Standard Life cuts share price offer

24-08-2006

Insurance company Standard Life has released its share price offer ahead of its flotation on the stock market, although the price is lower than originally expected.

Alongside today's prospectus launch, the firm has revealed its share price offer to investors will be between 210p and 270p, despite initially planning to open at between 240p and 290p.

Today's announcements follow last month's demutualisation vote, where 98 per cent of members approved plans to list the company on the stock market at its special general meeting.

Sir Brian Stewart, chairman of Standard Life, explained that today' share price decision was made with current falls of share values on the FTSE in mind.

"Today, we have published an updated price range which reflects present market conditions. We expect to confirm the final prices of the offers by July 9th. We consider this flotation to be a great opportunity for the group."

Standard Life members can now either retain their existing shares, sell them or even buy more.

"Early indications suggest that there is strong interest in Standard Life coming to the stock market and we look forward to welcoming our members and customers as shareholders in Standard Life plc, alongside institutional and retail investors," he added.

Sandy Crombie, the group's chief executive, remained bullish over future business performance, saying that the flotation is expected to raise more than £1.1 billion.

"The prospectus which we have issued today highlights Standard Life's significantly improved performance, the strengths of our business, and the opportunities that exist for the group in the future. Our recent results demonstrate the momentum in our business," the chief executive said.


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