Demutualisation vote for MyState in seven weeks

MyState and Financial and Tasmanian Perpetual Trustees will vote on the proposed merger of the two firms at special meetings on August 18 and August 19, the two companies announced yesterday in a media release.

Members of MyState, a credit union, will vote on the demutualisation prior to voting on the proposed merger. The MyShare meetings will be held in Hobart on the evening of Tuesday, 18 August.

Shareholders in Tasmanian Perpetual will vote on the merger at a meeting in Launceston on Wednesday, 19 August.

Members of Connect Credit Union, one of the two predecessors of MyState, narrowly rejected a demutualisation (and ASX listing) six years ago.

On this occasion there appears to be no organised campaign to derail the demutualisation proposal.

MyState has assets of $1.8 billion and Tasmanian Perpetual manages a loan book of $400 million.