OVER-ALLOTMENT OPTION FOR DEL

RNS Number : 9744C

Aviva PLC

24 November 2009

 



NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA

24 November 2009

EXERCISE OF OVER-ALLOTMENT OPTION FOR DELTA LLOYD IPO

Aviva plc ("Aviva") announces that it has received notice from Goldman Sachs International and Morgan Stanley, as joint global coordinators of the Initial Public Offering ("IPO") of Delta Lloyd N.V. ("Delta Lloyd"), of the exercise in part of the over-allotment option granted in relation to the IPO.  

The over-allotment option has been exercised in respect of 4,550,000 shares in Delta Lloyd at the offer price of €16.00 per share. As a result, the total size of the IPO (including the portion of the over-allotment option exercised) is 68,050,000 shares.  This represents aggregate gross proceeds of €1.09 billion (£1.00 billion*). 

Aviva retains 58.3% of the ordinary share capital and 54.0% of the voting rights in Delta Lloyd.

Delta Lloyd shares are traded on NYSE Euronext Amsterdam under the ticker 'DL'.

* Based on an exchange rate of £0.92 / €1

This announcement does not constitute a prospectus or an offer or invitation to purchase securities. Any offer to acquire securities pursuant to the offering will be made, and any potential investor should make its investment, solely on the basis of information that is contained in the prospectus. Copies of the prospectus can be obtained at no cost from Delta Lloyd or through the website of Euronext Amsterdam N.V. (Dutch residents only).

This announcement is only addressed to, and directed at, persons in member states of the European Economic Area, other than the Netherlands who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). In the United Kingdom, this announcement is directed only at, Qualified Investors (i) who are persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons who are high net worth entities falling within Article 49(2) of the Order, and other persons to whom it may lawfully be communicated.  Under no circumstances should persons of any other description rely or act upon the contents of this announcement.  

These materials are not an offer of securities for sale in the United States. The securities to which these materials relate have not been registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will be no public offering of the securities in the United States.

The IPO and the distribution of this announcement and other information in connection with the IPO in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The price and value of the Delta Lloyd shares may go up as well as down. Persons needing advice should contact a professional adviser. Past performance cannot be relied upon as a guide to future performance.

Stabilisation

In connection with the Offering, Morgan Stanley & Co. International plc as Stabilisation Agent, or its agents, on behalf of the Underwriters, may, to the extent permitted by applicable laws, over-allot or effect transactions with a view to supporting the market price of the Ordinary Shares, or any options, warrants or rights with respect to, or other interest in, the Ordinary Shares, if any, or other securities of the Company. These activities may raise or maintain the market price of the Ordinary Shares above independent market levels or prevent or retard a decline in the market price of the Ordinary Shares. Such transactions may be effected on Euronext Amsterdam, in the over-the-counter markets or otherwise. 

The Stabilisation Agent and its agents are not required to engage in any of these activities and, as such, there is no assurance that these activities will be undertaken. Such stabilisation, if commenced, may be discontinued at any time and must be brought to an end within 30 days after the First Trading Date. Save as required by law or regulation, the Stabilisation Agent does not intend to disclose the extent of any stabilisation transactions under the Offering.

None of the Company, the Selling Shareholder or any of the Underwriters makes any representation or prediction as to the direction or the magnitude of any effect that the transactions described above may have on the price of the Ordinary Shares. In addition, none of the Company, the Selling Shareholder or any of the Underwriters makes any representation that the Stabilisation Agent will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

The Underwriters may also sell or overallot Ordinary Shares in excess of the Over-Allotment Option up to a maximum of 5% of the total number of Offer Shares, creating a naked short position. The Underwriters must close out any naked short position by purchasing Ordinary Shares in the open market.

- ends -

Enquiries:

Media

Hayley Stimpson, external affairs director        [phone]

Nick Woodruff, Finsbury         [phone]

Analysts

Charles Barrows, investor relations director        [phone]

Notes to editors:

• Aviva is the world's fifth largest# insurance group, serving 50 million customers across Europe, North America and Asia Pacific. 

• Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £51.4 billion and funds under management of £381 billion at 31 December 2008.  

• Aviva is the largest insurance services provider in the UK and one of the leading providers of life and pension products in Europe. 

• Delta Lloyd Group is a financial services provider offering life insurance, general insurance, fund management and banking products and services. Delta Lloyd Group's target markets are the Netherlands and Belgium. In the Netherlands it mainly operates under the brand names of Delta Lloyd, OHRA and ABN AMRO Insurance, in Belgium under the Delta Lloyd brand. The Delta Lloyd Group executive team is led by Niek Hoek, CEO, and Peter Kok, CFO.

• The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive. 

# Based on gross worldwide premiums at 31 December 2008

 

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