AMP does it
AMP policyholders vote yes to demutualisation.
Friday, November 21st 1997, 12:00AM
AMP Society policyholders have guaranteed themselves a healthy windfall by voting to demutualise the organisation.Policyholders voted overwhelming in favour of demutualisation at a meeting in Sydney on Thursday.
AMP chairman Ian Burgess described it as "a historic day in the on-going evolution of AMP."
"Demutualisation sets the scene for AMP Group's continued growth and success over the next century," he says.
"While AMP has significant financial strength, this new structure will give us the flexibility to use and raise capital more efficiently. This will allow us to respond rapidly and effectively to strategic growth opportunities," managing director and chief executive officer George Trumbull says.
AMP expects a prospectus will be sent to policyholders on April, and the group will list on the sharemarket later in the year.
The prospectus will provide information about the facility AMP intends to establish to assist existing shareholders to sell some, or all of their shares on or around the listing date.
Depending on their availability, AMP intends that shares sold through this facility will be offered to members, Australian and overseas investors, customers, employees, and AMP advisers.
Of the 10.7 million valid votes cast at the meeting, 98.3 per cent supported the demutualisation proposal.
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