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Standard life Vote - results

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From press release

mt.giftit5.gif [FONT=verdana,sans-serif]Standard Life's Voting Members today voted in favour of the Special Resolution for the demutualisation of The Standard Life Assurance Company and the flotation of Standard Life plc on the London Stock Exchange.

The result was announced at the conclusion of Standard Life’s Special General Meeting which took place at the Edinburgh International Conference Centre today.

Of the almost 1.6 million members who voted, 98% voted in favour of the Special Resolution and 2% voted against. Standard Life required the support of at least 75% of those members who voted to vote in favour of the Special Resolution, in order to proceed with its planned demutualisation and flotation.

The result also means that, of the approximately 2.4 million Members who were entitled to vote, over 65% have supported Standard Life's proposed demutualisation and flotation. Standard Life will now seek approval from the Court of Session in Scotland for these proposals at a Court hearing which is expected to be held in mid-June 2006.

Votes Cast 'Yes': 1,545,314 (98%)
Votes Cast 'No': 32,474 (2%)
Votes Cast: 1,577,788

Sir Brian said:

"We are delighted with this outcome. We have a clear and emphatic vote of confidence in our proposal to demutualise and float on the London Stock Exchange, and this decision is an excellent outcome for the future of Standard Life.

"Today’s result is historic, but we still have work to do. On 15 June we plan to mail Members, customers and employees with details of our Preferential Offer, if they are eligible. All of this will culminate with our proposed flotation in July when we expect Standard Life plc to list on the London Stock Exchange. As I have said throughout this process, we believe this outcome is in the best interests of Members, policyholders and our business."

At the end of the meeting Standard Life’s Chairman, Sir Brian Stewart, announced that, conditional on Court approval, Standard Life plans to launch its share offers on 15 June 2006. This will include a mailing to 5.2 million Members, other customers and employees with details of the Preferential Offer if they are eligible to participate in it. Standard Life then plans to list on the London Stock Exchange in July 2006. As these dates may be influenced by the timing of Court approval, market conditions and the performance of the group’s business, demutualisation and flotation could happen later than July 2006. [/FONT]
Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.

Comments

  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    payless wrote:
    From press release

    blah blah...

    Sir Brian said:

    "We are delighted with this outcome. We have a clear and emphatic vote of confidence in our proposal to demutualise and float on the London Stock Exchange, and this decision is an excellent outcome for the future of Standard Life.

    ...blah blah

    I think most members will have voted for a windfall and the vote has little or nothing to do with 'a clear and emphatic vote of confidence'. More a lack of confidence that SL will deliver anything other than failure. It may prove an excellent outcome for the future - let's hope so but the directors will have an excellent outcome whatever happens.

    Fingers crossed.

    :)

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • magicmaria
    magicmaria Posts: 304 Forumite
    does this mean I'm getting my free shares
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Almsot certainly ( needs court approval, but can't see taht going against them)
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    '1.6 million' eh? That makes a lot of people who didn't vote for DM in 2000 now suddenly have an opinion. It's not them we have to thank, of course, but the 'changeniks' that voted in slightly greater numbers against it then.

    [Actually, '98 percent' is the sort of vote you only used get in totalitarian states is it not? That is impressive is it not?]

    EDIT: I did vote ...consistently ;)
    .....under construction.... COVID is a [discontinued] scam
  • ginger_nuts
    ginger_nuts Posts: 1,972 Forumite
    ok I didnt vote ,well I forgot nd by the time I remenbered I couldnt find my voting paper .So what happens to my shares do I get the shares or are they sold and they send me £2.50 .I think I have 315 shares .
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    [Actually, '98 percent' is the sort of vote you only used get in totalitarian states is it not? That is impressive is it not?]

    It's fairly normal in board-backed DM votes.

    Norwich Union got 99% in the mid 90s.
    Trying to keep it simple...;)
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    ok I didnt vote ,well I forgot nd by the time I remenbered I couldnt find my voting paper .So what happens to my shares do I get the shares or are they sold and they send me £2.50 .I think I have 315 shares .


    There should be another massive tome of information landing on the doorstep later this month ( aka "the prospectus") which will also give the info about what we have to do to get hold of the free shares, and also how to apply for the preference shares.

    I imagine there will be an option for people to direct management to sell their shares into the market and send a cheque for cash instead.
    Trying to keep it simple...;)
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