UK arm of AMP unveils listing details
The UK-arm ofAMP’s operations, HHG, has taken an important step towards establishing itself as a separate entity by unveiling details of its $246 million listing on the London Stock Exchange (LSE), scheduled for December 23.
The listing will proceed if the proposal is approved by AMP shareholders at an extraordinary general meeting on December 9 and subsequently accepted by the Federal Court.
London-based HHG chief executive officer Roger Yates says the “Listing Particulars” represent a positive step towards establishing HHG as an independent entity.
“Listing on the LSE, in addition to theAustralian Stock Exchange, ensures the group’s businesses can be appropriately viewed and measured against their peers in the context of their home market. We have worked hard over the past few months to prepare for independence and, with significant restructuring complete, the foundations are now in place,” Yates says.
Separate from AMP Yates says HHG will be a major financial services group with net assets exceeding $1.5 billion.
The net proceeds of the raising will see the initial $123 million being used to acquire a controlling interest in Henderson, with the next $123 million being held by the group for “general working capital purposes”. Any additional capital raised in the global offer will be used to increase HHG’s interest in Henderson.
AUTHOR
Craig Phillips
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