Free shares in Canada Life will be issued to more than 54,000 Irish policyholders in the coming weeks.

Qualifying policyholders are being asked to choose either a share certificate or to leave their shares in electronic form with Canada Life.

BCP Stockbrokers is strongly recommending the former option for several reasons. The share certificate choice ensures that investors may sell at a price and time of their own choosing. Electronic shareholders are very restricted in that they are precluded from selling their shares until 30 days after the flotation; they cannot sell part of their shareholding, it must be sold in one lot; and they have no control over the price at which their shares are sold.

BCP is also advising policyholders to fax or post their share certificate requests immediately because those who request them now should receive them soon after flotation.

The stockbroker believes most investors will want to dispose of shares immediately, particularly given their experience with Eircom (Telecom Eireann).