LV= announces result of the member vote at Members’ Meeting

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.   

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About LV=

LV= is a leading financial mutual and serves over 1.3 million members with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs. 

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.