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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Aviva plc    AV.   GB0002162385

AVIVA PLC

(AV.)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 12/01 11:30:00 am
333.35 GBX   +3.78%
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Aviva : UK Watchdog Censures Aviva for Listing, Transparency Rules Breach -- Update

10/26/2020 | 07:07am EST

By Sabela Ojea

The Financial Conduct Authority censured Aviva PLC on Monday for a listing and transparency rules breach, saying that an announcement regarding preference shares posted by the FTSE-100 insurer had the potential to mislead the market.

The U.K. regulator said the announcement Aviva published in March 2018 included comments that gave the impression it was going to take action to cancel at par value certain preference shares.

"At the time, the preference shares were trading above their par value and so the statement caused concern that holders would incur losses on cancellation," the FCA said. It said the market price for Aviva's preference shares fell between 20% and 26% when the market closed.

Shareholders sold preference shares at the above par market price because of those comments, the FCA said. However, Aviva established a payment scheme for the preference shareholders that sold their shares at a lower share price a week later.

Because of these rapid measures, the FCA said it considers that Aviva's breach was serious but not intentional, while ensuring that this lack of clearness could have led to a financial penalty.

"This was a disappointing episode for which we are sorry and lessons have been learned. We recognize the uncertainty created for preference shareholders two years ago," Aviva said.

Aviva shares at 1150 GMT were up 4.80 pence, or 1.7%, at 282.90 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

10-26-20 0806ET

Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 3.49% 332.4 Delayed Quote.-23.29%
MSCI UNITED KINGDOM (STRD, UHD) -1.53% 979.425 Real-time Quote.-16.45%
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Financials
Sales 2020 47 533 M 63 501 M 63 501 M
Net income 2020 1 632 M 2 180 M 2 180 M
Net Debt 2020 5 016 M 6 701 M 6 701 M
P/E ratio 2020 7,70x
Yield 2020 6,32%
Capitalization 12 610 M 16 822 M 16 847 M
EV / Sales 2020 0,37x
EV / Sales 2021 0,36x
Nbr of Employees 31 181
Free-Float 97,1%
Chart AVIVA PLC
Duration : Period :
Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 376,86 GBX
Last Close Price 321,20 GBX
Spread / Highest target 55,7%
Spread / Average Target 17,3%
Spread / Lowest Target -32,6%
EPS Revisions
Managers
NameTitle
Amanda Blanc Chief Executive Officer & Director
Mark George Culmer Non-Executive Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Jason Michael Windsor CFO, Executive Director & Chief Investment Officer
Michael Mire Independent Non-Executive Director
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