Shareholders in Aviva plc., one of the U.K.’s largest insurance firms, have voted in favor of a plan to disperse 3.75 billion pounds ($4.6 billion) in cash.
The proposal, approved Monday, would see the insurance giant give “B-shares” to all ordinary shareholders for free, then immediately buy back the shares at 1 pound ($1.23) per share. The company will consolidate existing shares so the newly issued B-shares won’t dilute existing shareholder capital.
The move has an added benefit for shareholders—it would leave investors with a smaller tax bill on dividends while allowing Aviva to pay back capital to all ...
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