AMP claims vindication on Resolution transaction

13 November 2018
| By Mike |
image
image
expand image

Amid continuing shareholder disquiet over AMP Limited’s sale of its life insurance business to Resolution Life, the company has welcomed confirmation from the Australian Securities Exchange (ASX) that the transaction did not require shareholder approval.

AMP late on Friday issued a formal statement in which it said it had noted that the ASX had “reconfirmed its decision that there is no requirement for shareholder approval in relation to the company’s transaction with Resolution Life”.

It said the ASX had confirmed that the transaction did not represent a disposal of the company’s main undertaking.

The ASX regards the main undertaking of a business as accounting for more than 50 per cent of its revenue.

AMP said the underlying profit generated by the insurance business delivered 37 per cent of AMP’s profit to 31 December, last year, and 24 per cent based on the half year to 30 June, this year.

AMP had been fighting a rear-guard action on the Resolution Life transaction with a number of shareholders, including Merlon Capital Partners, agitating for an extraordinary general meeting on the basis of disputing the value gained from the sale.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 5 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 5 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 6 hours ago