Abbey seeks homes for unclaimed shares

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ABBEY NATIONAL is likely to sell large tranches of stock in the market later this year or early next, as it disposes of shares unclaimed from its flotation.

John Fry, group services director, said he did not expect an adverse effect on the share price.

Abbey is embarking on a publicity campaign to try to encourage investors to claim the 100 shares they were each entitled to in the 1989 flotation. It estimates that about 390,000 savers and investors from the former building society have yet to claim their shares, worth more than pounds 106m.

Abbey will write to investors next week, enclosing a form to complete in order to register eligibility. The form is also available from Abbey branches or by telephoning 0500 500 202.

Abbey has decided to give between 5 and 10 per cent of the proceeds of the disposal of unclaimed shares to the Abbey National Charitable Trust. The lump sum will be used to provide a regular income for the trust, which gives money to a variety of causes including work with the homeless.

Abbey can sell unclaimed shares from September, but people who do not claim their shares before they are sold will still be entitled to the proceeds for up to six years, along with any dividends.