AMP Limited has confirmed that all the regulatory approvals around the sale of life insurance business to Resolution Life have been completed.
It has told the Australian Securities Exchange it now expects the transaction to complete after the market closes on 30 June.
It said it would be providing an update to the market on 1 July.
Comments
For those that missed it, AMP is not an ASX50 stock from Monday due to the changes to the Index. See ASX announcements.
This sale will provide only a brief respite for AMP shareholders IMHO. I just can't see this Group doing well over the next few years.
Yes Sullivan, I did notice that when I went onto the ASX website yesterday. No longer on the front page in the alphabetically organised ASX 50 index. One of the companies that replaced AMP in the ASX 50 index was A2 Milk, which now appears on the ASX home page on top of the alphabetically organised ASX 50 index. A2 Milk, worth $0.56 in March 2015, now almost $18.00 a share. The tale of two companies. If only AMP had moved to diary products in 2015. Australia Milk Products (AMP) or Australian Milk Provident (AMP) sounds fine . Some people would say they have been milking people for years so I wouldn't be that much of a change. Also AMP was on the front page of the ASX most of the day closing up 7.65% for the day. Imagine what would have happened if the Resolution Life sale didn't proceed?
Add new comment