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LONDON - General Accident plc has announced the results of a recent vote by its shareholders, approving the cancellation of £250 million in cumulative irredeemable preference shares. The decision, made at meetings held on Tuesday, received overwhelming support, with votes in favor ranging from 94.6% to 100% for the various resolutions presented.
The resolutions included the Advisory Vote Resolution and the Capital Reduction Resolutions related to the cancellation of the preference shares, as well as the Special Dividend Resolution and the Tender Offer Resolution. The cancellation of the preference shares is anticipated to take effect on June 6, 2025, pending confirmation by the Court, with the last day of dealings in the shares set for the same date.
Suspension of trading for these shares on the London Stock Exchange (LON:LSEG) is expected to occur on June 7, 2025. The official cancellation from the listing on the Official List and from trading on the Main Market is scheduled for June 9, 2025. The payment of the Cancellation Amount and the Voting Fee to eligible registered holders is expected to be completed by June 12, 2025.
The cancellation includes two types of preference shares: £110 million 7.875% and £140 million 8.875%, both of which will be canceled at specified cancellation prices plus accrued dividends up to and including the expected settlement date. The total amount payable for each 7.875% preference share is calculated to be £1.386, and for each 8.875% preference share, £1.580, assuming the settlement date remains as planned.
This decision follows an initial announcement on March 11, 2025, inviting eligible holders of the preference shares to tender their shares for purchase by Jefferies International Limited for cash, subject to certain restrictions. With the approval of the cancellation, the tender offer will not proceed, and the offeror will not purchase any shares under that proposal.
Preference shareholders who have questions regarding this announcement have been advised to contact the Retail Information Agent, while Institutional Investors should reach out to the Dealer Managers for further information.
The cancellation of the preference shares is a significant move for General Accident plc, as it moves forward with the restructuring of its capital. This information is based on a press release statement from the company.
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