Sharechat Logo

Takeover talk

Friday 27th September 2002

Text too small?
AMP chief executive Paul Batchelor fell on his sword with the assistance of shareholders and directors as the share price continued its freefall.

AMP stock has become umbilically linked to the fortunes of the UK's plunging FTSE 100 index. Since late March AMP's shares have fallen about 43%.

The company has 70% of its business in the UK, where the index has slumped in tandem with markets around the world.

Last Friday AMP revealed its Pearl insurance subsidiary no longer met the UK Financial Authority's capital adequacy rules and would need a £500 million ($1.65 billion) injection. AMP has calculated every 100-point fall in the Financial Times 100 index reduces its capital adequacy by £120 million and it may have to pump in more money if the index falls below 3700 points.

AMP listed in June 1998 with 274,000 New Zealanders on its register.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

CDC Independent Valuation - 30 June 2025
TruScreen Group Limited SPP Update
THL provides updated guidance
CEN - Greymouth gas deal
July 4th Morning Report
July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report