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.
Recommended for you
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
Proper recordkeeping has been described as the “mortar between the bricks” of the advice process and critical to an FSCP decision as an adviser is suspended for failures in this area.
As investors increasingly seek to embed ESG considerations in their portfolios, a specialist adviser has offered tips for financial planners who may feel overwhelmed in tackling these complex topics with clients.
