LV= today announces the results of its Members’ Meeting.
This follows the outcome of the vote on the acquisition of the LV= business by Bain Capital at the Special General Meeting earlier today, with the result that the transaction with Bain Capital will no longer proceed.
69% of members voted to approve a Scheme of Arrangement to make a change to Article 14.23 at the Members’ Meeting. The required threshold was 75% which means the resolution did not pass and there will be no change to the company’s Article 14.23. As a result, the Sanction Hearing booked for 20 December will not now go ahead.
175,460 of the LV=’s 1.16 million members voted, with 119,011 members, representing 69% of valid votes cast, voting in support of the Resolution, and 52,251 members representing 31% of valid votes cast, voting against it.
These numbers are subject to final verification, which would not be expected to affect the result.