AMP 2.46% $1.19 amp limited


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    2. Financial services group AMP Limited (AMP) is reportedly finalising plans for a $1.15 billion rights issue. According to the Australian Financial Review today, AMP is expected to conduct the capital raising, which was flagged at the company's results briefing last month, in November. The issue is believed to be aimed at improving the financial position of AMP's Australian operations before they are separated from the insurance giant's troubled United Kingdom business. The capital raising will be used to pay back the holders of reset preference shares and put AMP in a stronger position in the event of a takeover bid. "AMP has engaged three investment banks Macquarie, Deutsche and UBS to put the finishing touches on the proposal and the company is holding talks with regulators in the United Kingdom and Australia over what its capital structure would look like after the planned demerger," the paper said. The newspaper also said AMP is expected to announce within days that it has sold its biggest rural property asset, Stanbroke, for more than $400 million. It said deliberations were down to two parties, including Peter Holmes a Court's Australian Agricultural Co. (AAP)
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