Friends Provident investors who want to take shares rather than cash in Resolution’s £1.86bn takeover of the life insurer have just days to confirm their choice.

If Friends investors do not choose, they are generally set to receive 79.4p cash per existing share for their first 2,500 shares. They will also be given 0.9 of a Resolution share for each remaining Friends share they hold.

Most of Friends’ 740,000 private shareholders have fewer than 2,500 shares – and therefore stand to receive only cash under the deal’s default option.

Shareholders who want Resolution stock only – or cash for any holding in excess of 2,500 shares – are being urged by Friends to return their forms of election by October 30 to the company’s registrars.

After the poor performance of Friends shares since the insurer’s demutualisation in 2001, many brokers suggest taking the Resolution stock in the hope of recouping some losses.