Standard rebel's windfall hunt

A NEW attempt is underway to deliver a share windfall at mutual insurer Standard Life. Rebel member David Stonebanks is seeking a special general meeting to vote on a stock market float. The ballot could come as early as April.

Standard Life chief executive Iain Lumsden stoked the flames of speculation further as it emerged that he had contacted City investment banks to seek more analysis of the Scottish group, which has £78bn of managed funds.

That could signal a float, but Standard denies this.

Stonebanks said: 'Standard could be worth about £7.5bn. Across 2.5m members, that would average £3,000 each.'

The group admits contacting analysts, but said this was to deepen knowledge of how it values itself and to counter the critical view of independent analyst Ned Cazalet, who has warned about its liabilities. Standard says it remains 'fully committed to mutuality'.

Contacting City banks, however, will be seen as an acknowledgement of the advantages of full disclosure.

An analyst who met Lumsden said SL was 'making sure that if they are forced to demutualise, they can stand up to scrutiny'.

Retired lecturer Stonebanks was rejected previously when the Standard Life board ruled his attempt as legally flawed.

This time a barrister has drafted the wording of his resolution and a Scots solicitor has reviewed it.