When you first arrive on the page it will show you the performance of our lgen lse shares over the past 12 months. The stock price is on the Y axis. You can interrogate a particular day by hovering the cursor over one of the blue bars at the bottom.
You can select another time period if you’d like to see the lgen share price over, say, a day, month, year, five years or more. At the top of the page, we have also provided key figures about current trading, which will help you understand Legal & General’s performance. These include the price of our shares when the market opened today, the last price that our shares sold at, and the difference between the two; for example, whether the value has risen or fallen.
Other important figures above the chart include the bid price, which is the highest price that traders are currently willing to pay for our shares (lon lgen) and the ask price, which is the lowest amount that owners are willing to sell our lgen lse shares for. Volume refers to the total number of shares traded during the day, and you can also see the highest and lowest values at which shares have been traded.
Of course, our share price is not the only measure of our success. The strength of Legal & General is reflected in many ways, and we believe financial success and inclusive values are not mutually exclusive – they are both part of who we are, and why we’re here.
Legal & General is one of Europe’s largest insurance and asset management groups with more than £1 trillion in assets. Our vision is to improve the lives of our customers, build a better society for the long term and create value for our shareholders. We do this through the activities of our pensions, investment management, capital investment and insurance businesses.
A £1 billion capital return programme in the form of an on-market share buyback is approved by the board.
691 million shares were bought back at an average of 121.92p per share. Total cost of the programme was £838.2 million.
Legal & General Group Plc announced a rights issue to raise equity and provide capital to finance the Group's new business growth. Shareholders were given the right to purchase 13 new shares for every 50 they held for 60p each (£7.80 for every 13 shares).
1,269,947,596 new ordinary shares were issued, a take-up of over 95%, raising proceeds of £788 million, net of expenses.
An example of the effect this had on an individual's holding:
Assuming you held 100 shares on 19th September 2002 with a share price of 100.5p each and therefore a total value of £100.50, the following calculation explains how the shares went from 100.5p on 26 November to 92.14p on 27 November.
Take 50 original shares at 100.5p and add 13 shares at 60p each = 50x100.5+13x60 this means a value of 5805p for the 63 shares or 92.14p per share
If you took up all your rights to purchase the new shares at 60p each: The total shareholding will now be 126 shares (13 shares for each 50 old shares you had plus the original 100 shares) with a share price of 92.14p each and therefore a total value of £116.10.
Assuming you did not take up your rights to purchase the new shares or were unable to: You retained a shareholding of 100 shares which now have a share price of 92.14p each and therefore a total value of £92.14. Your 13 rights per share were sold on your behalf and the net proceeds were then sent to you.
Legal & General Plc announced the issue of £525 million of convertible bonds due in 2006, which generated net proceeds after expenses of £515 million. The convertible bonds could be redeemed in 2005, and thereafter at the option of the Company, at par, providing the price exceeded 120% of the conversion price.
A coupon of 2.75% per annum was paid semi-annually and the bonds converted into ordinary shares of the Company at 204p per share. The bonds would, if converted, give rise to the issue of 285.3 million new ordinary shares, which represented approximately 4.4% of the issued share capital.
An announcement was made to bondholders through Euroclear that as a consequence of the rights issue (described above) the conversion price for the convertible bonds, issued in December 2001, was adjusted from 204p to 184p per Legal & General share.
The convertible bond matured and was redeemed at par without being converted into ordinary shares.