LONDON - General Accident plc, the Scottish-incorporated company, has announced significant developments in its tender offer for two sets of preference shares following the institutional expiration deadline. As of the deadline, the company received valid tenders representing 39% of the outstanding preference shares, amounting to £98,541,840 in aggregate nominal value.
The tender offer, which was initiated on March 11, 2025, by Aviva plc (LON:AV), invited eligible holders of the 7.875% and 8.875% cumulative irredeemable preference shares to tender their shares for cash. This offer was managed by Jefferies International Limited.
The company reported that all votes received by the institutional expiration deadline were in favor of the advisory vote resolution, which is a precursor to a general meeting decision on the proposed cancellation of the preference shares. If the advisory vote resolution passes, it will lead to the withdrawal of the cancellation resolution at the general meeting if not passed, and consequently, the cancellation will not be implemented.
The tender offer remains open for retail investors until April 8, 2025, with a final deadline for receipt of tender instructions. The results of this tender offer are expected to be announced on April 9, 2025. The company has also set the proxy deadline for the receipt of voting instructions from preference shareholders for April 11, 2025.
General Accident has made it clear that the completion and return of a tender instruction will not prevent shareholders from attending the meetings and voting in person should they wish to do so. However, to be eligible for the voting fee, shareholders must not attend the meetings in person or make any other arrangements to be represented at such meetings.
The company emphasized that there is no assurance that any preference shares validly tendered for purchase will be accepted for purchase, nor that any preference shares will be purchased pursuant to the tender offer until a formal decision is announced.
This update is based on a press release statement and serves to inform shareholders of the current status and next steps concerning the tender offer and proposed cancellation of preference shares. Preference shareholders are advised to contact the retail information agent for any questions or require technical assistance in connection with the tender offer.
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