The Standard Life 'carpetbagger' David Stonebanks is ready to launch another demutualisation attack and is now only waiting for his lawyers say-so.
Mr Stonebanks obtained 1,200 signatures for demutualisation a few months ago but despite this being in excess of the number of required signatures, Standard Life claimed the details on the signed forms were incorrect. The proposals for demutualisation therefore did not proceed.
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Whilst this must have been highly frustrating for Mr Stonebanks, it seems as if everyone is playing games.
Standard Life is now saying that if accurate proposals for demutualisation are presented, they will be considered. However, the press office for Standard Life also said that the company believed that over 60% of members would reject demutualisation.
What has now emerged is that Mr Stonebanks allegedly wanted a windfall for members of £750 each. For his own windfall, he was apparently claiming £12,500!