Standard Life Admits Demutualisation U-turn
Mutual insurer admits plans for a stock market float are a 'huge u-turn'
24th August 2005
Standard Life chief exec Sandy Crombie is admitting to members that plans for demutualisation represent a 'massive u-turn' in the insurer's strategy.
Five years ago the mutual successfully resisted a demutualisation campaign by 'carpetbaggers', although this happened under a different ,management.
The flotation is planned for next summer, although the exact details and the nature of the windfall for Standard's 2.6m members has yet to be decided. Indeed, most of the insurer's members have yet to give the go ahead to the plans.
An approval rate of 75% would be necessary before going ahead, and the management are embarking on a series of 'roadshows' to convince a sceptical membership that demutualisation is necessary.
Read More: Money Guardian : Standard Life admits U-turn as it urges demutualisation
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Products from Standard Life : Health Insurance |
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