Standard drops offer price for flotation

In its prospectus published today, Standard Life’s reduced price range, down from between 240p and 290p, would see the insurer float at a price of between £4.35bn and £5.25bn, making it eligible for entry into the FTSE 100 index. It says it is expected it will be admitted to the official list from 10 July, with the final offer price announced before or on 9 July. Standard Life also says it expects to pay its first dividend for the second half of 2006 in May next year at a rate of 5.4p per share. Following the first dividend in May 2007, expected to total £109m for all the shares in issue...