Aviva 2001 Annual Report Download - page 81

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30 – Ordinary share capital continued
(b) continued
At 31 December 2001, restricted awards over a total of 1,207,364 ordinary shares were outstanding under the CGNU Integration
Incentive Plan. The awards will be satisfied by means of shares purchased by an employee share trust set up for the purpose
of satisfying awards under various executive incentive plans and funded by the Company. Details are given in note 27. As at
31 December 2001, the trust held 3,125,687 shares with an aggregate nominal value of £781,422 and their market value at the year
end was £26 million. The trustees have waived their right to dividends on the shares held in trust. Further details of the Plan can be
found on page 42.
As at 31 December 2001, awards over a total of 8,754 ordinary shares were outstanding under the Commercial Union Long Term
Incentive Plan. These awards will vest in 2002. Shares will be purchased into an employee share trust established to satisfy the vesting
of awards.
As at 31 December 2001, awards over a total of 1,140,496 ordinary shares, and options over a total of 20,178 ordinary shares, were
outstanding under the CGNU Deferred Bonus Plan. These awards will vest in 2004. Shares will be purchased into an employee share
trust to satisfy the vesting awards.
As at 31 December 2001, awards over a total of 1,766,955 ordinary shares were outstanding under the CGNU Long Term Incentive
Plan. Subject to satisfying performance criteria, these awards will vest in 2003 and 2004. Shares will be purchased into an employee
share trust to satisfy the vesting of awards. Further details of this plan can be found on pages 37 and 38.
The Company has also established and funded an employee share ownership trust, which has the power to acquire shares in the open
market to meet future obligations under the Company’s Savings Related Share Option Schemes. Alternatively, new shares may be
issued by the Company to meet such obligations.
(c) During 2001, a total of 3,825,929 ordinary shares of 25 pence each were allotted and issued by the Company as follows:
Share capital Share premium
Number of shares £m £m
At 1 January 2,251,102,449 563 1,055
Shares issued under the Group’s Employee and Executive Share Option Schemes 3,825,929 1 28
At 31 December 2,254,928,378 564 1,083
Ordinary shares in issue in the Company rank pari passu. All the ordinary shares in issue carry the same right to receive all dividends
and other distributions declared, made or paid by the Company.
31 – Preference share capital
(a) The preference share capital of the Company at 31 December 2001 was:
2001 2000
£m £m
Authorised
200,000,000 cumulative irredeemable preference shares of £1 each 200 200
200 200
Issued and paid up
100,000,000 83⁄8% cumulative irredeemable preference shares of £1 each 100 100
100,000,000 83⁄4% cumulative irredeemable preference shares of £1 each 100 100
200 200
The fair value of these shares at 31 December 2001 was £273 million (2000: £234 million).
(b) The preference shares are non-voting except where their dividends are in arrears, on a winding up or where their rights are being
altered. On a winding up, they carry a preferential right to return of capital ahead of the ordinary shares.
79 CGNU plc