AMP puts halt to share trading
AMPhas today placed a trading halt on its shares after they plunged more than 7 per cent yesterday on the back of investor concern about the group’s UK based Pearl operations not meeting its minimum regulatory capital requirements until the end of the year.
The share price tumbled to an all-time low of $11.84 which was 40 per cent below this year’s high of $19.63, achieved at the end of March.
The financial services giant has suspended trading of its shares until Tuesday, or at least until the group releases a statement to the market regarding its Pearl business.
Yesterday, the company confirmed that it replaced assets in its UK businesses inadmissible for UK regulatory purposes with admissible assets to the tune of $1 billion.
It also announced the closure of AMP Pearl and AMP London Life annuity and with-profits bond products, as well as a review of bonus declaration levels and a reduction of UK equities exposure.
When contacted, AMP would not comment any further pending the announcement released to the market, expected today.
AUTHOR
Lachlan Gilbert
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