ASIC warns small AMP investors
The Australian Securities and Investments Commission has warned small investors in AMP about the company's $500 million share purchase plan. ASIC revealed it has concerns about the lack of detail provided on AMP's planned demerger, following discussions with AMP's chairman and CEO.
The regulator also said AMP had given shareholders “as much information as it can” about the proposed demerger. The announcement has also led to more speculation about AMP's financial health and suggestions that the SPP will be under-subscribed, fuelling rumours of a further equity-raising and early conversion of AMP's preference shares.