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AMP warns shareholders to avoid below market offers

Friday 26th October 2007

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AMP is urging its New Zealand retail shareholders not to accept unsolicited offers to buy their shares at prices significantly below their current market value.

Some AMP shareholders have recently received such offers through letters from a group called Colonial Capital Corporation (CCC).

CCC is a company associated with David Tweed. Tweed has become well known in Australia for contacting shareholders of companies, particularly those with a large base of retail shareholders, with offers to buy shares at discounts to their market value.

CCC is currently offering some shareholders $15 per share, payable in 15 annual instalments of $1. This equates to $8.37 in today's money and is significantly lower than AMP's closing share price of $12.21 on October 26, AMP says.

"AMP is in no way involved or associated with this offer by CCC," AMP general manager of Public Affairs, Jane Anderson says.

"We strongly suggest shareholders not to accept this offer as it is significantly below the market value of the shares,".

"It would be of great concern to me if any AMP shareholder accepted an offer to sell their shares for less than their market value," Anderson says.

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