The man who led the bid to demutualise Standard Lifeconceded that defeat looked likely after a vote by shareholders of Europe's biggest mutual insurer.

Australian Fred Woollard, who led the "carpetbagger" campaign to see the firm float on the stockmarket, said "it appeared to be the case" the bid had failed following widespread reports mutual status would be maintained.

The company will claim victory if Mr Woollard and his supporters fail to secure the support of the 75 per cent of voting members required for demutualisation.

And this morning the 37-year-old confirmed he would end his campaign if it won less than 50 per cent of the vote when the results are officially announced later today at a special general meeting at the Edinburgh International Conference Centre.

He told BBC Radio Scotland: "If we have lost and we have got less than 50 per cent, as people are saying, then I can assure you the campaign is over."

He did not have any immediate plans if the vote was to go his way, although he has said in the past that one option he would consider is standing for the board at Standard Life's next annual meeting next April.

"If we get less than 50 per cent I will respect the majority and I would call on Standard Life to do the same," said Mr Woollard.

It is believed that up to 1.1 million members, out of a total of 2.3 million, have voted by post and a further 2,000 are likely to attend the meeting to cast their votes in person.

If the carpetbaggers succeed in their aim of forcing the company to demutualise, all members stand to gain windfalls of between £5,000 and £6,000, according to Mr Woollard.

However, Standard Life claimed the real amount would be less than £2,000 for most members.