Result of EGM

London Stock Exchange
15 March 2000

 

EXCHANGE VOTES TO DEMUTUALISE

 
At an Extraordinary General Meeting held at the London Stock Exchange today,
B shareholders approved the necessary resolutions to enable the Exchange to
become a public company with transferable shares. 
 
The resolutions were passed by an overwhelming majority of B shareholders. The
vote paves the way for the Exchange to make the constitutional changes
necessary in order to re-register as a public company with the name 'London
Stock Exchange plc'.  
 
Dealing in the new ordinary shares is expected to commence in late April or
early May. An off-market trading facility to bring together potential buyers
and sellers will be provided and details of the matched bargain facility will
shortly be sent to B shareholders.  
 
Following the meeting Sir John Kemp-Welch, Chairman of the London Stock
Exchange, said, 'We are delighted that the proposals have received such
strong support. Today's vote moves the Exchange into a new era, providing a
structure that will allow it to compete more effectively in the rapidly
developing environment in which stock exchanges now operate.'  
 

The proposals approved by B shareholders at today's meeting had been
circulated together with an Information Memorandum early in February. The
Memorandum outlined the major external factors affecting the Exchange's
operating environment and highlighted its strong market and financial
position. 
 
Commenting on today's vote Gavin Casey, Chief Executive of the Exchange,
said: 'The new ownership structure approved today is an important step for
the London Stock Exchange. It will allow us to focus on serving the needs of
all our customers, at the same time as delivering value to our shareholders.'
 
 

 

For further information please contact: 

London Stock Exchange

Kay Dixon 020 7797 3464               Jeremy Hughes 020 7797 1395 


Schroders     

Philip Robert-Tissot 020 7658 6000


Brunswick 

Derek Bainbridge 020 7404 5959
 

After hours: duty press officer available on 020 7797 1000