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Friends Prov members vote to demutualise

Friends Provident members have voted by a massive majority in favour of demutualisation. The company will be listed on the LSE on July 9, 2001 after gaining the support of 97 per cent out the 65 per cent of the members who voted.

Friends Provident plc is estimated to have a market value of between £3.7 and £4.2b. Members will receive windfalls of about £450, and with-profits policy holders can expect payments around £2000.

Friends Provident chairman David Newbigging says: "We are delighted that the demutualisation and flotation proposal has received such a resounding endorsement from our members."

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