taken into account the impact of the Value Share and the consideration that will be due from Friends Life to RCAP under the terms of the Limited Partnership Agreement. · At completion of the Proposed Acquisition, Friends Life is required to settle the Value Share in cash. The cash consideration payable to RCAP is expected by Friends Life to be approximately £220 million. However, under the terms of the Limited Partnership Agreement, RCAP can elect to receive the consideration in Friends Life Shares. If RCAP elects for shares, any Friends Life Shares would be acquired by Aviva immediately following completion of the Proposed Acquisition at the Exchange Ratio in connection with the proposed implementation of the Scheme. more.. |
Posted at 22/11/2014 18:52 by a0148009 As of Friday's close I reckon the Possible Offer is worth 398.9 plus implied final cash divided for financial year 2014 of 14.09p per share - Total 412.99 see extract from indicated Offer below.Also according to the Telegraph the Value shares held by Resolution shareholders, former directors, in addition to the Possible Offer to FLG are worth £200m which can be taken in shares or cash by those individuals. See extract from 2013 Annual Report Extract from Possible Offer "In addition, the Possible Offer will be structured so that Friends Life shareholders would receive (whether by way of dividend or pursuant to the Possible Offer) an amount in cash equal to any Friends Life final dividend payment for the 2014 financial year (but would not be entitled to any additional amount in respect of any final Aviva dividend payment for the 2014 financial year)." Extract from 2013 Annual Report "How the Value Share works 1 As and when capital is required by Resolution Holdco No. 1 LP, eg returns in order to make acquisitions, the Company as General Partner contributes 99.99% of the required capital (usually by raising funds from shareholders) and RCAP as Limited Partner would contribute the other 0.01% of the required capital (which it would obtain from the owners of RCAP). As and when returns are generated at Resolution Holdco No.1 LP these returns may be distributed to its partners. Returns distributed from Resolution Holdco No. 1 LP are distributed according to the following rules: Ź Firstly returns are distributed to the Company until it has received back all of the gross capital it invested plus an agreed annual return (currently 4% p.a.). Ź Secondly returns are distributed to RCAP until it has received back all of the gross capital it originally invested. Ź All returns distributed from Resolution Holdco No. 1 LP after the satisfaction of these two thresholds will be distributed 90% to the Company and 10% to RCAP. RCAP’s 10% economic interest in such distributions is what we describe as the “Value Share”. The gross capital contributed to Resolution Holdco No. 1 LP by the Company to date is £4,056 million. As at 31 December 2013, the Company had received aggregate distributions of returns from the partnership of £1,066 million and the aggregate “agreed return” to 31 December 2013 was £553 million. Therefore the cumulative returns which still needed to be distributed to the Company from Resolution Holdco No. 1 LP before RCAP would become entitled to share in future distributions was £ 3,543 million at 31 December 2013. If the returns distributed from Resolution Holdco No. 1 LP remain at the current level of £350 million per annum; and assuming that no additional capital is deployed in Resolution Holdco No. 1 LP; that the agreed return figure does not change from 4.0% p.a., and that there are no one-off special returns distributions from Resolution Holdco No. 1 LP; RCAP’s entitlement to 10% of future returns distributed from Resolution Holdco No. 1 LP would commence in 2026. It should be noted that the use of any returns distributed to the Company from Resolution Holdco No. 1 LP has no impact on the date on which RCAP becomes entitled to share in future distributions of returns from Resolution Holdco No. 1 LP. That is, it is irrelevant for this purpose whether the returns received by the Company are retained in the Company itself, used to pay an ordinary or special dividend to the Company shareholders, or are used to fund a share buyback. If the Company were to undertake further acquisitions and additional capital needed to be injected into Resolution Holdco No. 1 LP in order to fund these, RCAP would be required to contribute 0.01% of any such capital required by the partnership. Such a capital raising would increase the amount of deployed equity capital at work in Resolution Holdco No. 1 LP from which RCAP would eventually be entitled to receive 10% of distributed profits. Such further acquisitions made in Resolution Holdco No. 1 LP might, or might not, extend the time period until RCAP started to receive such distributions. The impact on timing would depend on whether the FLG business was proportionately more or less cash generative relative to total capital deployed after the acquisition compared to the position before the acquisition. 1. The information on the Value Share set out in this section is a summary of the arrangements in place as between the Company and RCAP. For further details please refer to the Prospectus issued in respect of the Company’s proposed acquisition of Friends Provident Group. Resolution Operations LLP (“ROL”) ROL is a UK registered limited liability partnership and is a member of The Resolution Group the original sponsor and founder of the Company, which is not controlled by the Company or linked to the Company in any way other than through the named individuals below and the Value Share as explained above. The original partners of ROL included Board members Clive Cowdery and John Tiner, as well as Jim Newman, a member of the Group Executive Committee. Clive’s and John’s interests in the Value Share are explained on page 115. In the event of a change of control of the Company, the LPA requires the Company to purchase RCAP’s interests in Resolution Holdco No. 1 LP for cash unless RCAP agrees to accept the Company ordinary shares instead. The purchase price for RCAP’s interest would be 10% of the added value deemed to have been generated as at the date of the change of control based on the total consideration paid for the Company less any net assets of the Company itself (ie net assets held outside of the partnership). If a change of control of the Company had taken place at 31 December 2013, at the Company share price of £3.54 on that date, the added value would have been £1,333 million, and the Company would have been required to acquire RCAP’s interest in Resolution Holdco No. 1 LP for approximately £133 million in cash. Operation of the Value Share Returned capital Deployed equity capital + 4% Value share 10% J RCAP Less 74 Resolution Limited Annual report and accounts 2013 Extract from the Possible Offer "Based on Aviva's closing share price on 21 November 2014, the Possible Offer represents an indicative value of approximately 398.9 pence per Friends Life share (not including the value of the Friends Life final dividend for 2014 and the Value Share) representing an indicative premium of 15 per cent. to Friends Life's closing share price on 21 November 2014 and an indicative premium of 28 per cent. to Friends Life's three month average share price of 310.7 pence. Under the terms of the Possible Offer, Friends Life shareholders would own approximately 26 per cent. of the enlarged group." I think this is right but welcome any comments. edit Question will they continue with the share buyback? AO |
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