AMP Carrot Bigger than its Stick
AMP sweetened the news of a 24.5% slump in half-year profit by also announcing a $1.1 billion capital return to its patient but long-suffering shareholders including a $350 million share buyback.
Read MoreTag: AMP
Market On Board with AMP Asset Sale Strategy
AMP shares enjoyed their best day for months yesterday after it sold the rest of its asset management business to a New York investment firm in a deal worth at least $462 million.
Read MoreAMP – Dexus Deal Consummated at Last
AMP has sold its real estate and domestic infrastructure equity business to Dexus FM in a deal valued at about $250 million, and is still looking to offload other parts of its shrunken empire.
Read MoreIntrigue Surrounds AMP Intentions for Collimate
If you read yesterday’s statement from AMP, you’d be excused for thinking that the sale of its Collimate assets is anything but a certainty, despite the many claims that Dexus has it in the bag.
Read MoreStock Snippets: SGR, CVN, AMP
Lots going on around the traps to kick the week off, and here is the latest news from Star Entertainment Group, Carnarvon Energy and financial sector stalwart AMP Limited.
Read MoreNo (Bad) News is Good News for AMP
Financial services firm AMP has reported a full-year loss of $252 million for 2021 but the company and its newish CEO, Alexis George wants the market to look elsewhere.
Read MoreAMP – Citi rates the stock as Neutral
Neutral (High Risk) and $1.25 target retained for now.
Read MoreAMP to Retain Office Trust
AMP shares closed up 2.6% to $1.165 yesterday after the company confirmed that it is going to retain management of its $7 billion Capital Wholesale Office Fund (AWOF), after exploring options to sell.
Read MoreAMP Shares Jump on Life Insurance Sale
Shares in beleaguered financial group AMP jumped 9.3% to $1.175 Wednesday on news that it will sell its stake in its old AMP Life (now Resolution Life) for a small profit.
Read MoreAMP: Life in the old dog yet
Signs of life after a near death experience for struggling Sydney based wealth manager AMP, as it revealed a 57% rise in interim profit on Thursday, helped by stronger AMP Bank earnings and investment income.
Read MoreAMP Flicks GEFI Assets to Macquarie
AMP continues to slim itself, announcing the sale of AMP Capital’s global equities and fixed income (GEFI) business to Macquarie Asset Management in a deal worth $185 million.
Read MoreLittle Reaction to ASIC AMP Action
AMP shares shrugged off legal action from ASIC involving the most notorious part of the Hayne Royal Commission – the company charging fees to people after they had died.
Read MoreASIC Proceeding with “Dead Fees” Case Against AMP
AMP will be quick to try and settle this ASIC case which involves the most notorious part of the Hayne Royal Commission two years ago – the company charging dead people fees.
Read MoreRelief Rally Sees AMP Bounce off Record Lows
AMP shares bounced in early trading on Friday after investors took heart that the mooted deal with US investor group, Ares had finally fallen over.
Read MoreAMP the Little Aussie Bleeder
Shares in AMP hit a new all-time low on Thursday after it reported more outflows in the March quarter from its shrinking wealth and asset management businesses.
Read MoreAMP Finally Confirms De Ferrari Exit
It took a week but AMP finally confirmed what the market whispers had been saying – ACEO Francesco De Ferrari will retire from the role.
Read MoreAMP Ares Deadline Passes with No Deal Done
More problems for the AMP with one of its most recent deals now looking problematic and perhaps linked to the reports that the CEO, Francesco De Ferrari is on the way out.
Read MoreTurmoil at the Top for AMP, TPG
Instability at the pointy end of two major companies, with TPG executive chair (and founder) David Teoh gone and AMP CEO Francesco De Ferrari on the way out.
Read MoreAMP Playing Musical Chairs Again?
Drama yesterday about the CEO’s position at AMP Limited as a report on the AFR website claimed CEO Francesco De Ferrari has resigned after two and a half years in the position.
