20% of shareholders in US plus employee scheme cited
Aviva is to list on the New York Stock Exchange (NYSE), starting trading on 20 October 2009.
It has completed the registration process with the Securities and Exchange Commission (SEC) and has received authorisation from NYSE to list.
Aviva will establish a level 2 American Depositary Receipt programme in conjunction with Citibank and will trade under the ticker symbol “AV”. No new Aviva ordinary shares will be issued in connection with the listing and Aviva will retain its current primary listing on the London Stock Exchange.
Sarbanes-Oxley helps with risk
Aviva said it would give the 20% of US investors a more convenient and cost efficient means to hold shares and allows Aviva to attract and retain staff outside the UK through competitive incentive programmes.
Aviva said complying with US Sarbanes-Oxley rules had improved its financial processes, controls and risk management.
Andrew Moss, group chief executive said: “The US is a strategically important market for Aviva. It is the largest savings market in the world and represents a significant growth opportunity for us over the long term. Listing now is a natural step for Aviva as more than 20% of our shareholders are in the US and we expect that number to increase.”
Best performing shares
The Guardian reported that Aviva was the best performing share in the leading index yesterday as a result of it listing in New York.
Aviva the shares also benefited from a buy note by broker CA Cheuvreux that set a 525p target price. Aviva closed 17.1p higher at 467.5p.
