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Topic: Demutualise

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	Guardian Unlimited Business \| \| Standard Life to float in July if members vote to demutualise
		Six years ago, before it fought off an attempt by some members to force it to ditch its mutual status, Standard Life said there was "too much at stake to risk throwing away the proven benefits of our mutuality for an unknown future as a plc", and that policyholders "would take second place" to shareholders.
		In the intervening years, the stock market downturn took a heavy toll on the company, and by early 2004 it emerged the insurer was struggling to meet solvency regulations.
		Sir Brian Stewart, the insurer's chairman, said yesterday that demutualisation "will give eligible members their share in the value of the business, reduce with-profits investors' exposure to business risks, and allow the company to access external equity capital".
	business.guardian.co.uk /story/0,,1743464,00.html (654 words)

	"Demutualise" Definition
		The process by which building societies and mutual insurers convert themselves from mutual organisations (owned by their members/customers) to profit-making companies which distribute profits to their shareholders.
		Demutualise - The process by which building societies and mutual insurers convert themselves from mutual organisations (owned by their members/customers) to profit-making companies which distribute profits to their shareholders.
		Demutualise : the process by which building societies and mutual insurers convert themselves from mutual organisations (owned by their members/customers) to profit-making companies which distribute profits to their shareholders.
	www.level2.ru /dictionary/d/demutualise.html (85 words)

	JSE to demutualise - JAMAICAOBSERVER.COM
		With the demutualisation of that exchange years ago, a separate company was created that took over the regulatory functions once carried out by the exchange.
		Johnson added that the move towards demutualisation was a worldwide trend that, once embraced in Jamaica, could foster the development the local stock market.
		With demutualisation, a brokerage house would not be required to hold shares in the Jamaica Stock Exchange as a precondition for trading on the market.
	www.jamaicaobserver.com /magazines/Business/html/20031230T180000-0500_53681_OBS_JSE_TO_DEMUTUALISE.asp (845 words)

	JSE to demutualise
		The demutualisation of the JSE will be in line with international trends, it said in a statement, and will therefore present the proposal to its rights holders.
		Even without listing, the demutualisation of the JSE will already offer the JSE a number of additional capital raising avenues (for example, by way of a rights issue) which are not available to the JSE in its current legal form.
		Following demutualisation, ownership and membership of the JSE will be fully separated and it will not be necessary for JSE members to own a JSE share in order to trade.
	www.news24.com /News24/AnanziArticle/0,,1518-24_1698957,00.html (383 words)

	The Principles of Mutuality - Centre for Australian Community Organisations and Management in Sydney NSW Australia
		The combined effect of the schemes was to implement a series of interlocking steps to demutualise Insurance Ltd. None of the schemes affected the mutual nature of the NRMA which would continue to provide road services to its members who would be independent of the shareholders in the new holding company.
		Under the scheme provisions of the Corporations Law, the demutualisation proposal was primarily an issue for the current members of NRMA and Insurance Ltd to consider based on the contents of the scheme documentation.
		Given that demutualisation under the Corporations Law appears to give the current members an ability to unlock, or gain access to, the accumulated wealth of entity, it would seem that there is a case for the adoption of provisions that would give notional rights to former members for a limited time.
	www.business.uts.edu.au /cacom/articles/commentaries/nrma.html (3927 words)

	BBC News \| BUSINESS \| Friends Provident to demutualise
		The society was one of a number of UK life and pensions mutuals seen as likely to give up their mutual status, and will increase the pressure on the remainder to follow suit.
		In a statement, the board said the decision to demutualise had "not been taken lightly after 168 years as a mutual office".
		He acknowledged, however, that a group of policy holders led by demutualisation activist Gordon Hart had been preparing a resolution to force the society end its mutual status.
	news.bbc.co.uk /1/hi/business/736517.stm (476 words)

	Telegraph \| Money \| 'Don't demutualise Standard Life now' (Site not responding. Last check: 2007-09-11)
		This, plus the general malaise in the insurance sector, which has seen the stockmarket value of big names such as Legal and General, Aviva and the Prudential fall by up to 40 per cent, means that the best possible price from a flotation today would be in the region of £5bn.
		David Stonebanks, the retired teacher who is planning to mount a demutualisation challenge in July, is promising windfalls averaging £2,500.
		When the previous demutualisation campaign - organised by Woollard - was narrowly defeated three years ago, the stock market boom was at its peak, Standard Life's star was riding high and its firm commitment to equities was paying dividends.
	www.telegraph.co.uk /money/main.jhtml?xml=/money/2003/04/30/cmlife30.xml&sSheet=/money/2003/05/01/ixperson.html (1120 words)

	ET Invest - Stocks (Site not responding. Last check: 2007-09-11)
		Demutualisation refers to the conversion of an existing non-profit organisation into a profits-oriented company.
		A corporate structure, which is the goal of demutualisation, provides the management with more flexibility.
		A company is more nimble and can react faster to changes in the environment as compared to an organisation that is mutually-owned by members who are worried about themselves.
	www.etinvest.com /content/stock/learn/learnex.htm (688 words)

