IPE Members Vote Unanimously For Demutualisation

At an EGM held at noon today, IPE Members voted unanimously to demutualise the Exchange and transform it into a for profit company. The governance structure has also been reformed and will offer the IPE a faster, more effective decision making process. This will enable the Exchange to respond better to the opportunities and threats that the increasingly competitive marketplace offers. The IPE is one of the first exchanges in the world to opt for demutualisation, although many others are now considering it, or have votes scheduled. All of the shares in the new company (IPE Holdings plc) will be allocated to Members in proportion to the number and type of seats they own. The completion date for the new company is 3 April, although Members will be able to enter agreements with prospective purchasers of shares or trading rights before this date. Shares and trading rights will be freely transferable, subject to Board approval, which will only be withheld if the transfer threatens to jeopardise the IPE's regulatory status. Richard Ward, Chief Executive of the IPE said "today has shown that our Members are unanimous in their view of and support for the Exchange's future direction. With the reforms to our decision making structure and corporate governance that demutualisation involves, the IPE will have the flexibility to take up the challenges that today's rapidly evolving marketplace offers. So far this year IPE volumes are over a third more than the levels we were seeing this time last year, and with the support of the market users I can see nothing but more success ahead of us". Sir Bob Reid, Chairman of the IPE said "I would like to thank the Membership for their overwhelming vote of confidence in the Exchange and in its future. They have worked closely and tirelessly with the Board and the IPE executive to identify and deliver a way forward that we can all buy into. This process has not been easy but we are united in supporting the final outcome".