ABOUT 19,000 members of Standard life assurance in the York area are being asked to vote for a small personal bonanza.

They are among 2.4 million eligible members and a further 2.1 million policyholders worldwide who have been sent voting packs calling for the demutualisation of the company.

If the proposal wins approval from more than 75 per cent and is cleared legally to float on the Stock Exchange in July, then about half of the eligible members will get windfalls of more than £1,000 and the remainder will receive sums ranging between £500 and £1,000.

The flotation is expected to raise £1.1 billion of net new equity capital, bringing the estimated net market value of the company to between £4.8 billion and £5.5 billion, based on a likely stock market price of between 240 pence and 290 pence per share.

Already, Standard Life is reported to have had wooers in the form of merger proposals from other life assurance organisations, but all have been rejected.

Sandy Crombie, group chief executive, calling for a 'Yes' vote, said: "We have made significant progress in the past two years and generated positive momentum in the business that is delivering results.

"We have improved the profitability of the group. Our strong brand, high-quality customer service, extensive range of financial products and a base of seven million customers, give us great confidence in the business."

The Standard Life board first announced its intention to recommend demutualisation with Stock Exchange flotation in October last year. Voting will be followed by a special general meeting in Edinburgh, on May 31.

Should the vote be carried, it still has to be approved finally by the Court of Session in Scotland.

Updated: 10:45 Thursday, April 20, 2006