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BRIEF-AMP Says Ares Will Not Proceed With Indicative Proposal For AMP

Published 11/02/2021, 07:46 am
Updated 11/02/2021, 07:48 am
© Reuters.
AMP
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Feb 11 (Reuters) - AMP Ltd AMP.AX :

* FY20 NPAT (UNDERLYING) OF A$295 MILLION (FY 19: A$439 MILLION)

* RESOLVED NOT TO DECLARE A FINAL DIVIDEND FOR FY 20

* COMMITTED TO RESTARTING GROUP'S CAPITAL MANAGEMENT INITIATIVES INCLUDING DIVIDENDS, SHARE BUYBACK AND OTHER CAPITAL INITIATIVES IN 2021

* CLIENT REMEDIATION PROGRAM IS NOW 80 PER CENT COMPLETE AND ON SCHEDULE TO FULLY COMPLETE IN MID-2021

* ADVISED LAST NIGHT BY ARES THAT IT DOES NOT INTEND TO PROCEED WITH ITS NON-BINDING INDICATIVE PROPOSAL FOR 100 PER CENT OF AMP

* CONTINUES TO ENGAGE CONSTRUCTIVELY WITH ARES IN RELATION TO AMP CAPITAL AS PART OF PORTFOLIO REVIEW.

* CONCLUDED REVIEW OF THESE ASSETS.

* CONTINUES TO REVIEW OPTIONS FOR MAXIMISING ABILITY TO GROW AND INVEST IN AMP CAPITAL INCLUDING EXPLORING PARTNERSHIP OPTIONS

* REVIEW CONFIRMED STRATEGY FOR AMP AUSTRALIA AND NEW ZEALAND WEALTH MANAGEMENT BUSINESSES LIKELY TO BE OPTIMAL OUTCOME FOR SHAREHOLDERS

* GOOD PROGRESS MADE WITH COST DELIVERY IN 2H 20 WITH BENEFITS EXPECTED TO FLOW INTO 2021 Source: https:// Further company coverage: AMP.AX

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