MONTREAL, May 31, 2006 – 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.
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.
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. (www.standardlife.com)