Read MoreDexus Merger a Potential Fly in the Ares Ointment for AMP
Dexus yesterday finally revealed a proposal that could see AMP forced to alter or even abandon plans to sell a stake in AMP Capital to US investment group Ares.
Read MoreAMP Octopus Sheds another Tentacle
The dismemberment of the AMP asset base continues with AMP Capital announcing that it has sold its global fund management business to a Canadian asset manager called Fiera Capital.
Read MoreAMP to Sell off Part of Capital Arm
Struggling AMP has sold a stake in its key asset, AMP Capital to its one time US suitor, Ares in a $2.25 billion transaction.
Read MoreAMP – Macquarie rates the stock as Upgrade to Neutral
Having initially retained an Underperform rating after a first galance at AMP’s result yesterday, Macquaire has now decided to upgrade to Neutral. Target rises to $1.45 from $1.30.
Read MoreAMP Price Whacked on Ares Disappearing Act
AMP shares plunged yesterday by more than 10% after the company told the ASX that US firm Ares had withdrawn its takeover proposal.
Read MoreNo Div, No Bid Leaves AMP Shareholders in Limbo
No final dividend and no takeover offer from US investment firm Ares, so it’s back to the drawing board for AMP to see if management can improve the company’s performance.
Read MoreAMP – Citi rates the stock as Neutral
Citi analysts remain of the view that the optimum strategy for the AMP board to release value for shareholders is through spinning off some of the divisions. Neutral/High risk rating remains in place while the price target has improved to $1.60 from $1.55.
Read MoreAmerican Suitor Details Bid Price For AMP
If US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.
Read MorePrivate Equity Kickstarts Bidding War For Battered AMP
Struggling wealth giant AMP has confirmed that it has received a takeover proposal from an American private equity firm to acquire 100%, a move that will put the group into play.
Read MoreAMP Remains Under Pressure – Shares Slide
Shares in AMP fell more than 5% on Thursday after the wealth manager revealed another weak quarter with more than two billion dollars in investor outflows in the three months to September.
Read MoreOngoing Challenges: Moody’s Downbeat On AMP
AMP shares rose 3% yesterday in the wake of Moody’s cutting the company’s rating and pushing from the A level (high grade) into the top tier of the B level (more speculative).
Read MoreUnder-Pressure AMP Eyes Breakup
The struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.
Read MoreHigh Profile Trio To Exit Embattled AMP
AMP shares edged up yesterday in the wake of the shock exit of chairman David Murray and board room supporter, John Fraser, the former head of Federal Treasury.
Read MoreCapital Return Covers Over Messy AMP Result
Woohoo, investors loved the AMP’s loss-strewn June half-year report yesterday. The reason? The decision to return of capital to shareholders by way of a special dividend from the sale of AMP Life and a $200 million share buyback (subject to stability in the market).
Read MoreAMP Australia CEO Exit Raises More Questions Than Answers
Leaving more questions unanswered, the AMP has undergone another major change in senior management. The embattled financial services group yesterday revealed in a short statement that AMP Australia chief executive Alex Wade has stepped down effective immediately.
Read MoreLocal Reporting Picks Up Pace As AMP Warns, Super Retail Delivers
The pace of the Australian June 30 reporting season accelerates slightly this week. Among the handful of companies due to report including Resmed (Thursday), Insurance Australia Group (loss), News Corp (loss) and REA (Friday, a smaller profit).
Read MoreAMP – Macquarie rates the stock as Neutral
AMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.
Read MoreAMP Life Sale Clears RBNZ Hurdle On Second Attempt
The sale of AMP Life is expected to be done after the market closes next Tuesday, June 30 after the deal was ticked off by the Reserve Bank of New Zealand on Tuesday.
Read MoreAMP – Macquarie rates the stock as Neutral
AMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.
Read MoreUncertainty Reigns As AMP, Northern Star Withdraw Guidance
AMP shares bounced and those of gold miner, North Star resources slid yesterday after both withdrew their 2020 guidance.
Read MoreAMP – Citi rates the stock as Sell
Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn’t changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.
Read More