AMP 1.53% $1.94 amp limited

spp update -

  1. 635 Posts.
    If correct this is the best part of the announcement :

    " AMP has been advised by UBS that it has received quality demand, in excess of the shortfall, from a broad range of domestic and international institutional investors."

    Otherwise UBS will draw down big on their line of credit.

    With Mohl on the road selling the AMP story in UK & US the AMP stock should see some exposure to the larger institutions and fund managers. A good job at this and we could see some improvements in the AMP price.
    Volatility will be there for a good while I guess.

    Any comments ???

    Holding AMPISX
    ==========================================
    AMP LIMITED 2003-06-18 ASX-SIGNAL-G
    HOMEX - Sydney
    +++++++++++++++++++++++++
    AMP today announced details of its Share Purchase Plan (SPP), which formed part of the capital raising for the proposed demerger of the company.

    Under the SPP, approximately 29,000 eligible sareholders subscribed for around A$96 million worth of shares out of a total underwritten issue size of A$500 million.

    AMP will raise the full A$500 million as the SPP is underwritten by UBS. In terms of the underwritten shortfall, AMP has been advised by UBS that it has received quality demand, in excess of the shortfall,
    from a broad range of domestic and international institutional investors.

    AMP Chief Executive Officer Andrew Mohl said AMP had raised a total of A$1.72 billion to facilitate the proposed demerger of the company, announced on 1 May 2003.

    He said AMP had included the SPP as part of its capital raising to ensure equity for retail shareholders.

    "We have a large retail shareholder base, reflecting AMP's demutualisation five years ago, and we felt it was important that these holders were provided with the opportunity to participate in the capital raising following the institutional placement," Mr Mohl said.

    The pricing period for the SPP will commence on 23 June 2003 and close on 11 July. The final price that shareholders will pay for shares will be announced on 14 July 2003. Ordinary shares under the SPP will be offered at the lower price of:

    * A$5.50 (the price at which institutional investors subscribed for shares under the recent institutional placement), or

    * a 5 per cent discount to the average market price of AMP shares calculated during the pricing period.

    MEDIA INQUIRIES INVESTOR INQUIRIES
    Karyn Munsie Mark O'Brien
    Ph: 9257 9870 Ph: 9257 7053
    0421 050 430


 
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