Russ Mould, investment director at AJ Bell, said: "Investors who wish to frustrate this plan for a second time and retain the flow of income from the instruments, instead of potentially banking a capital gain on their investment, can cast their vote by 3 April and make their voice heard at the General Meeting which will take place on 15 April." Aviva's preference shares are classified as irredeemable, meaning investors had expected to retain access to ongoing income from the instruments. Mould noted that while the company's improved financial position under CEO Amanda Blanc supports coupon payments, the cancellation plan may leave holders "feeling caught up in the turnaround, rather than buoyed by it." If approved, all four preference shares will be retired. If rejected, Aviva intends to proceed with a tender offer allowing eligible holders to sell some or all of their holdings.