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London Stock Exchange Votes To Demutualise

Date 15/03/2000

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."