In common with a lot of preference shares, RSA fell significantly after Aviva's announcement that they might redeem their 'irredeemable' preference shares at par. It would appear the success or otherwise of this action depends on the wording of the prospectus and what irredeemable really means!

For instance - the Lloyds 6.475% 'irredeemable' preference share has a call option written into the prospectus giving Lloyds the right to redeem this preference share in 2024. However the 9.25% and 9.75% preference shares are listed in the prospectus as 'irredeemable' with no option for Lloyds to redeem.

The RSA 7 3/8% irredeemable preference share will have its terms set out in the relevant prospectus - but it is nowhere to be found using an internet search.

Does anyone have a link to a copy of this prospectus?

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