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Bagger set to have a bonfire with forms

Carpetbagger David Stone-banks has been stonewalled again by Standard Life after being told that his proposal to vote on demutualisation will be invalid if the company decides to recommend such a move to members itself.

Stonebanks has had an email from company sec-retary Marcia Campbell spelling out the fact that Standard has initiated a strategic review, including a review of the company&#39s mutual status, with a special general meeting to be arranged to vote on any proposals.

Campbell says a request for the same review or something similar is likely to be invalid.

In an email to supporters, Stonebanks says he expects to “have a bonfire” with the 1,930 special request forms that he has collected to force such a meeting but will keep them in the mean time.

He says: “The disappointment is that instead of going to the stockmarket holding their head up high and having investors fighting over wanting to buy additional shares, Standard are now having to go, if that is what they do, with their tail between their legs.”

John Scott & Partners investment manager Patrick Connolly says: “It certainly looks as though they are going to demutualise. It is better for investors and for Standard Life if they actually come up with the decision and go through the process themselves rather than it being seen as an individual, with quite a lot to gain, pushing it through.”

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