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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 | 429.40 |
| Top Posts |
|---|
Posted at 08/4/2015 11:58 by typo56 Laffin, now you're confusing me too! Why did you say Aviva (record date 6pm 09/04, ex-div 08/04) implies T+1? To me that means the standard settlement delay of T+2.Companies may only go by the Record date when they pay dividends, but who is entitled to receive those dividends is determined by the ex-date. I think companies not quoting ex dates in statements show a lack of regard for ordinary investors. Most people aren't interested in knowing record dates. What they need to know is ex dates. |
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 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 25/11/2014 09:52 by mike740 Synergies from Aviva-Friends Life deal could be 'substantial', says The Share Centre24 November 2014 16:04 The proposed tie-up between insurance groups Aviva and Friends Life Group could create "substantial synergies", according to The Share Centre, details of which still remain unknown. The companies announced after the close on Friday that they had agreed on terms for a possible all-share combination. Friends Life shareholders would get 0.74 Aviva shares for each Friends Life share they own, valuing Friends Life at 398.9p per share or £5.6bn. Sheridan Admans, investment research manager at The Share Centre, said: "Should the deal happen analysts believe synergies would be substantial, with Aviva's balance sheet benefiting as would its pensions and protection operations. Friends Life investors should benefit from improved growth prospects." However, she warned that the merger is still "not a done deal". "Friends Life investors may push for a higher premium or other interested parties may show their hand, however the latter is assumed to be unlikely given the size of the deal and the implication that may pose." Due to the merger activity, The Share Centre has downgraded its rating on Aviva to 'hold' until more details are released, but said that any weakness in the share price might by a good entry point for potential investors given the positive long-term outlook. Friends Life is also rated a 'hold'. |
Posted at 23/11/2014 18:32 by contrarian2investor All the best for next week everyone. Upate from the FT.Aviva poised to make new Friends When Mark Wilson was hired to run Aviva after a shareholder revolt over executive pay and poor performance forced out his predecessor, the insurance group was looking vulnerable to a low-ball takeover bid. Less than two years later, it is Aviva that is the aggressor. Mr Wilson is planning to lead a long-awaited consolidation of the UK life assurance and pensions industry with an audacious £5.6bn takeover of rival Friends Life. The deal, the largest in the sector in almost 15 years, would create a combined business with a market value of more than £21bn (at Friday’s closing prices), 16m UK customers and £340bn of assets under management. Investors are only beginning to digest Aviva’s plans for the all-share acquisition, which the two companies were forced to confirm late on Friday after the news leaked. But some in the City are already questioning the logic – even though the boards of the two companies have agreed on the key terms. “The problem is, it’s UK life,” says Barrie Cornes, an analyst at Panmure Gordon. “The market is very mature.” He adds that the price Aviva is prepared to pay is “more than full”. At 398.9p a share, it represents a 28 per cent premium to Friends’ average price over the past three months and is about the same as the takeover target’s embedded value, a way of valuing life assurance companies’ future cash flows. Although the London Stock Exchange had closed when the deal became public, a proxy for Aviva’s share price – its New York-listed American depositary receipts – fell as much as 2.7 per cent during Friday evening. Life offices are notoriously awkward to integrate given their often-incompatible IT systems and variety of legacy policies. Indeed, the woes at Aviva that prompted the insurer’s former chief executive Andrew Moss to stand aside had their origin in past tie-ups, such as those between the old General Accident, Commercial Union and Norwich Union businesses. Still, Mr Wilson has built up goodwill among Aviva’s leading institutional shareholders for his efforts in curbing administrative costs. “We’re prepared to give him the benefit of the doubt,” says a fund manager at one of Aviva’s largest 20 shareholders. He says the deal makes “a great deal of sense”. An overhaul of the UK pensions industry caused by government reforms give the combination some obvious merits. Changes being introduced by George Osborne have led to a sharp drop in sales of annuities, among life insurers’ most lucrative products. The moves give consumers more flexibility in how they access their savings. Yet Friends Life faces a particular difficulty coping with the new environment as it lacks its own chunky in-house asset management operation. “For Friends, this deal is a recognition of how they’ve been weakened by changes to the annuity market,” the fund manager says. The deal would allow Aviva Investors, led by Euan Munro, to take on Friends’ funds. It would also give Aviva bigger scale in handling corporate pension mandates, a corner of the industry that is growing given separate reforms that require employers to enrol workers automatically. However, insiders at Aviva say that the main rationale is financial, not strategic. They say the tie-up with Friends would improve cash generation and reduce leverage, which Mr Wilson has made a priority. Friends Life, formerly known as Resolution, is expected to generate £370m of cash this year, largely from a multibillion pound pool of closed life assurance funds acquired under founder Clive Cowdery. While the Friends deal itself might provide only limited growth opportunities outside the corporate pensions business, backers believe it will give Aviva more financial firepower to pursue growth elsewhere. It should also give Aviva greater scope to boost the dividend, which Mr Wilson slashed by 44 per cent just weeks after he took the job. However, the success of the deal will partly depend on the efficiency savings Aviva can generate. It has yet to quantify them, other than that they will be “substantial&r Job cuts are likely at the combined group, especially at Friends’ City of London head office. The takeover target employs 3,500 people. Aviva has yet to complete its due diligence on Friends, but unless it uncovers an unwelcome surprise it is likely to make a formal offer in about two weeks. The prospect of investor reservations about the deal turning into disquiet is minimised by a significant degree of cross-holdings among institutions in the two companies. Aviva’s largest shareholder, BlackRock, is the third-biggest investor in Friends Life. Aviva’s fourth and fifth largest, Legal & General and Franklin Templeton, are also among the takeover target’s 20 biggest equity holders. If shareholders support Mr Wilson’s transaction formally at a special meeting early next year, then the contrast with his predecessor will be complete. |
