AMP 1.30% $1.17 amp limited

Exactly RC, they sold their shares over the 3 days after the...

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    Exactly RC, they sold their shares over the 3 days after the share trading halt and made $7.1M
    This time they sold another 20 M shares when AMP peaked last week.

    "Value investor Lazard, headed locally by Campbell Ray, spent $99.8 million buying a full 15 per cent of this month’s $650 million placement. Given Lazard only owned 6 per cent of AMP before the raise, this could have appeared as a significant vote of confidence in Francesco De Ferrari’s turnaround strategy. Or was it?

    Lazard’s updated substantial shareholding filed on Thursday showed that as soon as AMP came out of trading on August 9, it was a big seller, in the three trading days following offloading a total of 27.2 million AMP shares for $50.6 million.

    That’s 43 per cent of the 62.3 million shares it purchased in the capital raise. And luckily for Lazard, it sold on-market for an average price of $1.86, after having purchased stock in the deeply discounted institutional placement at a mere $1.60 a pop.

    This nimble trading, laid bare by Lazard's substantial shareholder status, allowed the asset manager to make an almost immediate $7.1 million, quite aside from any other gains it might make over time. And the feat was made possible thanks to joint lead managers Credit Suisse and UBS, which, with AMP, decided to price the new equity so cheaply. Credit Suisse, by the by, was the one handling Lazard’s block trade on August 12.

    Isn't arbitrage a wonderful thing."
 
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Last
$1.17
Change
0.015(1.30%)
Mkt cap ! $3.171B
Open High Low Value Volume
$1.17 $1.17 $1.16 $13.70M 11.72M

Buyers (Bids)

No. Vol. Price($)
3 33861 $1.16
 

Sellers (Offers)

Price($) Vol. No.
$1.18 22396 5
View Market Depth
Last trade - 16.10pm 29/03/2024 (20 minute delay) ?
Last
$1.17
  Change
0.015 ( 0.83 %)
Open High Low Volume
$1.16 $1.17 $1.16 2905064
Last updated 15.59pm 29/03/2024 ?
AMP (ASX) Chart
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