Despite the turmoil on international stockmarkets, First National Building Society is proceeding with its plans to float the company in October.

Over the next couple of weeks members who qualify for free shares will receive a mini prospectus from the society as well as a claim form for their free shares. They will also receive an application form to buy additional shares at the offer price.

Some 220,000 members are entitled to receive free shares which the company has estimated will be worth around £1,170. Their value will depend, however, on market conditions when the shares begin to trade. A further 100,000 members who fail to qualify for free shares will receive small cash payments.