Two-thirds of Aviva preference shareholders accept insurer's buy-back plan

Retail investors have been warned about buyback consequences

Aviva’s plan to buy back up to £450m in preference shares has been met with strong support despite warnings the move could have an adverse impact on retail investors.

In an update published on 9 April, the insurer said it had received valid tenders for the purchase of 67.8% of the shares, which were previously described as irredeemable. Retail investors had until 1pm on 8 April to accept the offer. Aviva preference shares: Advisers flag 'inappropriate' cancellation tax hit to unwary retail investors The update stated: "The issuer hereby announces that, as at the tender offer record time, the offeror had received valid tenders for purchase in respect of £135,544,787 in aggregate nominal amount of the preference shares (67.8% of the outstanding prefe...