General Accident Plc Announces Tender Offer and Cancellation of Preference Shares
Why we think this is neutral
This RNS announcement is about a tender offer and cancellation of preference shares, which does not fall into the mandatory news type categories. While the details may be significant for preference shareholders, the impact on the overall company is unclear from the information provided.
Key Points
- Tender offer for outstanding preference shares
- Seeking shareholder approval to cancel preference shares
- Tender offer and cancellation subject to conditions and approvals
Summary
The financial services company is offering to purchase its outstanding preference shares and seeking shareholder approval to cancel the preference shares.
General Accident plc is offering to purchase its outstanding £110 million 7.875% cumulative irredeemable preference shares and £140 million 8.875% cumulative irredeemable preference shares. The company is also seeking shareholder approval to cancel the preference shares. The tender offer and cancellation are subject to various conditions and approvals.
Key Dates
8 April 2025
Retail Expiration Deadline for Tender Offer
11 April 2025
Proxy Deadline for Meetings
15 April 2025
Advisory Vote Meeting and General Meeting
6 June 2025
Effective Date of Cancellation (if approved)
GENERAL UPDATE