MEMBERS of mutual life insurer Friends Provident have voted overwhelmingly in favour of floating the group on the stock market.
More than 97 per cent of members have backed the move to list the life insurer on the London Stock Exchange.
The demutualisation is expected to mean windfalls ranging from about £450 to £11,000, for the organisation's 1.7million members.
They will all receive 200 shares, with about 60 per cent receiving additional allocations, ranging from one share to up to 4,000, depending on the size of their policy and how long they have held it.
It is suggested that Friends Provident shares could trade at between 225p and 270p, giving the group a market value of about £3.7bn to £4.2bn.
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