The time frame according to the law is within two years of
demutualisation," says Shehzad Chamdia, head of
demutualisation committee at KSE.
Report 369 Response to submissions on CP 210
Demutualisation approval procedure rules: Minimum member participation requirement (REP 369) sets out the key issues that arose out of submissions to Consultation Paper 210
Demutualisation approval procedure rules: Minimum member participation requirement (CP 210).
No one individual should in my opinion feel a need to apologise for their having received
demutualisation bonuses since, where they are paid out at all, then everyone is as morally entitled to receive one as anyone else.
Chairman Sir Brian Stewart said
demutualisation would unlock the value of the business for policy holders and allow it to raise more capital on the financial market.
4 million members are eligible with the group hoping for a turnout well in excess of one million, particularly as it needs to prove to Scottish courts that its
demutualisation has sufficient support.
In April, Standard Life asked members to back
demutualisation to help the company raise capital and realise their interest.
Standard said
demutualisation was necessary as there were increasing risks to its with profits policyholders if the company remained as a mutual.
Chairman Sir Brian Stewart said: "The board continues to believe that
demutualisation and flotation is the best way forward and in the best interests of members, customers and the company.
Mr Burgess said it appeared
demutualisation could take place without immediate stock market flotation or trade sale, so members would receive a shareholding in an unquoted company.
Throughout both Ireland and the United Kingdom, management of Standard Life campaigned against
demutualisation in voting that went on up to last Friday, with the result set for Tuesday.
Mortgage shortfalls, possibly affecting as many as 530,000 Standard Life endowment policies, could be made up by
demutualisation gains.
Fitch is simultaneously withdrawing SLAC's ratings, following the transfer of its long-term business to SLAL, in accordance with the
demutualisation scheme.
