Tag: AMP

No final dividend and no takeover offer from US investment firm Ares, so it’s back to the drawing board for AMP to see if management can improve the company’s performance.

If US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.

Struggling wealth giant AMP has confirmed that it has received a takeover proposal from an American private equity firm to acquire 100%, a move that will put the group into play.

Shares in AMP fell more than 5% on Thursday after the wealth manager revealed another weak quarter with more than two billion dollars in investor outflows in the three months to September.

AMP shares rose 3% yesterday in the wake of Moody’s cutting the company’s rating and pushing from the A level (high grade) into the top tier of the B level (more speculative).

The struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.

AMP shares edged up yesterday in the wake of the shock exit of chairman David Murray and board room supporter, John Fraser, the former head of Federal Treasury.

Woohoo, investors loved the AMP’s loss-strewn June half-year report yesterday. The reason? The decision to return of capital to shareholders by way of a special dividend from the sale of AMP Life and a $200 million share buyback (subject to stability in the market).

Leaving more questions unanswered, the AMP has undergone another major change in senior management. The embattled financial services group yesterday revealed in a short statement that AMP Australia chief executive Alex Wade has stepped down effective immediately.

The sale of AMP Life is expected to be done after the market closes next Tuesday, June 30 after the deal was ticked off by the Reserve Bank of New Zealand on Tuesday.

The fallen wealth management giant has posted a $2.5 billion full-year loss and scrapped its final dividend after a rough year that saw clients abandon its troubled wealth management arm.

A surprisingly upbeat reaction from investors to the news that embattled wealth manager AMP continued to see retail investors move cash out of its funds in the three months to September 30.

AMP will merge its bank and Australian wealth unit as part of another shake-up of its structure ahead of the deal to spin off its life insurance arm. The market, however, appears unconvinced.

Shares in wealth manager AMP fell to new lows yesterday for the embattled wealth manager. The latest selling came on news that one of Australia’s largest investment houses, the Australian Foundation Investment Company (AFIC), has sold its stake in the company.

Early signs show AMP has promise. One of the best in the past two years. It’s possibly time to nibble but not gobble – just yet.

The once-mighty but now very troubled wealth manager AMP has gone on bended knee to the investment community to ask for $650 million to help it remain afloat.

AMP shares are at a new all-time low as several analysts mull a big capital raising to offset the losses incurred by the company in being forced to keep its underperforming life insurance business.

Wealth management group AMP’s future has taken a major hit with the news yesterday that it is “highly unlikely” to finalise a $3.3 billion deal to sell off its life insurance business because of opposition from New Zealand’s central bank, and it will not pay an interim dividend for the June 30 half year.

Not before time: embattled wealth manager, AMP has scrapped short-term cash bonuses and cut directors’ fees for a second time in less than a year in an effort to avoid a second shareholder strike on remuneration and possible board spill at the annual meeting in May.

AMP shares hardly moved yesterday in the wake of Standard & Poor’s cutting the credit rating of the wealth manager for the second time since last August and warned there is a further cut to come that will see the embattled giant lose its A rating.

AMP has slashed its final dividend to 4 cents a share in the wake of the worst year in its financial history for more than a decade as the toll of the disclosures from the Hayne Royal Commission hit home.

More pain for suffering AMP shareholders with the company confirming a 96% slide in earnings in 2018 and as a result, the board has slashed the final dividend.

AMP has been forced to strongly defend the valuation and $3.3 billion sale of its life insurance arm to UK group Resolution Life after a Sydney-based fund manager was revealed as leading a group of shareholders critical of the deal and threatening to push for a special shareholder meeting to get rid of the board.

AMP shares have lost more than $2.3 billion in value after investors abandoned the company in the wake of news that it was to split itself up.

In a separate announcement, yesterday AMP warned its latest quarter had been challenging, thanks to a surge in the outflow of cash from its Australian wealth management arm, in part due to the royal commission disclosures

The AMP has provided another reminder that there appears to be a long list of problems in financial services just waiting to be uncovered by the royal commission.

More weakness for AMP shares yesterday after ratings group, S&P Global downgraded its rating on AMP Life, one notch to A+, in the latest fallout from the banking royal commission.