Standard Life votes 'Yes'

01 June 2006
Members of Standard Life Assurance Company have voted in favour of demutualisation and the company will now prepare for flotation on the London Stock Exchange.

Almost 1.6 million members voted on the resolution, with the result heavily in favour of going public. The vote was originally announced in April.

Standard Life required over 75 per cent support for the proposal, and received the backing of 98 per cent of voters by the time polling closed.

The company chairman, Sir Brian Stewart, welcomed the announcement: "We are delighted with this outcome.

"Today's result is historic, but we still have work to do. On 15th June we plan to mail members, customers and employees with details of our preferential offer, if they are eligible," Sir Brian said.

"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."

To read more about investments, click here.

track© Adfero Ltd