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We asked our members to vote to secure the future of LV=

Votes were cast in advance by proxy, either online or by post. Members were also invited to join the online Special General Meeting (SGM) and/or Members’ Meeting where they could watch the proceedings and cast their votes live on the day.

Thank you to all of our members who voted on our proposals. In order for the proposals to be passed we required at least 75% of those who voted, to vote in favour.

  • Both Meetings were held online with the Board in attendance.
  • Vote 1 - to approve the acquisition of the LV= business by Bain Capital. 69% of members who voted supported our proposals but the required 75% threshold was not reached and so the acquisition with Bain Capital will not go ahead.
  • Vote 2 - 69% of members who voted supported our proposals to complete this transaction via a Part VII transfer but the required 75% threshold was not reached.  This means the Resolution was not passed. 
  • The results for each of the Resolutions can be found in the table below.

Although the majority of members, who took part, voted in favour of our proposals the 75% required threshold wasn't reached

We respect the outcome, both for the 31% who voted against the deal and the 69% who voted in favour, as we find an alternative way forward.

What does this mean?

  • The transaction with Bain Capital will no longer go ahead.
  • LV= remains strong, stable and well capitalised.
  • There is no near term impact on current and future members, policyholders, advisers or employees, as a result of the vote.
  • Your clients can still expect the highest standard of services as they do today, with no changes to member policies and all the same safeguards in place.

Member vote results - 10 December 2021

 

Turnout% In favour% Against
Vote 1 - To approve the acquisition of the LV= business by Bain Capital174,24069%31%
Vote 2 - To approve a Scheme of Arrangement which will effect a change to Article 14.23 in our constitution175,46069%31%
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