BT3 shares go fully paid (CORRECTED)

CORRECTION (PUBLISHED 18 SEPTEMBER 1994) APPENDED TO THIS ARTICLE

BT3 SHARES go fully paid on 19 September, which means that anyone who still holds them at that date will be liable to pay the final call of pounds 1.20 per share - or pounds 1.10 with the discount, writes Vivien Goldsmith.

The payment is due on 11 October. The discount applies to a maximum of 1,000 shares - a pounds 100 discount.

Investors holding the shares within a PEP will have to ensure they can invest more without breaching the pounds 6,000 limit for this year. If they have already invested the maximum, they can 'tail swallow' - sell enough BT3 shares to generate the cash to pay the final call.

Beware of selling shares in BT2, as the loyalty bonus on BT2 of one share for every 10 held is due on shares held from flotation to 31 December. The share certificates will arrive by the second week of January. These bonus shares will be entitled to the interim dividend to be paid in February.

Eric Hathorn, research director at the stockbrokers Henderson Crosthwaite, says private investors who have been holding BT for the souped-up income before the shares were fully paid can now find better sources of income.

The overall performance of the shares is likely to be unexciting but steady, he said. There is now real competition in the telephone market after years of BT domination.

CORRECTION

BT3 shares go fully paid on 3 October, not 19 September as we reported last week.

The notices informing investors that the final call on the shares is due will go out on 19 September.

The shares trade in partly paid form until Friday, 30 September, and then in fully paid form from Monday, 3 October, onwards .

The payment must be received by 11 October. But cheques must be sent by Wednesday, 5 October, to be received by 6 October, in order to allow the funds to clear.