£279m Standard shares unclaimed

SOME 240,000 Standard Life policyholders are still missing out on a potential £279 million windfall by failing to claim their free cash and share payouts following the former mutual's flotation last summer.

It has revealed 83 million shares have not been claimed by eligible former members, while 20,000 policyholders eligible for shares have yet to come forward for cash bonuses worth 18m.

The top five unclaimed shareholdings include a 115,151 stake in Glasgow and shares worth 72,995 in Edinburgh, said a spokesman yesterday, adding 7,000 people are coming forward each month to claim their cash and shares. The unclaimed shares amount to 3.9 per cent of the company's total shareholding.

The deadline for claiming cash and shares is 10 July 2016. After that, Standard Life will use the proceeds of the trust holding the shares in a number of ways, including giving money to charity.

Anyone who received free shares as a result of the flotation, or who bought discounted shares in the preferential share offer, may be entitled to a bonus share award on 10 July 2007. If these shares have been held continuously for 12 months from the date of Standard Life's flotation, then shareholders will receive one free share for every 20 held.

Those with unclaimed shares won't miss out on either a dividend payment or their bonus shares, both being held instead in the Unclaimed Assets Trust, but chairman Sir Brian Stewart said the firm would clearly rather former members benefit.

"I would urge anyone who thinks they may have an entitlement to contact the company. It is not in our interest, nor theirs, for these assets to be sitting unclaimed," said Stewart, who stands down at the company's annual general meeting on 29 May. Standard's shares listed at 230p, and gained another 1p yesterday to close at 316.25p.