Demutualisation a lottery for QTMB
QT Mutual Bank is dangling a chance at winning gift cards with a value of A$500 to entice its members to share better contact details and stay informed on the proposed demutualisation and merger with RACQ Group.Winners of gift cards are being selected in weekly draws that commenced this week.The former Queensland Teachers Credit Union explained in an FAQ at its website that "we need approximately 17,000 QT Mutual Bank members to cast their vote in the first vote on the merger resolution, and for 75 per cent of those votes to be in favour of the resolution. "Registering to receive regular reminders about key dates in the voting process is a convenient way to prompt and encourage as many of our members as possible to participate in the voting process. "Registering and opting-in to receive the voting information pack materials electronically will help QT Mutual Bank to save on costs associated with posting the voting information packs to members."In April, RACQ Group and QT Mutual Bank announced plans to merge, with QT Mutual to become a banking subsidiary within RACQ.The vote, in two stages, is technically a demutualisation, with members of QTMB giving up their ownership of shares in the mutual bank for membership in RACQ, another mutual.RACG Group provides motoring and related services and insurance to 1.5 million members.QT Mutual Bank has more than 60,000 members and $1.4 billion of assets.Those members of QTMB that share details under this process and then vote in one of two votes in a two stage process will also qualify for a "grand prize" of a $15,000 travel voucher from RACQ.A first vote on the "merger resolution" will be held in this month or August, probably the latter since a disclosure document is yet to be finalised.A second vote, "on resolutions to implement the merger by approving certain changes to the QT Mutual Bank Constitution and a scheme of arrangement" will be held in September or October.