Time to vote on behalf of future generations

Pathfinder prospectus fails to ease fears of regulatory interference as deadline looms

Power sale

Next Tuesday is the deadline for registering in advance for the Government's sale of its remaining 40 per cent stake in National Power and PowerGen.

While the two electricity generators promised generous dividends in the pathfinder prospectus published this week, they failed to reassure potential investors worried by the threat of a reference to the Monopolies and Mergers Commission.

National Power predicts a final net dividend of 11.1p implying a yield of 6.53 per cent on the partly-paid offer price of 170p. The PowerGen yield works out at 5.4 per cent. But that does not take account of the company's share buy-in.

The downside is the capital risk attached to a possible run-in with the industry regulator over breaches of price agreements and the uncertainty surrounding a future Labour government. There is also talk of competition from a third generator coming into the market.

However, unless you are already convinced the offer is not for you then you should still register, even if you are an existing shareholder, with one of the 130 share shops handling the sale.

Which you choose will depend largely on whether you feel more comfortable dealing through the broking arms of the large banks and building societies or independent stockbrokers. And, whether you fancy a free ride on the "world's tallest and fastest roller-coaster" on Blackpool beach.

Since there is no charge for buying the shares (the share shop receives commission from the Government on every successful application), the basic deal is identical everywhere. But the added incentives from individual brokers range from future share-dealing come-ons to free holiday draws.

However, there are important differences in the services available. Not all the shops offer PEP facilities and not all are taking applications for the retail tender.

Individual investors who want to put a larger allocation of shares into a PEP will need to apply (along with the institutions) through the international retail tender. This means giving up the discounts and incentives of the UK public offer. However, investors who apply to PEP their shares will be given priority in the tender allocation. Investors applying through the incentive route have 42 days to transfer their shares into existing or new PEPs.

The minimum investment in the UK public offer is 200 shares, comprising 120 National Power shares and 80 PowerGen. That works out to a minimum of £1,000, of which £352 will be payable on application. Subsequent payments are due on 6 February 1996 and 3 September 1997. The minimum first instalment in the retail tender will be £3,000. The discounts ,worth up to £200 on the price paid by professional investment institutions, comprise 25p per share on the first 800 shares allocated. There may be an initial discount when the pricing is announced on 6 March. But the full discount will only be available to those who hang on to their shares.

Share shop

Barclays Share Shop

0800 000888

City Deal Services

0708 738887

Hargrave Hale

01253 21575

Hargreaves Lansdown

0800 301301

Lloyds Bank Share Shop

0800 211211

Norwich and Peterborough BS

0800 550088

National & Provincial BS

0800 506070


0121 200 9000

Skipton BS

0800 310031

The Share Centre

0800 800008

Yorkshire BS

0800 573573

Dealing incentives

Share certificate sent free. Free advice from Barclays stockbrokers on 0800 551177.

Free registration for Virgin Freeway Miles plus 100 miles, or 300 miles for Freeway members.

Share dealing discounts plus an invitation to ride the world's biggest roller coaster on Blackpool beach

Registrants go into a draw for a holiday in Hawaii. Applicants incuded in draw for £13,000 Mazda 323; no extra cost for issuing share certificate

Share certificate sent free.

50% discount voucher against future transactions + 50% fee discount on `retail tender' sales and entry to Norwich City VIP tickets draw

No joining fee before the end of April,

Free 12 page investment report on registration+ telephone dealing commission halved to £10 on sales. On first £2,500, commission reduced from 1.5% to 1%

Future dealing charge reduced to £5 on a range of power shares for a limited period.

All who register included in draw for luxury holiday in India. Sales commission starts at £6.75.

No sales commission before the end of April, £5 membership also waived.

Start your day with The Independent, sign up for daily news emails
sportSo, how closely were you paying attention during 2014?
Arts and Entertainment
Dennis speaks to his French teacher
tvThe Boy in the Dress, TV review
One father who couldn't get One Direction tickets for his daughters phoned in a fake bomb threat and served eight months in a federal prison
people... (and one very unlucky giraffe)
Arts and Entertainment
Joel Edgerton, John Turturro and Christian Bale in Exodus: Gods and Kings
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Arts and Entertainment
The Plaza Theatre in Atlanta, Georgia was one of the 300 US cinemas screening
filmTim Walker settles down to watch the controversial gross-out satire
Arts and Entertainment
Amy Adams and Christoph Waltz in Tim Burton's Big Eyes
film reviewThis is Tim Burton’s most intimate and subtle film for a decade
Life and Style
Mark's crab tarts are just the right size
food + drinkMark Hix cooks up some snacks that pack a punch
Arts and Entertainment
Jack O'Connell stars as Louis Zamperini in Angelina Jolie's Unbroken
film review... even if Jack O'Connell is excellent
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Selby Jennings: VP/SVP Credit Quant- NY- Investment Bank

Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...

Selby Jennings: Quantitative Research | Equity | New York

Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...

Selby Jennings: SVP Model Validation

Not specified: Selby Jennings: SVP Model Validation This top tiered investment...

Selby Jennings: Oil Operations

Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...

Day In a Page

Aren’t you glad you didn’t say that? The worst wince-and-look-away quotes of the year

Aren’t you glad you didn’t say that?

The worst wince-and-look-away quotes of the year
Hollande's vanity project is on a high-speed track to the middle of nowhere

Vanity project on a high-speed track to nowhere

France’s TGV network has become mired in controversy
Sports Quiz of the Year

Sports Quiz of the Year

So, how closely were you paying attention during 2014?
Alexander Armstrong on insulting Mary Berry, his love of 'Bargain Hunt', and life as a llama farmer

Alexander Armstrong on insulting Mary Berry and his love of 'Bargain Hunt'

From Armstrong and Miller to Pointless
Sanchez helps Gunners hold on after Giroud's moment of madness

Sanchez helps Gunners hold on

Olivier Giroud's moment of madness nearly costs them
A Christmas without hope: Fears grow in Gaza that the conflict with Israel will soon reignite

Christmas without hope

Gaza fears grow that conflict with Israel will soon reignite
After 150 years, you can finally visit the grisliest museum in the country

The 'Black Museum'

After 150 years, you can finally visit Britain's grisliest museum
No ho-ho-hos with Nick Frost's badass Santa

No ho-ho-hos with Nick Frost's badass Santa

Doctor Who Christmas Special TV review
Chilly Christmas: Swimmers take festive dip for charity

Chilly Christmas

Swimmers dive into freezing British waters for charity
Veterans' hostel 'overwhelmed by kindness' for festive dinner

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Isis in Iraq: Yazidi girls killing themselves to escape rape and imprisonment by militants

'Jilan killed herself in the bathroom. She cut her wrists and hanged herself'

Yazidi girls killing themselves to escape rape and imprisonment
Ed Balls interview: 'If I think about the deficit when I'm playing the piano, it all goes wrong'

Ed Balls interview

'If I think about the deficit when I'm playing the piano, it all goes wrong'
He's behind you, dude!

US stars in UK panto

From David Hasselhoff to Jerry Hall
Grace Dent's Christmas Quiz: What are you – a festive curmudgeon or top of the tree?

Grace Dent's Christmas Quiz

What are you – a festive curmudgeon or top of the tree?
Nasa planning to build cloud cities in airships above Venus

Nasa planning to build cloud cities in airships above Venus

Planet’s surface is inhospitable to humans but 30 miles above it is almost perfect