	The Hindu : Bills to demutualise stock exchanges
		The amendments would be brought before Parliament during the coming monsoon session.
		Based on a Union Cabinet approval granted today, the decision to amend the two legislations would amount to corporatisation and demutualisation of stock exchanges.
		The demutualisation would mean a transition from a mutual association of member brokers operating on a "not for profit'' basis to a company with limited liability operating on a "for profit'' basis and which would be accountable to shareholders.
	www.hindu.com /thehindu/2003/07/11/stories/2003071101991600.htm (371 words)

	Big Board Faces Pressure to Demutualise
		Selling shares of the NYSE to the public could also link the compensation of Mr Grasso and his successors to the exchange's stock performance, eliminating the guaranteed 8 per cent return on deferred compensation that is believed to have helped the chairman build up his nest egg.
		Demutualisation of the NYSE would bring the world's biggest stock market in line with rival exchanges that have become publicly traded entities, including the Deutsche Bourse in Frankfurt and the London Stock Exchange.
		But the demutualisation process is difficult and the NYSE failed at a previous effort.
	www.nytimes.com /2003/09/07/business/FT1059479617746.html?ei=5007&en=1302416c871a073c&ex=1378440000&adxnnl=1&partner=USERLAND&adxnnlx=1124509403-coPa65fVF4CdlMx79KsBMQ (502 words)

	GRDC - Ground Cover Issue 55 - Agribusiness - Demutualisation - Lost values erode a rural bastion (Site not responding. Last check: 2007-09-11)
		Mr Charles believes demutualisation is a result of a cooperative or member-based culture that actually fails to practise cooperative values and principles: "Difficulties with capitalraising are often put forward as a reason for the need to demutualise - but these problems are a symptom, not a cause of this failure," Mr Charles says.
		Mr Charles was recently in the UK where a failed attempt to demutualise one of the country's biggest cooperatives, the Co-operative Group, became the catalyst for a rediscovery of the 'value of cooperation'.
		He says education has long been seen as the life-blood of the cooperative movement and the Australian cooperative sector is sowing the seeds of its own decline by not paying attention to member education.
	www.grdc.com.au /growers/gc/gc55/agribusiness2.htm (369 words)

	IOL: JSE may demutualise after tax ruling
		The JSE said the loss of its tax exemption meant it would be taxed as a company and subject to income tax, capital gains tax and other taxes.
		The JSE said demutualisation would remove a limitation allowing only JSE members be owners of the exchange.
		The proposed demutualisation is, however, dependent on approval by rights holders and the Financial Services Board in a form that is acceptable to the JSE Board.
	www.int.iol.co.za /index.php?set_id=1&click_id=594&art_id=qw1115123220254B225 (489 words)

	IOOF’s - Court gives IOOF the OK to demutualise
		The Court’s approval follows the vote taken by members on June 14 to demutualise, all but ending the company’s 156 year history as a friendly.
		IOOF managing director Rob Turner says the decision means the demutualisation process will remain on schedule to be completed by the end of next financial year.
		Members will be given a fixed entitlement of 140 shares following demutualisation, as well as an additional allocation of shares based on the type, number, size and duration of the policies they hold.
	www.moneymanagement.com.au /articles/04/0C00E904.asp (260 words)

	EXPLANATORY MEMORANDUM - REPS - Chapter 9 - Demutualisation of mutual entities other than insurance companies
		Under the combined direct and holding company method of demutualisation, shares in the demutualising entity can be issued to members of the mutual entity and to a holding company.
		a requirement that the demutualisation of the entity be completed on or after 12 May 1998 (paragraph 326-5(1)(e)) - subsection 326-5(2) specifies when the demutualisation of an entity is taken to be completed for these purposes.
		The demutualisation shares in relation to a demutualised entity that uses the combined direct and holding company method of demutualisation are the ordinary shares issued by the demutualising entity and the holding company within the limitation period to:
	law.ato.gov.au /atolaw/view.htm?DocID=NEM/EM200213/NAT/ATO/00011 (1627 words)

	In identifying whether or not a co-operative should demutualise, there are key issues that should inform this ... (Site not responding. Last check: 2007-09-11)
		The core demutualisation issues are not necessarily recognized, however, as core issues.
		It is important to understand what contributes to demutualisation in Australia - a list of these factors.
		The Australian situation also needs to be compared with the situation of many large co-operatives in Europe - co-operatives that have resisted demutualisation.
	www.australia.coop.cob-web.org:8888 /demutual_decision.htm (1388 words)

	Will Australian Unity demutualise? (Site not responding. Last check: 2007-09-11)
		Whether members support demutualisation will depend on the recommendations of the board, management and the independent expert.
		Other demutualisations in Australia of friendly societies and large agricultural societies have been supported by the board, management and independent experts.
		These were arguments of the boards, management and independent experts about the demutualisation of AMP, Colonial Mutual and Pivot.
	www.australia.coop /publish/article_8.php (149 words)

