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LONDON - Aviva (LON:AV) PLC has announced that it has received valid tenders for 17% of its outstanding cumulative irredeemable preference shares following the institutional expiration deadline. This announcement comes after the insurer invited eligible holders of these preference shares to tender them for purchase by Jefferies International Limited for cash, as outlined in the tender offer memorandum dated March 11, 2025.
The tender offer, which remains open to retail investors until April 8, 2025, has resulted in the submission of tender instructions or voting only instructions for a total of £33,905,684 in aggregate nominal amount of the preference shares. All votes received by the institutional expiration deadline were in favor of the advisory vote resolution, which is a precursor to the proposed cancellation of the preference shares.
The tender offer is part of a broader set of transactions that includes the potential cancellation of two specific series of preference shares issued by Aviva: the £100,000,000 8.375% preference shares and the £100,000,000 8.750% preference shares. This cancellation is contingent upon the approval of both the advisory vote resolution by the preference shareholders and the capital reduction resolutions by the general meeting, scheduled for April 15, 2025.
Preference shareholders who have tendered their shares are also eligible for a voting fee, provided they do not attend the meetings in person or via the virtual meeting platform, or make other arrangements to be represented at the meetings. The voting fee is part of a special dividend resolution that will also be voted on at the general meeting.
Aviva has made it clear that there is no guarantee that any preference shares tendered will be accepted for purchase, and the offer may be amended, extended, reopened, withdrawn, or terminated at any time, subject to applicable law and with the consent of the offeror.
This update is based on a press release statement and contains information that may have qualified as inside information under UK market regulations. Preference shareholders are advised to review the tender offer memorandum and other related documents carefully and seek independent financial and legal advice if necessary. The final outcome of the tender offer and the proposed cancellation of the preference shares will be announced following the general meeting and advisory vote meeting.
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