MORE than 2.5 million members of the Woolwich Building Society are set to receive a free share hand out worth an average of more than £1,200 sterling, the society said today.

A basic distribution of 450 shares will be made to about 2.57 million people who are expected to qualify when the company converts to a bank and floats on the stock market in July.

Shares will be priced at between 175p and 200p, giving a market value for Woolwich plc of between £2.96 billion and £3.38 billion.