Several Irish stockbrokers are likely to offer special rates to Canada Life shareholders who wish to sell their shares after next week's initial public offering (IPO).

They have yet to finalise the packages on offer, however.

The IPO does not take place until November 4th and shareholders will not receive their share certificates, allowing them to trade, until after that date. As a result, most policyholders who receive shares will not be able to sell their stock before the second week of November.

The shares are currently trading on the grey market in Canada, which mainly involves institutional investors dealing the shares.

Both Davy and BCP Stockbrokers said yesterday they were considering special deals for Canada Life shareholders but had yet to agree the details.

As with the Eircom flotation, most private investors will need their share certificates before they can sell their shares. Those with an established relationship with a stockbroker, however, might be able to sell stock before then.

According to Mr Martin Kane, of BCP Stockbrokers, anyone wishing to sell without a share certificate would probably also need to produce a copy of their share allocation letter, a copy of the form on which they elected to receive share certificates and an undertaking by Canada Life to deliver those certificates before they could deal.

Regarding the price at which the shares were issued, brokers said they were on the low side of the indicated price range of 16 to 24 Canadian dollars (€10-€15).

They also pointed out that the Canada Life flotation was the third demutualisation of a life assurance company in Canada this year - following Mutual Life of Canada and Manulife Financial Corp - with two more due over the next 12 months.

"This had no novelty value in Canada as they have already had a few of them," one broker said. "In light of this, I think the price was reasonable."