Court gives IOOF the OK to demutualise
The Victorian Supreme Court yesterday sanctioned the wishes of the 95 per cent ofIOOF’smembers who voted in favour of the group’s demutualisation.
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.
“The decision is an endorsement of the group’s corporate strategy and follows overwhelming approval of the proposal by our Members [of the proposal],” he says.
“Demutualisation will crystallise value for members and open new opportunities for the development and growth of the business in both the retail and wholesale investment markets.”
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.
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