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AMP, AMP LIMITED
blacksheep
post Posted: Jan 23 2019, 12:51 PM
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QUOTE
AMP shares are down 1.5 per cent at $2.59 and IOOF shares are down 3.7 per cent at $5.52.

Macquarie says AMP and IOOF have failed to make adequate arrangements to repay customers for practices unearthed by the Hayne royal commission.

The analysts at Macquarie estimate the two companies need to make additional provisions of more than $2 billion, James Frost reports.

Short positions as at 17th January, 2019 = 6.54%
https://www.shortman.com.au/stock?q=amp
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 31 2018, 02:03 PM
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In Reply To: blacksheep's post @ Oct 27 2018, 01:44 PM

SP up currently 7.14% @ $2.475.

Short positions also up - as at 25 October 2018 = 6.28%
https://www.shortman.com.au/stock?q=amp

extract from Michael Wests' art6icle - Schemozzle: AMP sells life insurance to asset acrobats from Bermuda
QUOTE
A quarter of its value wiped in a week, litigation funders circling and its chairman and chief executive under under the gun. The woebegone AMP has flogged its once mighty life insurance business, tipping a million life insurance policyholders into the warm embrace of some bust-up merchants from Bermuda. We can’t expect too much in the way of exertion from our corporate regulators but ASIC and APRA must surely take a long, cold look at this deal. Michael West reports on the history of the incredible shrinking AMP.

No, he’s not dead, he’s restin’
Monty Python.

AMP boss Mike Wilkins billed it “a major step forward in reshaping AMP as a simpler, more focussed group”. There is nothing much simple though about the sale of Australia’s most ancient life insurance business to the Bermuda-based Resolution Life, an outfit renowned for juggling assets.

Billed as a $3.3 billion deal, AMP gets only $1.9 billion of that in cash. The other $1.415 billion is satisfied by bits of Bermudan paper which don’t look terribly liquid: $300 million of preference shares in a Resolution entity, an “economic interest in future earnings from the mature business” – whatever that is – and $515 million shares in Resolution itself.

It’s a bit like saying, “I’ll buy your car. Here’s half the cash upfront, an IOU and some shares in my company in Bermuda. If it goes okay, you’ll get the rest later for sure”.

This latest “restructure” of AMP has been sold to the sharemarket as a fait accompli but the sharemarket is hardly thrilled. In AMP’s defence, it has been a shocking week for sharemarkets globally. Still, AMP shares closed an eye-watering 27 per cent lower. Jobs-on-the-line material.

Reaction in the press has been the usual ponderous stuff.


read more - https://www.michaelwest.com.au/schemozzle-a...s-from-bermuda/

Fifth Pillar crumbles: why AMP policy-holders’ losses are Resolution’s profits.
https://www.michaelwest.com.au/fifth-pillar...utions-profits/

Gun slinger lawyer fires up AMP activist battle
QUOTE
Street Talk understands ABL partner Jeremy Leibler is advising Merlon Capital Partners - the AMP shareholder that has taken strong exception to the financial services company's board and its decision to sell its wealth protection and mature business units
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https://www.afr.com/street-talk
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 27 2018, 01:44 PM
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In Reply To: early birds's post @ Oct 26 2018, 06:58 AM

AMP shares extend falls as support dissipates
QUOTE
"This transaction has put a chainsaw through the business ... It's a terrible deal for shareholders. After expenses and costs they are selling it for 0.5 times embedded value."

https://www.afr.com/business/banking-and-fi...20181026-h174ng
QUOTE
Mike Wilkins says the problem isn't so much the outflow but the lack of inflow. Morgan Stanley

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

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early birds
post Posted: Oct 26 2018, 06:58 AM
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In Reply To: blacksheep's post @ Oct 25 2018, 06:33 PM

AMP shares have posted their biggest one-day fall ever as a powerful sharemarket rout and fallout from the Hayne royal commission collided with the decision to break with 100 years of history and sell its life insurance business.

More than $2.4 billion worth of shareholder value was destroyed in a day which included a broad market sell-off, a revelation that the wealth giant was attracting fewer new customers and a complex move that AMP would sell its insurance business, float its New Zealand operations and reinsure its NZ life portfolio with Swiss Re.

The sharp rise in the amount of money walking out the door at AMP was received poorly on a day when investors ran for the exits, sending the shares down 24.7 per cent at the low point.

The outflow of funds caused by customers pulling money out of the wealth manager rose sixfold to $1.485 billion for the September quarter from $243 million in the corresponding quarter last year.

Acting AMP chief executive Mike Wilkins said while the outflow of funds was steady year on year the revelations from the Hayne royal commission were damaging the business.

"The issue is the lack of inflow [new customers to AMP] and I think the industry super funds are continuing to benefit from that and I think it will at least continue until the final report is issued," Mr Wilkins said.

After a year-long strategic review, Mr Wilkins said the deal to sell its life business to UK giant Resolution Capital for $1.9 billion in cash, $300 million in preference shares, $515 million in equity and a $600 million economic interest in future earnings at a discounted rate was the right strategy for the company.

"I think it takes a while to digest these types of deals and we will be talking to shareholders progressively when we can," Mr Wilkins said.

'Attractive return'
He said the transaction, which was valued at $3.45 billion, would see the company receive about $110 million after tax annually which he described as "an attractive return for a passive investment".

AMP will emerge with a stake in Resolution Life founded by UK insurance entrepreneur Sir Clive Cowdery, who was estimated to have a personal fortune of £147 million in a UK rich list in 2017.

AMP shares fell at the open of the sharemarket and kept falling steadily throughout the day to close 81¢ or 24.47 per cent down to a record low of $2.50.

