" FTSE FOR FRIDAY (FTSE:UKX) & BRENT CRUDE again. Before launching a breathless monologue about Fridays potentials, it's probably best to mention OIL. Last time we discussed BRENT, we suggested in Oil Index needed better 8940 to be taken ..."
Good to see old AV. clawing back to where it was when it went x-div last Thursday.I noticed it has good support to date around £4.87ish ,however we appear to have gone and are going nowhere for the past 4 years.
I reckon a special div with the interims in August could be the catalyst to break the £5.50 resistance level.....ruling out any major crash or correction......
To be fair, to those asking these basic questions, the increasingly [email protected] iii website omits info such as this for no other reason than inc0mpetence or laziness which amounts to the same thing. I am getting sooo sick of iii. If anyone discovers a site that works correctly, AND offers a bb - do let us all know!
To cause such calamitous damage not only to their own reputation but also to that of the company that we as shareholders own, I can only conclude, as per my previous post, that the Aviva board must be a bunch of [email protected] As such, I will not lose any sleep if one or two heads roll. In fact, I'd prefer it if they did.
My aged mum had a lot of Lloyds preference shares. They certainly repaid them at par. Didn't need them as part of their capital.
The market clearly didn't think it possible while they traded for years above par, then they found the small print. All the prefs took a big tumble following Avivas big idea. Im losing trust in the city!
I have not seen it mentioned anywhere but it could have been a 'fishing' expedition to test the waters and gauge the strength of investors reactions although I can imagine the reply to that would be 'their reaction would obviously have been exactly as it has been'.
An expensive, reputation damaging way to go about it even if only half true.
" Then they came for the shareholders but there was no one left to speak for me "
No one except a few million other ordinary shareholders.
Anyway, the Aviva board of [email protected] have seen the error of their ways and have scuttled back into their ivory tower to dream up another brilliant money saving idea. Hopefully the next one will be better than the last. ...And to think we pay these people uber amounts of wonga to run the company on our behalf. Hmm.
Harry at The Times would like you to send him your message,
just had contact with him over the 'Gerald Ratner Moment'.
So you can perhaps get your view through in The Times, but
you need to send it ASAP, so that they may incorporate part
of it, with your permission (which will be asked).
ASAP, is the word here.
Paul 1945 - Could you send that same message to The Times,
per email to: [email protected], he deals with
Aviva associated matter, and your email will be of interest to
him. Tell him a person called John asked you to do so.
(I hold on to my pen-name here). Harry will know who you
are talking about. Be speedy, for results.
I sold my £35k of av. kept av.b will + L& G. All the directors not AVIVA should be charged with creating
a 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
Statement on Aviva plc and General Accident plc preference shares
Since 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
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.
FCA just rang me u suddenly realise the further u go u see what other people are saying is
true, 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!
Paul - Thanks for your clarification. Not nice to see one' s investment
drastically 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 avoided
mentioning that crucial word. as it would clearly not have sounded too
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 redeemed
against the will of the owners. If the British Courts do not stand behind
the owners, then a judgement needs to be sought in The Eurpean Court
of Human Rights.
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.
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
sorry FCA written to av asking them to comment re their statement on IRRED
sorry 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
Important message from the Financial Conduct Authority:
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse.
This could lead to an unlimited fine and up to seven years in prison.
If you have any information, concerns or queries about market abuse, click here.
The content of the messages posted represents the opinions of the author, and does not represent the opinions of Interactive Investor Trading Limited or its affiliates and has not been approved or issued by Interactive Investor Trading Limited.
You should be aware that the other participants of the above discussion group are strangers to you and may make statements which may be misleading, deceptive or wrong.
Please remember that the value of investments or income from them may go down as well as up and that the past performance of an investment is not a guide to its performance in the future.
The discussion boards on this site are intended to be an information sharing forum and is not intended to address your particular requirements.
Whilst information provided on them can help with your investment research you need to consider carefully whether you should make (or refraining from making) investment or other decisions based on what you see without doing further research on investments you are interested in.
Participating in this forum cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you.