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Early voting overwhelmingly in favour of merger between North and Standard P&I clubs

Early voting among members for the proposed merger between the North and Standard P&I clubs is overwhelmingly in favour of the combination, according to the CEOs of both companies.

The two clubs announced their intention to merge in March with the vote counts for both companies set for May 27. Proxy voting and board member votes to date clearly suggest the merger will go ahead.

“Feedback from members all over the world has been overwhelming positive regardless of geography or fleet size,” Standard’s CEO Jeremy Grose told Splash, with his counterpart at North, Paul Jennings, adding: “There is an acceptance that what we are doing is something in the members’ interests.”

Grose and Jennings are set to work as joint CEOs of the rebranded NorthStandard if the merger goes through with management confident the enlarged entity can be up and running by February next year.

Together, the clubs take care of insured tonnage of around 400m gt.

Speaking with Splash, both CEOs were keen to stress that the two parties entered merger negotiations on an equal capital footing, dismissing market speculation that the deal was in fact a North takeover. The shipowners of the new board will be spilt 50:50 with Standard’s current chairman, Cesare d’Amico, slated as its first chairman.

Grose said he felt that the merger would not trigger a “domino effect” among other members of the International Group of P&I Clubs seeking out partners.

Splash will be bringing readers news of the merger vote later this month.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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