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Friends on the road to conversion

Friends Provident has reaffirmed its board&#39s decision to demutualise and

seek a stockmarket listing.

Speaking at last week&#39s AGM in London last week, chairman David

Newbigging outlined to its membership how the board came to a unanimous

decision to recommend this course of action.

He said: “In the coming months, the board and management, together with

our professional advisers, will continue to work intensively to develop the

detailed demutualisation proposals to be put to members next year when it

will be subject to a members&#39 vote at an extraordinary general meeting.”

Newbigging outlined the board&#39s intention to move along this route as

quickly as possible although he said it was only possible to provide an

approximate timetable at this stage.

He added: “It is our intention to move forward and marry the best of the

past with the requirements of the future.”

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