Aviva confirms cancellation of chunk of £450m preference shares

The insurer began the process of cancelling the shares earlier this year, to the concern of advisers who warned the move could have a negative effect on clients in retirement. However, the cancellation of the Aviva preference shares has now been approved by the courts and the Financial Conduct Authority. The regulator has confirmed that it will cancel the listing of the preference shares on the Official List, the announcement said. It added that the London Stock Exchange (LSE) would "therefore automatically cancel the trading of the preference shares on the LSE's main market for liste...