AMP launches facility for small shareholders
October 16, 2009
AMP Limited (AMP) launched a share sale facility whereby shareholders with small parcels of shares would be given the opportunity to sell their shares without brokerage or transaction costs. The company said the facility would be available to eligible shareholders with registered addresses in Australia, New Zealand or the United Kingdom for a period of five weeks commencing on 19 October until 20 November 2009.
AMP said Australian and New Zealand shareholders would be eligible to participate if they held 500 or less AMP shares on 11 September 2009, while for UK shareholders it is 750 of less shares on the same date.
The funds manager and insurer said it was responding to enquiries from retail shareholders about how they can sell small parcels of shares without incurring a brokerage fee.
AMP said Australian and New Zealand shareholders would be eligible to participate if they held 500 or less AMP shares on 11 September 2009, while for UK shareholders it is 750 of less shares on the same date.
The funds manager and insurer said it was responding to enquiries from retail shareholders about how they can sell small parcels of shares without incurring a brokerage fee.
“From time to time AMP has offered a brokerage-free share sale facility for small shareholders and this is the latest such share sale offer,” the company said.
AMP said it has about 420,000 shareholders with 500 or less shares, many of whom became retail shareholders when AMP demutualised and listed on the Australian Securities Exchange in June 1998.
“Shareholders participating in the AMP Share Sale Facility will receive a sale price per share sold equal to the volume weighted average price per share of all AMP shares sold through the AMP Share Sale Facility on ASX during the sale period,” the company added.
As at 1106 AEST, AMP shares were down 12c to $6.73.
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