19th December 2021
Aviva has announcedd it will increase and extend its ordinary share buyback programme announced on 12th August 2021 from £750 million to a maximum aggregate consideration of £1bn. The total maximum number of shares to be acquired under the Programme is increased to 392m. The Programme commenced on 13th August 2021 and will now complete no later than 31st March 2022.
Amanda Blanc, Group ceo, comments “We are increasing our share buyback to £1bn as part of our commitment to return at least £4bn to ordinary shareholders. We will update further on our capital return and dividend plans at our full year results in March 2022.”
Aviva has accordingly updated its non-discretionary agreement with Citigroup Global Markets Ltd who is conducting the Programme on Aviva’s behalf and making 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.
As at 15th December 2021 158 million ordinary shares have been purchased under the Programme for a total consideration of £635m.
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