AMP 0.18% $1.36 amp limited

amp to raise $400 million in placement

  1. 596 Posts.
    ASX Announcement
    5 November 2008
    AMP to raise $400 million in institutional placement
    AMP Limited has launched a fully underwritten institutional placement of shares to raise $400 million to further strengthen its balance sheet and increase flexibility for business growth.
    AMP also plans to offer Australian and New Zealand retail shareholders the opportunity to subscribe for up to A$5,000 of AMP shares through a Share Purchase Plan (SPP). The SPP price will be the lower of the institutional placement price or a 2.5 per cent discount to the average market price (volume weighted average price) during a period to be determined. Other details of the SPP are currently being finalised. A maximum of $100 million will be raised under this plan.
    As flagged in August, AMP has significant capacity to issue subordinated debt, which would qualify as lower Tier 2 capital, but has deferred that option for the time being.
    AMP is making the placement to enhance its capital position and increase business flexibility through the ongoing market turbulence.
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