Friends Life forced to comment on share price drop

On Wednesday morning Friends Life issued a statement saying its stock should not trade ex-dividend ahead of the 9 April Scheme Record Time and Friends Life Dividend Record Date.

The company also noted the sharp move in its stock price. In parallel some reports were indicating that the firm had gone ex-dividend due to an administrative error.

All Friends Life ordinary shares on the register as at 6 pm on 9 April 2015 will be entitled to receive the second interim dividend of 24.1p per share, the company added.

It is intended that dealings in Friends Life ordinary shares will be suspended from 7:30 am on 10 April 2015, in anticipation of the scheme of arrangement to implement the acquisition of Friends Life by Aviva plc becoming effective.

The company was not immediately available for comment.