Standard Life today says it has rejected a request for a Special General Meeting to consider the iss...
Standard Life today says it has rejected a request for a Special General Meeting to consider the issue of demutualisation on the grounds that independent legal advice has declared it invalid.
The request's author, David Stonebanks, managed to collect 2,317 signatures, of which 1,420 were correctly completed by voting members - well in excess of the 1,000 minimum required, SL says.
In declaring the request invalid on legal grounds, SL forces Stonebanks to try again, although the company would rather he did not.
"We are naturally concerned that Stonebanks' activities are disrupting the business and ask him to consider seriously what is to be gained by continuing to pursue his attempts to force a demutualisation against the clear wishes of the membership," the company quotes chairman Brian Stewart today.
SL says 500,000 of the 2.6 million voting members would not benefit from any windfall were the company to become a plc, and says that a survey of members in May found that just 21% would vote in favour of demutualisation.
The last demutualisation campaign in 2000 cost the company £11m to head off, SL says.
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