paul1945
23 Mar 2018
Sould never have had a Gerald Ratner Moment I sold my £35k of av. kept av.b will + L& G. All the directors not AVIVA should be charged with creatinga false & disorderly market on L.S.E. which is a very serious accusation in AV.IRR & GACA they fell 30% & knocked up to £1bn off LSE F.I. Market. Which may never fully recover some investors will have lost money they maybe should look if they can take some action against Aviva Directors perhaps we all could we need to lodge complaints to London S. E. & FCA see how they like. Still in state of shock & anger.Well done everyone sorry for typing etc.E&OE IMHO DYOR
schwee
23 Mar 2018
Re: mulling whether to scrap its plan to... Having admitted a loss of trust under his leadership, will the Board strip the CEO of his bonus?Pigs etc etc
IOMINVESTCOM
23 Mar 2018
Re: mulling whether to scrap its plan to can... 23 March 2018This document includes inside informationStatement on Aviva plc and General Accident plc preference sharesSince the full year results announcement on 8 March 2018, Aviva plc ("Aviva"
has heard a wide range of views on its preference shares*, has spoken to a large number of investors and has received strong feedback and criticism.As a result Aviva has listened. Aviva announces that it has decided to take no action to cancel its preference shares.Under current regulation the preference shares will no longer count as regulatory capital in 2026. Aviva will work towards obtaining regulatory approval for the preference shares, or a suitable substitute, to qualify as capital from 2026 onwards. If as we approach 2026 Aviva needs to reconsider this position, it will do so after taking into account the fair market value of the preference shares at that time.On 8 March 2018 Aviva stated it has the ability to cancel the preference shares at par value, having received clear legal advice. The review of the preference shares was initiated as a result of Aviva's duty to examine what is right for the business, balancing the interests of ordinary shareholders and preference shareholders. Aviva needed to address the issue of the preference shares given regulatory capital considerations and their cost.Aviva is in a strong financial position and still plans to deploy GBP3 billion of excess cash in 2018 and 2019 to reduce hybrid debt, fund bolt-on acquisitions and buy back ordinary shares.Mark Wilson, Group Chief Executive Officer of Aviva plc, said:"I am very aware that Aviva is in a position of trust with our customers and investors. To maintain that trust it is critical that we listen to and act on feedback. The reputation of Aviva, and the trust people have in us, is paramount. Our announcement today means that preference shareholders can rest secure in their holdings.The Board and I have a duty to consider not just the financial implications of our actions. We must consider the impact to Aviva's wider reputation. I hope our decision today goes some way to restoring that trust."*Preference shares issued by Aviva plc and General Accident plc-ends-
IOMINVESTCOM
23 Mar 2018
mulling whether to scrap its plan to cancel 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.[link] Collard; [email protected]
paul1945
21 Mar 2018
Aviva prefs & GAC & AV. WASTE OF TIME POSTING HERE ALL ACTION @ CITYWIRE/AV.IRR PREF KEEP COMP. 2 EVERYONE ALL NOT LOST
Bill1703
16 Mar 2018
Re: Aviva stands firm on prefs threat As many on this board may be aware, there's an active discussion on the pref issue on the AV.B board - for anyone interested, I repeat below my recent post there, in the wake of this further "announcement" yesterday from Aviva.FWIW I read this statement differently from the thrust of the article highlighted by IOMINVESTCOM - they are on the back foot now, and primarily defending the original statement, not (as yet, anyway) any decision to proceed.Of course... I could be wrong! But any Financial Services business lives and dies by the integrity of its reputation and the confidence of its stakeholders.********** ********** *******"Certainly seems that they are determined to continue with their plan, and as you say it sounds ominous for GA pref holders as they clearly control the vote there."An interesting statement indeed from AV, though I actually read it the other way... I see it as a the first stage of a face-saving operation, designed to clarify and defend the original statement, not the final decision to proceed - which, as they have gone out of their way to make clear, has not been taken.The outcry has been vociferous, from both private and institutional investors alike, with action groups quickly assembled, intense media lobbying and various veiled (and not so veiled) threats levelled. This continues as long as the situation remains up in the air, can only build from here... and will become explosive indeed upon any indication they intend to proceed regardless.I see a back-down as most likely, if not quite inevitable, for which they are already preparing the ground... though I agree, the additional comment on the GA issue was probably unwise in the current, highly charged climate, though may also have been intended as clarification of the legal situation.
paul1945
16 Mar 2018
ws dutc asin iom rad schwee others FCA FCA just rang me u suddenly realise the further u go u see what other people are saying istrue, complete waste of time speaking to FCA but perhaps just ring and register a complaint. Look on Aviva scroll down and you will see comment from company a few minutes ago I think there is a good comment page on this site which would be good for us all to put our views on as it looks like we are on our own. I am completely astounded with their attitude like an absolute fool I expected some sort of gentle climb down. As an ordinary shareholder I feel with all this very bad publicity I am shooting myself in the foot. It feels like Mr Wilson is having a Gerald Ratner moment. I think I may be £30k down on my fixed interest stocks because of this one statement from my company. As others have said Mark Taber is the best person for us, I would certainly pay into a fund for MT. City Wire obviously are good perhaps others could give other web sites. Thanks for all help and comments wife is typing!
IOMINVESTCOM
16 Mar 2018
Aviva stands firm on prefs threat [link]
winningstreak
16 Mar 2018
Re: FCA Paul - Thanks for your clarification. Not nice to see one' s investmentdrastically devalued, especially when it was supposed to be in the 'risk-free' category with the only risk being Aviva going belly-up.The crucial word in this debacle is IRREDEEMABLE. Aviva has avoidedmentioning that crucial word. as it would clearly not have sounded toogood if they had stated: "We intend to redeem our Irredeemable Shares at massively below market price." I remain of the opinion that Irredeemable Shares can not be redeemedagainst the will of the owners. If the British Courts do not stand behindthe owners, then a judgement needs to be sought in The Eurpean Court of Human Rights.Best wishes,WS
Roger Fletcher
16 Mar 2018
Re: Preference Shares Are there any lawyers here who can comment on section *** of the companies act which requires a 75% vote in favour of each class of shares before cancellation can take place?I think its section 603 or 630 but not really sure.
paul1945
16 Mar 2018
DUTCHMAN Sorry missed u off my previous post thanks4 tele note go to aviva website scroll down Wilson joins Blackrock perhaps they went short of IRRED that are redeemable small mention in times from Ecclesiastical also posts on CITY WIRE
asinvestor67
16 Mar 2018
Re: Preference Shares Robbing one class of shareholders for the benefit of another shows the management must be out of ideas on how to increase the company's value.
The Dutchman
16 Mar 2018
Re: FCA Good coverage of the Preference share issue in the D Tel today. Questor suggests writing to the Chief Executive at
[email protected]
paul1945
16 Mar 2018
Re: FCA sorry FCA written to av asking them to comment re their statement on IRREDsorry not 2 good with tech & even worse typing with 1 finger very very slow but 50yrs exp. on stock exchange. Did u c 2 posts from jezinho selfish ord. holder & my reply. Like u &soi bowman prefi iom some very clever people on here. prob. i have is i have lots to share but this has taken hours 2 type! is this wilsons gerald ratner moment i am big hold of ord pref & gen acc. & other fixed int. & fairly large portfolio all the best
Radaking
16 Mar 2018
Re: FCA Good luck dealing with these clowns.As for AV. unless theres a crash, its a buy..........
