http://www.smh.com.au/news/Business/AMP-pushed-up-as-capital-return-looms/2005/01/18/1105810915044.html
AMP pushed up as capital return looms
By Lisa Murray
January 19, 2005
The prospect of a $1 billion-plus capital return for investors has boosted AMP's share price to its highest level in almost two years.
Chief executive Andrew Mohl, who was speaking at the company's financial planners conference in Auckland yesterday, is expected to update the market on AMP's capital management plans at its full-year results on February 14.
In a report released yesterday, JP Morgan insurance analyst Shane Fitzgerald estimated AMP's surplus capital at almost $600 million and said the group was capable of returning double that amount to shareholders.
Mr Fitzgerald said that AMP was unlikely to "fire off all cannons at once" but investors should not underestimate the potential for a big capital return. He expected the company to return capital through a special payment to shareholders of up to $900 million and debt reduction of up to $350 million.
AMP shares jumped 17c yesterday to close at $7.60, their highest level since February 4, 2003, when the company was plagued by capital problems and on the verge of announcing the amputation of its gangrenous UK arm, now HHG.
Some brokers also said AMP's share price was being boosted by lingering rumours that ANZ was running the ruler over the wealth management group.
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