IPE Members Favour New Structure For The Exchange

Two thirds of IPE Members voted in favour of selling 70% of the Exchange to outside investors and transforming it into a profit-making organisation in a consultative ballot that closed on Friday 25 June. In total 289 votes were received in favour of the sale, and 157 votes were cast against the proposal. There were 29 abstentions. (Local Members voted 43 - 7 in favour of the move with five abstentions.) Many of the Members voting no to the proposal indicated that they would like further discussions with the investors in order to clarify a number of issues. The companies that asked for further discussions with the investors accounted for 114 of the 157 votes against the proposal. At a meeting this morning, the IPE Board of Directors agreed to address the issues raised by the Membership in further talks with the investors over the next week. A further Board meeting has been scheduled for 7 July, with a provisional date for an Extraordinary General Meeting of 30 July. The issues requiring further discussion include the future allocation of trading permits; clarification over the role of brokers, and the development of a new committee structure to deal with questions concerning market practices such as rules and regulations. Lord Fraser of Carmyllie said "it is clear from the consultative vote that there is a great deal of support amongst our Membership for the proposed restructuring of the IPE. I see no reason why we should not clear up any outstanding issues and problems in the course of the next week, so that we are in a position to proceed to a successful conclusion at an EGM at the end of July".