Aviva plc Return of Capital Update.

[idpickering]

Further to the publication on 5 April 2022 of the explanatory circular regarding the B Share Scheme and Share Consolidation (the "Circular"), and the passing of all the required Resolutions at the General Meeting of Aviva plc (" Aviva " or the " Company ") on 9 May 2022, the Company announces that the allotment and issue of 3,687,322,000 B Shares relating to the B Share Scheme (there being 3,687,322,000 Existing Ordinary Shares in issue at the Record Time) will occur today. The Share Consolidation and admission of the New Ordinary Shares to the premium listing segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities are due to take place no later than 8.00 a.m. today.

This follows the announcement on 2 March 2022 that Aviva intends to return £3.75 billion to the holders of its ordinary shares (the "Shareholders") and holders of American depositary shares representing ordinary shares ("ADSs") in the form of a payment of 101.69 pence per ordinary share. This is in addition to the £1 billion share buy-back which was completed on 31 March 2022.

https://www.investegate.co.uk/aviva-plc ... 00055044L/

Also posted on Company News here; viewtopic.php?p=500667#p500667

Ian.

[monabri]

In my Interactive Investor and iWeb accounts, the reduced number of shares is now showing.

[gnawsome]

In my Interactive Investor and iWeb accounts, the reduced number of shares is now showing.

And in mine,
So I used cash to top back up and setting the cost of new shares against the consolidation pay-out seems to put me £500 ahead.
Even a simple soul like me knows that is only the bit that shows so I'll have to wait a bit longer to see if whether a good or bad move

[idpickering]

Further to this;

Return of Capital Update - Redemption of B shares.

Following its announcement on 16 May 2022 in relation to the proposed £3.75 billion return of capital by Aviva plc (" Aviva " or the " Company ") by way of a B Share Scheme, the Company confirms that the redemption of the B Shares issued pursuant to the B Share Scheme will occur today. This is in addition to the £1 billion share buy-back which was completed on 31 March 2022.

It is expected that the holders of Ordinary Shares entitled to receive payments in respect of the proceeds from the redemption of the B Shares will receive such payment by 31 May 2022, and the holders of ADSs entitled to receive payments in respect of the proceeds from the redemption of the B Shares will receive such payment by 6 June 2022 in order to allow for the conversion from pounds sterling to US dollars by the Depositary .

In accordance with the FCA's Disclosure Guidance and Transparency Rule 5.6.1(A) and further to the announcement on 16 May 2022, the Company confirms that, post completion of the previously announced B Share Scheme and Share Consolidation, the Company's total issued share capital consists of 2,802,364,720 Ordinary Shares of 32 17/19 pence each, with each New Ordinary Share carrying the right to one vote. The total number of voting rights in the Company is therefore 2,802,364,720.

Capitalised terms used in this announcement which are not otherwise defined have the same meaning as set out in the explanatory circular regarding the B Share Scheme and the Share Consolidation, and containing a notice of general meeting, published on 5 April 2022 (the "Circular").

A copy of the Circular is available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website at http://www.aviva.com/ return-of-capital

https://www.investegate.co.uk/aviva-plc ... 00076789L/

Also posted on Company News here; viewtopic.php?p=500874#p500874

Ian.

[teecee90]

What is the best way to account for the return of capital? In my Halifax account they seem to have assumed that the book cost of my new holding is unchanged and have calculated the average cost per share as simply the previous book cost divided by the new number of shares. I would have thought a more accurate method would be to reduce the book cost by the proceeds from the return of capital and calculate the average cost per share as the reduced book cost divided by the number of new shares. Any views?

[seagles]

What is the best way to account for the return of capital? In my Halifax account they seem to have assumed that the book cost of my new holding is unchanged and have calculated the average cost per share as simply the previous book cost divided by the new number of shares. I would have thought a more accurate method would be to reduce the book cost by the proceeds from the return of capital and calculate the average cost per share as the reduced book cost divided by the number of new shares. Any views?

That is the way I am expecting it to go. IWeb has the same as Halifax (which I would expect).

[daveh]

What is the best way to account for the return of capital? In my Halifax account they seem to have assumed that the book cost of my new holding is unchanged and have calculated the average cost per share as simply the previous book cost divided by the new number of shares. I would have thought a more accurate method would be to reduce the book cost by the proceeds from the return of capital and calculate the average cost per share as the reduced book cost divided by the number of new shares. Any views?

That is the way I am expecting it to go. IWeb has the same as Halifax (which I would expect).

For CGT purposes with my non sheltered holding I've used yesterdays close for the shares of 394.65 and the redemption price of the B shares of 101.69 and divided the base cost in the ratio of 0.79512:0.20488. I'll see if and when Aviva put their sample calculation up on the website if they agree ( and will recalculate if not.

For the brokers site I'll leave it up to the broker (and if II's base cost stays at £0.00 I'll edit it to the original base cost)

For my spreadsheet I just sold in the spreadsheet the number of shares I "lost" on the consolidation for the expected return of capital sum.

[Andy46]

Hi,

Does anyone know whats happening with Barclays Smart Investor? The number of shares I own has dropped but there is no signs of any B shares or any cash in my account. I am just going to re-invest the cash into Aviva but if the shares increase i'm going to end up with less than what i had prior to all this. Great, what a waste of time lol.

