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Highlights
General Accident plc cancels and de-lists two sets of preference shares.
The cancellation follows a court-sanctioned order.
Settlement of the cancellation is scheduled for Friday, June 12, 2025.
General Accident plc, a prominent company within the UK’s financial sector, has officially announced the cancellation and de-listing of two sets of its preference shares from the London Stock Exchange (LSE). This marks a significant move in the company’s ongoing restructuring efforts. The shares, which have been listed under tickers GACC_p and GACC_pa, will no longer be available for trading as of the effective date of the cancellation.
The cancellation was finalized following the registration of a court order with the registrar of companies. As a result, the Financial Conduct Authority confirmed that these preference shares are no longer listed on the LSE’s Official List. Trading for both preference shares was also halted at the start of the trading day, and the company has ensured that all procedural aspects of the de-listing comply with the required regulatory standards.
Details of the Cancellation Process
The two sets of preference shares affected by this cancellation include the cumulative irredeemable preference shares and the cumulative irredeemable preference shares. This decision, as per the official court order, became effective recently and has been confirmed by relevant authorities in the UK.
The next step in the process is the settlement of the cancellation, which is scheduled for Friday, June 12, 2025. The company has appointed Jefferies International Limited and Lloyds Bank Corporate Markets plc as dealer managers for the tender offer, which will be directed toward institutional investors. Additionally, Computershare Investor Services PLC will act as the receiving agent, and D.F. King Limited has been appointed as the retail information agent.
Shareholders with inquiries regarding the cancellation can reach out to Aviva, which is handling matters for preference shareholders. Institutional investors can contact the designated dealer managers for more details on how the cancellation impacts their holdings.
Impact on Shareholders
This cancellation has a notable impact on the preference shareholders of General Accident plc. Those affected by this de-listing will undergo the necessary settlement process, which involves the orderly winding down of their shares’ trading activity. Investors seeking more clarity on the cancellation and its implications on their shares can contact the company's designated representatives for further information.
General Accident plc’s actions reflect its continued focus on streamlining operations and addressing shareholder concerns in a clear and transparent manner. The decision to cancel and de-list the preference shares is a part of broader restructuring efforts intended to simplify the company’s financial structure and ensure compliance with regulatory standards.
This announcement aligns with the company’s strategic goals, allowing it to focus on its core operations and the broader financial sector landscape. Investors following these developments will want to monitor the company’s future actions and financial health as these changes unfold.
The cancellation also comes as broader market trends such as FTSE futures today are showing stability across major indexes, further impacting the financial landscape in which companies like General Accident plc operate.