The fall is far bigger than the 8 per cent drop the company posted after the collapse of Lehman Brothers on September 15, 2008, and the 11.4 per cent fall it suffered a few weeks later on October 10, 2008, during a global market meltdown.

The sell-off combined with the newer and slimmer business operations will also likely see AMP fall out of the ASX 50 and may trigger further selling by index investors.

The development follows a string of disasters for the diversified financial services giant which was exposed for charging customers fees without providing a service, lying to the regulator about the problem and doctoring a report it presented to ASIC as independent.

Continued outflows
AMP's chief executive, Craig Meller, and chairman Catherine Brenner resigned over the debacle with financial services veteran David Murray brought in to clean up the mess and former Credit Suisse banker Francesco De Ferrari appointed to take the reins as chief executive in five weeks.

Argo Investments owned $47 million worth of AMP shares as of June 30. Senior portfolio manager Andy Forster noted AMP's issues of continued outflows and sharply lower inflows were unlikely to be solved by the three simultaneously announced measures yesterday.

"It's obviously pretty complex and will take some time to be completed," Mr Forster said of the deal.

Morgan Stanley analyst Daniel Toohey said while the flows were bad they were not unexpected. He did, however, highlight $85 million in lost earnings from wealth management and $40 million in stranded costs as a surprise.

"The missing piece to the puzzle is there is a lot of capital to be released and there are clearly costs to come out which have not been announced," Mr Toohey said.

AMP will exclude second-half earnings from "discontinued businesses" in determining the full-year dividend, advising the market that it will be at the lower end of its target of 70-90 per cent of underlying profit further agitating shareholders.

Mr Wilkins also said it had been a challenging quarter for the wealth business which was "not surprising given the reputational impact of the royal commission we flagged at half year".

Subject to approval
AMP's cash outflows were broadly steady at $7.970 billion for the third quarter compared with $7.993 billion for the prior corresponding period but cash inflows were considerably lower at $6.485 billion for the quarter compared with $7.750 billion the previous corresponding period last year.

The transaction will cost $320 million subject to approval from Federal Treasurer Josh Frydenberg, the Foreign Investment Review Board, APRA, the Reserve Bank of New Zealand and New Zealand's Overseas Investment Office.

When completed the deal will see as many as 800 AMP staff transferred to the new business.

In more fallout from the Hayne commission, Mr Wilkins said the company would no longer be focused on overall numbers of financial advisers but that the business would be more concerned about attracting a professional, compliant and productive cohort.

He also made the point that customers are taking longer to decide whether they will invest with an AMP adviser than previously.

"There is some concern out there and I think that as people are turning up at the door it is taking longer for that to translate into business flows and some of those business flows are going elsewhere," Mr Wilkins said
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https://www.afr.com/business/banking-and-fi...20181025-h173da

sound alarming for AMP. looks only thing can save this thing will be " too big to fall"??????? unsure.gif




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blacksheep
post Posted: Oct 25 2018, 06:33 PM
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In Reply To: blacksheep's post @ Oct 2 2018, 01:44 PM

A picture is worth a thousand words - loser of the day down 24.47% Bargain of the day???? I'm not so sure. Perhaps this line (below) in their update today had a grater impact on the SP decline than general global market conditions? Volume was 97 mil - obviously someone bought expecting to make a killing on a possible rebound. Lets hope they do.

QUOTE
AWM net cash outflow of A$1.5 billion reflects continued weakness in inflows and elevated outflows


Short positions as at 19th October, 2018 = 5.73%
https://www.shortman.com.au/stock?q=amp

Daily chart
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6 monthly chart
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20 year chart
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
joules mm1
post Posted: Oct 25 2018, 05:02 PM
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bargain bin .....someone thinks so

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. . . . . . . . everything has an art.....in the instance of the auction process, the only thing, needed to be listened to; price
 

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plastic
post Posted: Oct 18 2018, 02:22 PM
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In Reply To: joules mm1's post @ Oct 18 2018, 01:50 PM

Bad news pending...



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What did Uncle Mel do to us?
 
joules mm1
post Posted: Oct 18 2018, 01:50 PM
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observation
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breaking both symmetries (boxes) and daily close above the channel supports the rising bid volume




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. . . . . . . . everything has an art.....in the instance of the auction process, the only thing, needed to be listened to; price
 
blacksheep
post Posted: Oct 2 2018, 01:44 PM
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In Reply To: blacksheep's post @ Sep 28 2018, 03:43 PM

ASIC poised to drop hammer on AMP
extract
QUOTE
AMP is meanwhile expected to face charges under the Corporations Act and the ASIC Act for lying to the regulator about charging fees to which it wasn't entitled and presenting a report that went through 22 drafts as 'independent'.

The embattled financial services giant was hung out to dry in the interim report, which confirmed that AMP misled ASIC over a two-year period and reflected "a persistent and prevalent attitude of senior persons within that it is acceptable to deal with ASIC other than frankly and candidly".

"AMP accepted that it was open to the Commission to find that the fees for no service conduct was attributable, at least in part, to the culture and governance practices within AMP. I make that finding," Commissioner Hayne said.

Commissioner Hayne said he had no specific findings to make about former chairman Catherine Brenner, former chief executive Craig Meller or former general counsel Brian Salter as he had not heard evidence from them. He also noted he need not consider referring the matter to ASIC because it was "under active consideration".

read more - https://www.afr.com/business/banking-and-fi...20181001-h163hp
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Sep 28 2018, 03:43 PM
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Royal Commission Interim Report handed down - all the banks are flying - AMP up 1.75% currently @ $3.20
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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