LONDON, UK: Aviva plc will commence a share buyback programme of its ordinary shares for up to a maximum aggregate consideration of £750 million, commencing on 13 August 2021, a news release said.
Aviva has entered into a non-discretionary agreement with Citigroup Global Markets Ltd to conduct the Programme on its behalf and to make trading decisions under the Programme independently of Aviva (except Aviva’s ability to terminate Citi’s mandate in certain limited circumstances).
Shares acquired by Citi under the agreement will be sold on to Aviva and, to the extent permitted by law, such purchased shares will be cancelled. The purpose of the Programme is therefore to reduce Aviva’s share capital.
The maximum number of shares to be acquired under the Programme is 300 million1 and the Programme is expected to complete by 17 February 2022.
Amanda Blanc, Group Chief Executive Officer, said: “We are delivering on our commitment to make a substantial capital return to our shareholders. We intend to return at least £4 billion to investors by the end of the first half of 2022 (subject to regulatory and shareholder approvals, completion of disposals and market conditions), starting with a share buyback of up to £750 million.
Buying back our shares will reduce our share count in line with our more focused group and create additional value for our shareholders as we transform Aviva’s performance.”
Aviva plc share price
406.80 GBX0.00 (0.00%)today
11 Aug, 4:36 pm GMT+1 ·Disclaimer
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