Thanks
Andy

[csearle]

Hi,

Does anyone know whats happening with Barclays Smart Investor? The number of shares I own has dropped but there is no signs of any B shares or any cash in my account. I am just going to re-invest the cash into Aviva but if the shares increase i'm going to end up with less than what i had prior to all this. Great, what a waste of time lol.

Thanks

I have a cash payout slated for 31/5/22 in my spreadsheet. May be wrong though. C.

[Andy46]

Hi,

Does anyone know whats happening with Barclays Smart Investor? The number of shares I own has dropped but there is no signs of any B shares or any cash in my account. I am just going to re-invest the cash into Aviva but if the shares increase i'm going to end up with less than what i had prior to all this. Great, what a waste of time lol.

Thanks

I have a cash payout slated for 31/5/22 in my spreadsheet. May be wrong though. C.

Spreadsheet? I'm not sure i understand. Are you saying you do not think Barclays customers will get the cash till 31/5? Messages above suggest people with other brokers have already got theirs and re-invested it? Maybe i read them wrong

Thanks

[triatharoo]

Messages above suggest people with other brokers have already got theirs and re-invested it? Maybe i read them wrong

The B shares were redeemed yesterday https://otp.tools.investis.com/generic/regulatory-story.aspx?newsid=1584072&cid=759

I think the expectation (from another thread) is that payments will be despatched to shareholders and credited to Crest accounts tomorrow - which means Barclay's won't get the payment until tomorrow.

Certainly neither of my brokers have paid me yet, so I wouldn't panic yet...

[daveh]

Spreadsheet? I'm not sure i understand. Are you saying you do not think Barclays customers will get the cash till 31/5? Messages above suggest people with other brokers have already got theirs and re-invested it? Maybe i read them wrong

Thanks

The circular and latest RNS from Aviva both say the cash will be received by 31st May (or 6th June for ADR holders). The earliest it might be received is tomorrow 19th May as that date has been mentioned by Aviva, but I wouldn't be surprised or worried if it doesn't turn up until 31st May. No one (as I read the posts) is saying they have received the cash yet.

[csearle]

Spreadsheet? I'm not sure i understand. Are you saying you do not think Barclays customers will get the cash till 31/5? Messages above suggest people with other brokers have already got theirs and re-invested it? Maybe i read them wrong

Like others (I believe) I maintain a spreadsheet which, amongst other things, has a sheet with a row for every expected income payment for the next 12 months.

Somehow I've picked up that this payment would be paid by 31/5/2022 so that is what I put in my spreadsheet. That's all I meant, yes. C.

[scrumpyjack]

As I have mentioned before, Hargreaves Lansdown told me it would be paid on May 19th and I have no reason to doubt that.

ps This is NOT an income payment

[monabri]

Spreadsheet? I'm not sure i understand. Are you saying you do not think Barclays customers will get the cash till 31/5? Messages above suggest people with other brokers have already got theirs and re-invested it? Maybe i read them wrong

Like others (I believe) I maintain a spreadsheet which, amongst other things, has a sheet with a row for every expected income payment for the next 12 months.

Somehow I've picked up that this payment would be paid by 31/5/2022 so that is what I put in my spreadsheet. That's all I meant, yes. C.

Maybe from dividend data ?

https://www.dividenddata.co.uk/dividend ... py?epic=AV.

[Padders72]

The ii corporate action indicated that they expected to receive proceeds by 19th May. One complication no one has mentioned is that there is also a 14p regular dividend payment that the info sites suggest is dated today, so it will be interesting to see if either or both drop tomorrow.

[monabri]

The ii corporate action indicated that they expected to receive proceeds by 19th May. One complication no one has mentioned is that there is also a 14p regular dividend payment that the info sites suggest is dated today, so it will be interesting to see if either or both drop tomorrow.

This is what it says in the ii corporate actions.

[GoSeigen]

The ii corporate action indicated that they expected to receive proceeds by 19th May. One complication no one has mentioned is that there is also a 14p regular dividend payment that the info sites suggest is dated today, so it will be interesting to see if either or both drop tomorrow.

I don't see why it wouldn't be paid tomorrow. That's what I'm expecting anyway with my nominee holding.

GS

[Ricksure]

I am expecting the 14.70p dividend to be paid on the 19th May

The B shares to be credited to my account this week with an option to sell and receive payment on the 31 May

Payment for the odd number of shares to be paid this week or early next week

[IanTHughes]

I am expecting the 14.70p dividend to be paid on the 19th May

The B shares to be credited to my account this week with an option to sell and receive payment on the 31 May

Payment for the odd number of shares to be paid this week or early next week

The Ordinary dividend - 14.70p per share - should be received by your Broker today - 19 May 2022.

With regard to the Special dividend 'B Shares', there is not an "option to sell" them, they will be compulsorily purchased!

The 'B Shares' are being redeemed today - 19 May 2022 - so, do not expect to see them in your account. Rather the funds that are to be received by your Broker today, from their redemption, should be distributed like any ordinary dividend receipt. In the case of my Broker, that is normally the day of receipt, so I am expecting a credit of 101.69p per share today, on top of the ordinary dividend payment.

The fractional number of shares left over will be accumulated and sold over the next few days/weeks, with the funds being distributed to your Broker soon after. I believe that it has been stated that this fractional payment, which can only be a few pounds per shareholder, is expected on or before 31 May 2022.


Ian