Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Mutual Funds

Principal Wins Policyholder Approval For Demutualization

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, July 25, 12:10 p.m. – Principal Mutual Holding Company, Des Moines, Iowa, says 92% of the eligible policyholders who voted approved its plan to convert to a stock charter.

The final vote was 260,850 in favor of the conversion and 22,085 against.

Principal is a policyholder-owned holding company. The company wants to convert to ownership by public shareholders by giving all of the value of the existing company to shareholders, in the form of stock, cash and policy credits, and selling some new stock to the public through an initial public offering by mid-2002.

Under Iowa law, Principal had to get the approval of two-thirds of the policyholders who voted on the proposal before it could proceed.

Principal still needs to get the approval of the Iowa insurance commissioner before it can complete the proposed demutualization.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.