01 June 2006
Members of insurance firm Standard Life have backed
demutualisation plans with 98% voting in favour of the move. The
result was announced at a special meeting of members in
Edinburgh.
It means that, subject to court approval, the company will float
itself on the stock market and become owned by its
shareholders.
Windfall shares worth an estimated minimum of £500 will be
offered to about 2.4 million investors and the company will raise
an extra £1bn.
More than 1.5 million members voted in favour of the change.