Posted at 21/11/2014 18:54 by a0148009 Although unexpected the deal makes sense, market Cap FLG £5b, market Cap Aviva £17b and looks to be a good fit - clearly the directors of both companies seem to get along and have identified and agreed the main business principles. £4 looks about right but who knows.Obviously there was more to the recent rise than just the buyback and yield but did not get a whiff of this and they must have been talking for some time. If it goes through at £4 here is one very satisfied investor and congratulations to all holders. AO |
Posted at 21/11/2014 18:05 by contrarian2investor FLG could be heading higher next week. I would be very happy with an additional 15% premium on top of my previous returns for this "cash holding". c2iAviva is in talks to buy rival FTSE 100 life insurer Friends Life in a £5.6bn acquisition that would transform the UK pensions industry, according to people with knowledge of the discussion. It would be the biggest deal in the UK insurance sector since the merger of CGU and Norwich Union almost 15 years ago, which created Aviva. An acquisition of Friends would be a bold move by Mark Wilson, Aviva’s chief executive, who has been in the job for less than two years after his predecessor left following a shareholder revolt. The people told the Financial Times that the talks were well developed but cautioned they could still fall apart. Aviva is eyeing a bid at about 400p a share, a 15 per cent premium to its Friday closing share price of 347.7p. A tie-up between the two blue chip insurers could help them better cope with an overhaul of the pensions system under George Osborne. The chancellor’s reforms have led to a sharp drop in sales of annuities, which have been among the sector’s most lucrative products. Friends Life, originally founded by the entrepreneur Clive Cowdery as a buyer of UK life assurance funds, has come under particular pressure in recent months. It reported a pre-tax loss of £31m in the first six months of the year, pushed lower by amortisation and impairment charges. Friends Life is not reliant on annuities but had made selling more of them a substantial part of its strategy. A pensions charge cap and an regulatory probe of historic life policies have also dented investor sentiment. However, the shares have been supported in recent months by £320m share buy-back, funded by its Luxembourg-based tax planning arm Lombard. One in seven savers in defined contribution pension schemes are Friends Life customers. |
Posted at 31/10/2014 09:10 by a0148009 Although rare it would not be the first time a company cut the dividend after a buy back,however I do not anticipate this happening with FLG - 350p should be achievable with shares yielding 6%. There is a degree of investor caution waiting to see the impact of Pension and Annuity changes which will weigh on the share price until company reports trading figures and up-to-date outlook. At current market price we are talking of a short 100m shares, we should get an idea how long it will take when we have seen a couple of weekspurchases. AO |
Posted at 31/10/2014 07:20 by cardiffjohn36 Friends Life Group Limited Completion of Lombard DisposalTIDMFLGRNS Number : 7585VFriends Life Group Limited30 October 2014NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTIONFriends Life Group Limited("Friends Life")Friends Life announces the completion of Lombard disposalFriends Life confirms that the disposal of Lombard International Assurance S.A. and Insurance Development Holdings AG to funds managed by Blackstone(1) completed today.The total consideration of GBP316 million (EUR398 million(2) ) comprises GBP254 million (EUR320 million(2) ) upfront consideration, GBP6 million (EUR8 million(2) ) interest equivalent(3) , both paid in cash, and GBP56 million (EUR70 million(2) ) deferred payment in the form of a vendor loan note (subject to adjustment).As expected, the share buy-back programme of GBP317 million will commence on 31 October 2014.- Ends -Enquiries Investors / analysts Yana O'Sullivan, Director of Investor Relations +44 (0)845 268 3116 Tom Cannings, Investor Relations +44 (0)845 268 5139 Media Ben Woodford, Bell Pottinger +44 (0) 20 7861 3917 Olly Scott, Bell Pottinger +44 (0)7812 345 205 Notes1. Blackstone means The Blackstone Group L.P. and its affiliates. The Blackstone entity that will acquire Lombard is BTO Monarch Luxembourg Holdings S.A.R.L., a company incorporated in Luxembourg.2. GBP:Euro exchange rate of 1.2602 has been applied to the consideration amounts. It represents the forward rate as at 10 July 2014 to the completion date.3. The interest equivalent was originally estimated to be GBP7 million (EUR9 million) in the sale announcement RNS on the 11 July 2014. At completion the actual interest equivalent is GBP6 million (EUR8 million).This announcement includes statements that are, or may be deemed to be, "forward-looking statements" with respect to Friends Life Group Limited, its subsidiary undertakings and their outlook, plans and current goals. In some cases, these forward-looking statements can be identified by the use of forward looking terminology, including the terms "targets", "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend upon circumstances that may or may not occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements are not guarantees of future performance. Friends Life Group Limited's actual performance, results of operations, internal rate of return, financial condition, liquidity, distributions to shareholders and the development of its acquisition, financing and restructuring and consolidation strategies may differ materially from the impression created by the forward-looking statements contained in this announcement. Forward-looking statements in this announcement are current only as of the date of this announcement. Friends Life Group Limited undertakes no obligation to update the forward-looking statement it may make. Nothing in this announcement should be construed as a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements.This information is provided by RNSThe company news service from the London Stock ExchangeENDDISEASEED |
Posted at 23/9/2007 10:25 by in4themoney shareholder meeting tomorrow for approval on becoming vphase and then with that listing on tuesday which is when the fun begins, lets see if investors believe in this product but more importantly, the management. |
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