Aviva PLC has disclosed a material change in its holding in Next 15 Group plc (NFG), the UK-listed digital communications and data-driven marketing group, following a threshold crossing on 4 November 2026. The notification, filed with Next 15 Group on 5 November 2026, confirms that Aviva's total combined position stands at 6.27% of voting rights. The movement was driven by a change at the direct interest level, with Aviva's directly held voting rights rising from 5.66% to 5.94%, prompting the regulatory disclosure under DTR5.

Key Points

  • Next 15 Group plc (NFG), ISIN GB0030026057, is the issuing company subject to this major holdings notification
  • Aviva PLC crossed a disclosure threshold on 4 November 2026, increasing its direct voting rights stake in Next 15 Group from 5.66% to 5.94%
  • Aviva's total combined position, including financial instruments, remains at 6.27%, representing 6,422,512 voting rights in total
  • Investors may watch whether Aviva continues to adjust its position in Next 15 Group given the active rebalancing of direct versus instrument-held interests

Aviva's Direct Voting Rights in Next 15 Group Rise to 5.94% Following 4 November Threshold Crossing

According to the TR-1 form filed on 5 November 2026, Aviva PLC now holds 6,078,786 shares carrying voting rights in Next 15 Group plc, representing 5.94% of voting rights attached to shares. Of these, 5,155,126 are held directly under DTR5.1, equating to 5.04%, and a further 923,660 are held indirectly under DTR5.2.1, equating to 0.90%. The notification confirms the movement was specifically prompted by a 4% to 5% change at the direct interest level, as stated in the additional information section of the form.

Right to Recall Loan Shares Accounts for Aviva's Remaining 0.33% Financial Instrument Position in NFG

Beyond its direct and indirect shareholding, Aviva holds financial instruments classified as a right to recall loan shares, covering 343,726 voting rights in Next 15 Group, equivalent to 0.33% of voting rights. This instrument carries no expiration date and no exercise or conversion period, as disclosed in section 8B1 of the notification. Notably, Aviva's financial instrument position has fallen from 0.61% at the previous notification to 0.33%, whilst its direct share interest has increased, suggesting a rotation from instrument-held exposure towards direct equity ownership.

Aviva Investors Global Services Acts as Controlled Undertaking in the Next 15 Group Holding Structure

The notification sets out the full chain of controlled undertakings through which the position is effectively held. Aviva plc is identified as the ultimate controlling entity, with the voting rights flowing through Aviva Group Holdings Limited, Aviva Investors Holdings Limited, and Aviva Investors Global Services Limited. Each entity in the chain is attributed the full 5.94% voting rights figure and a 6.27% combined total. The form was completed on 5 November 2026 and lodged from Norwich, England, in accordance with UK regulatory requirements.