Norwich share offer closes tomorrow

NUMBERS Of Norwich Union have until 2.00 p.m

NUMBERS Of Norwich Union have until 2.00 p.m. tomorrow to submit their applications to buy shares at a 25p discount when the life assurance company is floated on the London stock market next week. Applications must be lodged at Hume House in Ballsbridge, Dublin 4, by the Tuesday 2.00 p.m. deadline or they will he void, although members who do not apply for discount shares will still receive their allocation of free shares.

Applications can be for a minimum of £450 and a maximum of £112,500, although there is strong speculation that applications for a large number of shares will he substantially scaled back given the expected over subscription.

All the indications from Ireland and Britain are that the offer for the discount shares will be overwhelmingly oversubscribed by Norwich Union's 2.9 million members (including the 150,000 members in Ireland). If that is so, then sources believe small applications - probably for shares up to £5,000 in value will be met in full.

After that there will be a gradual scale back of allocations and those members who applied for the maximum of £112,500 could end up getting half of what they applied for. Norwich Union said at least £800 million worth of discount shares would be available for members with up to another £400 million clawed back from institutional investors to meet the oversubscription.

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Next Friday, June 13th, Norwich Union will send out certificates for free shares to its 2.9 million members - a minimum of 150 shares. On Sunday June 15th, Norwich Union will announce the pricing of the shares and trading will begin the following day.