PRESS: Aviva Considering Backtrack On Preference Share Cancellation

23rd Mar 2018 06:55

LONDON (Alliance News) - Insurer Aviva PLC is mulling whether to scrap its plan to cancel GBP450.0 million worth of high-yield preference shares, the Financial Times reported on Friday.

The newspaper said the potential move comes after a backlash from City and retail investors as well as the intervention of MPs.

The FT said Aviva has been surprised by the scale of the negative reaction and will make its decision in the next few days, adding there are other options on on the table.

Aviva originally announced its plan to cancel the preference shares, which carry a fixed dividend, on March 8 as part of a planned GBP500.0 million return to shareholders.

https://www.ft.com/content/bd3f6106-2dfc-11e8-9b4b-bc4b9f08f381

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