General Accident plc announces share cancellation

LONDON - General Accident plc, a company incorporated in Scotland, announced on Thursday that the Court of Session in Scotland has sanctioned the cancellation of its outstanding preference shares. The court order affects both the £110 million 7.875% cumulative irredeemable preference shares and the £140 million 8.875% cumulative irredeemable preference shares issued by the company.

The last day for trading, registration of transfers, and disablement in CREST of these preference shares was today. Trading of the preference shares on the Main Market of the London Stock Exchange (LON:LSEG) is expected to be suspended from 7.30 a.m. on Friday, June 6, 2025. Once suspended, there is no expectation for trading to recommence. The cancellation is anticipated to be effective by registration at Companies House on the same date as the suspension.

Furthermore, the cancellation of the admissions of the preference shares to listing on the Official List and to trading on the Main Market of the London Stock Exchange is expected to take effect from 8.00 a.m. on Monday, June 9, 2025.

In light of the court’s approval of the cancellation, General Accident will not purchase any preference shares under the previously announced Tender Offer. This means that the company will proceed with the cancellation without offering to buy back shares from shareholders.

For institutional investors, Jefferies International Limited and Lloyds (LON:LLOY) Bank Corporate Markets plc acted as dealer managers, while Computershare Investor Services PLC served as the receiving agent and D.F. King Limited as the retail information agent for the Tender Offer.

Shareholders, particularly preference shareholders with inquiries regarding the announcement, have been directed to contact the company via a provided email address. Institutional investors with questions about the cancellation can reach out to the dealer managers through specified contact details.

This announcement, as per the company’s statement, should be read in conjunction with the Shareholder Circular, the Advisory Vote Circular, and the Tender Offer Memorandum which contain important information for preference shareholders. The company has recommended that shareholders seek independent financial and legal advice if they are uncertain about the contents of these documents or the actions they should take.

The information presented in this article is based on a press release statement from General Accident plc.

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