26 Oct 2020
Aviva plc statement on FCA preference share investigation - 26 October 2020
The Financial Conduct Authority has today published the outcome of its investigation into Aviva’s announcement on preference shares in March 2018. Aviva accepts this decision. This was a disappointing episode for which we are sorry and lessons have been learned. We recognise the uncertainty created for preference shareholders two years ago whilst we were considering our options and we subsequently made discretionary goodwill payments to impacted preference shareholders.
2 May 2019
Aviva’s goodwill payment scheme has now closed - 2 May 2019
On 31 January 2019 the claims submission deadline for our goodwill payment scheme for eligible investors who sold our preference shares between 8 and 22 March 2018 (inclusive) passed. All claims submitted before the deadline have now been processed and so the goodwill payment scheme is now closed. Should you have any queries in relation to a claim, please contact Aviva’s Company Secretarial team at firstname.lastname@example.org.
1 Feb 2019
Claim submission deadline for goodwill payment scheme has now passed - 1 February 2019
The 31 January 2019 claims submission deadline for our goodwill payment scheme for eligible investors who sold our preference shares between 8 and 22 March 2018 (inclusive) has now passed. As such, no new claims will be accepted. Claims submitted before the deadline of 31 January 2019 will continue to be processed by KPMG as scheme administrator.
The full terms and conditions of the Scheme, together with frequently asked questions, remain available on the KPMG website at: kpmg.co.uk/aviva-scheme.
31 Jul 2018
Launch of goodwill payment scheme - 31 July 2018
Our goodwill payment scheme for eligible investors who sold our preference shares between 8 and 22 March 2018 (inclusive) is now open for claims. Read the full announcement which includes details of how to make a claim.
The full terms and conditions of the Scheme and instructions for making a claim, together with updated frequently asked questions, are available on the KPMG website at: kpmg.co.uk/aviva-scheme.
1 Jun 2018
Update on goodwill payment scheme - 1 June 2018
On 30 April 2018 we made an announcement regarding a discretionary goodwill payment to shareholders who sold our preference shares* in the period from 8 to 22 March 2018 (inclusive).
KPMG LLP, as administrator of the scheme, has started contacting certain brokers and intermediaries who executed transactions on behalf of eligible shareholders during this period to facilitate the collection of information allowing these brokers and intermediaries to submit claims on behalf of those eligible shareholders when the scheme opens.
If you are an eligible shareholder who sold preference shares via a broker or other intermediary, they may be in touch regarding this process and to collate certain information required to make a claim, ahead of the scheme opening.
We have updated the questions and answers below to reflect this process and to provide additional information on the terms and conditions of the scheme. Read the full terms and conditions of the scheme.
We expect to have finalised the preparations required to open the scheme by 31 July 2018 and will issue a further announcement at that time.
When the scheme opens, we will also make further updates to the information available on this website and KPMG LLP will write to all registered holders of preference shares who have been identified as entering into a sale of preference shares in the period from 8 to 22 March 2018 (inclusive).
*Preference shares issued by Aviva plc and General Accident plc (a member of the Aviva Group)
30 Apr 2018
Announcement of goodwill payment - 30 April 2018
Read the announcement we made on 30 April 2018 regarding a discretionary goodwill payment to shareholders who sold our preference shares in the period from 8 to 22 March 2018 (inclusive).
23 Mar 2018
Statement - issued 23 March 2018
On 23 March 2018 we issued a statement confirming that we would take no action to cancel our preference shares. You can read this announcement in our Newsroom.
15 Mar 2018
Statement - issued 15 March 2018
Please note that our statement on 15 March 2018 regarding our preference shares was superceded by our statement on 23 March 2018 which confirmed that we would take no action to cancel our preference shares.
- In the announcement of Aviva plc’s (“Aviva” or “we”) 2017 full year results on 8 March 2018 we signalled our intention to reduce hybrid debt by £900 million and that we were targeting more than £500 million in additional capital returns, incorporating liability management and returns to shareholders, and that we were considering our alternatives for doing so. We noted in this regard that we have the ability to cancel the Aviva and General Accident plc (“GA”) preference shares at par value (plus accrued interest, arrears and in the case of GA plc, issue premium). GA made a similar announcement on the same day.
- We have received a number of questions regarding the reference made in the announcements to the ability to cancel the preference shares issued by Aviva and GA through a court approved reduction of capital, subject to the approval of the relevant issuer's ordinary and preference shareholders voting together.
- In response to these queries we are providing investors with a more detailed explanation of the mechanism through which the preference shares may, with Court and shareholder approval, be cancelled following a reduction of capital. This is one of a number of methods by which preference shares such as these can be retired.
- Neither this document nor the additional information provided should be taken as a statement of the Company’s intent either with respect to any decision to return capital on the preference shares, the mechanism of cancellation or the amount per preference share to be returned, and no inference of such intention should be made. No decision has yet been taken. If and when a decision is taken, we will make the appropriate market announcements.
- As noted in our announcement on the 8 March 2018 we and GA are evaluating the available alternatives, including how to balance the interests of ordinary and preferred shareholders.
- Preference shareholders should consult their broker or financial adviser on what steps, if any, they should take as a result of this document.
- If you require any help or further information regarding your shareholding, please contact Aviva’s Registrar, Computershare Investor Services PLC using the contact details below:
- By telephone: 0371 495 0105. Lines are open Monday to Friday, 0830hrs to 1730hrs UK time, excluding public holidays. Please call: +44 117 378 8361 if calling from outside the UK.
- By email: AvivaSHARES@computershare.co.uk
- Online: www.computershare.co.uk/contactus
- In writing: Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, United Kingdom
Further information on preference shares can be found on our credit ratings and debt page.