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BRIEF-AMP Announces Cost Reduction Program To Achieve A$300 Mln Annual Run-Rate Savings By FY22

Published 08/08/2019, 08:05 am
Updated 08/08/2019, 08:10 am
© Reuters.  BRIEF-AMP Announces Cost Reduction Program To Achieve A$300 Mln Annual Run-Rate Savings By FY22
AMP
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Aug 8 (Reuters) - AMP Ltd AMP.AX :

* COST REDUCTION PROGRAM TO ACHIEVE A$300 MILLION ANNUAL RUN-RATE SAVINGS BY FY 22

* A$650 MILLION CAPITAL RAISING VIA FULLY UNDERWRITTEN PLACEMENT TO INVESTORS AND ADDITIONAL SHARE PURCHASE PLAN FOR ELIGIBLE RETAIL INVESTORS

* CLIENT REMEDIATION ON TRACK FOR DELIVERY ON TIME AND IN LINE WITH INITIAL ESTIMATE.

* POST SALE OF AMP LIFE AND CAPITAL RAISING, PROFORMA ELIGIBLE CAPITAL ABOVE MRR IS EXPECTED TO BE A$2.6 BILLION

* FOLLOWING COMPLETION OF SALE OF AMP LIFE, INTENDS TO TARGET DIVIDEND PAYOUT RATIO OF 40-60 % OF NET PROFIT AFTER TAX ADJUSTED FOR NON-CASH ITEMS

* PROCEEDS FROM CAPITAL RAISING TO BE USED FOR IMPLEMENTATION OF NEW STRATEGY, FUND ONGOING GROWTH IN CORE BUSINESSES, AMONG OTHERS

* AMP LTD ANNOUNCES A$1.0 BLN - A$1.3 BLN PROGRAM TO INVEST IN TRANSFORMATION

* AMP ANNOUNCES 3-YEAR, A$1.0 BLN-A$1.3 BLN TRANSFORMATIONAL INVESTMENT PROGRAM TO DRIVE GROWTH, REDUCE COSTS AND DE-RISK THE BUSINESS Source: https:// https:// Further company coverage: AMP.AX

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