	RTE Business - Business Tonight
		The Irish Nationwide is anxious to demutualise, with the process held up by delays getting legislation regulating buiding societies through the Dail.
		Today, at the publication of the society's profits figures for 2004, MD Michael Fingleton said those delays were disappointing though he was confident legislation would come in the autumn.
		Once one is found, the members will vote at an EGM to demutualise in order for the organisation to be sold, generating a cash windfall in the process.
	www.rte.ie /business/2005/0329/businesstonight.html (286 words)

	Standard Life says it's staying mutual Sunday Herald, The - Find Articles
		Industry sources say that the bid to demutualise is legally void and that retired lecturer David Stonebanks and his fellow petitioners will be told so in a letter later this week.
		If Standard Life had found the proposals legally competent, it would have been obliged to call a general meeting and put the matter to a postal ballot of 2.5 million members.
		Last night, Mr Stonebanks said: "I did write to Standard Life to see if this demutualisation proposal would hold water, but I was told they were not prepared to help.
	www.findarticles.com /p/articles/mi_qn4156/is_20030727/ai_n12583807 (339 words)

	Investors' Association - New effort to demutualise Standard Life (Site not responding. Last check: 2007-09-11)
		However, he was confident yesterday that the recent bonus cuts, coupled with the negative impact of letters warning of a shortfall on the doorsteps of endowment policyholders, will help to drive momentum for his challenge.
		He has also picked up on the issue of possible goverment action in respect of orphan assets, whilst failing to recognise that this issue is, by definition, not relevant to a mutual.
		As I have also stated previously the issue of whether the current Board are the right people to do the job of restoring confidence in Standard Life is an entirely separate issue, and one that we will all be in a better position to judge when their report emerges in the near future.
	www.investorsassociation.org /forums/showthread.php?threadid=1960 (2487 words)

	IS Royal Liver likely to demutualise soon ? - Askaboutmoney.com
		Hi JR In response to your question, I think it's up to the members to vote in favour of a particular qualification period, when demutualisation is considered.
		While there are statutory limitations, the bottom line with Royal Liver at the moment is that their AGM for 2004 will not have so much as a mention of demtualisation at it, unless something comes up under AOB.
		At this time, there is nothing to prevent a new With Profits policy holder qualifying for a windfall, in the event of a demutualisation.
	www.askaboutmoney.com /showthread.php?t=5405 (1433 words)

	The Telegraph - Calcutta : Business
		Following this, these regional bourses will have to convert or re-register (incorporate) themselves as companies limited by shares and demutualise.
		However, the exchanges that are already limited companies by shares, will only have to demutualise themselves.
		After corporatisation and demutualisation, there would be only one class of trading members with similar rights and privileges.
	www.telegraphindia.com /1050830/asp/business/story_5172967.asp (250 words)

	EBS: Is there ever a chance that they will demutualise? - Askaboutmoney.com
		The problem is (as outlined above) that regardless of how much people moan, until someone is prepared to get up off their backside and do the work necessary to collect 25 signatures and get a motion down for the AGM, nothing will happen.
		Because if nobody is actively working towards this end then the likelyhood of a DM is totally down to a decision by the board and they are still totally committed to mutuality so it's not likely to happen any time soon as things stand.
		People are of course free to express their opinions on this or any other matter here but others are free to question or rebut them.
	www.askaboutmoney.com /showthread.php?t=9317 (1392 words)

	Edinburgh Evening News - Business - Petition delivered to Standard Life
		THE retired teacher behind a fresh campaign to demutualise Standard Life was today expected to deliver a petition to the Edinburgh-based mutual.
		Standard Life, which insists there is no viable business case for it to demutualise, will have up to three weeks to scrutinise the petition and confirm that the terms of the demutualisation bid are competent.
		If he sways the vote his way, Mr Stonebanks is likely to call for an additional £12,000 worth of shares in the new stock market-listed insurer to cover his costs in running the campaign.
	edinburghnews.scotsman.com /business.cfm?id=769512003 (465 words)

	Why Demutualise
		However, as borrowers are entitled to vote on any resolution to convert the society to a bank, it is unlikely that any resolution which excludes borrowers would succeed.
		In the last two demutualisations of Irish building societies (Irish Permanent and First National), borrowers were awarded an equal share to depositors.
		I believe that it is important that borrowers share in the demutualisation benefits of INBS.
	convertinbs.tripod.com /why_demutualise.htm (330 words)

	Demutualise Gifts
		Demutualise gift image 1 - catalog reference jmo0174
		Copyright in this image is owned by the original artist, rights to reproduce or use the image may be obtained from www.CartoonStock.com.
		Demutualise gift image 2 - catalog reference jmo0171
	www.cartoonstock.com /directory/d/demutualise_gifts.asp (546 words)

	Will other financial institutions demutualise?: ThePost.ie
		However, a vote for demutualisation is expected soon, and the company has already voiced strong support for such a move.
		Any payout from demutualisation was likely to depend on a member's investment, said Gary Connolly, chairman of the retail committee of the Irish Association of Investment Managers.
		So far, EBS has come out strongly against demutualisation, but it must be borne in mind that Standard Life took a similar position in 2000.
	archives.tcm.ie /businesspost/2005/05/01/story4437.asp (387 words)

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