Yesterday afternoon, AMP Ltd (ASX: AMP) announced the immediate suspension and upcoming removal of its AMP Capital Notes 2 (AMPPB) hybrid securities from quotation. The move follows the pending redemption of these notes, which only affects this specific security class.
What did AMP report?
- AMP Capital Notes 2 suspended from ASX quotation, effective immediately
- Notes to be removed from quotation following redemption announcement
- Redemption process covered under ASX Listing Rules 17.2 and 17.10
- This change only applies to AMPPB; no impact on other AMP securities
What else do investors need to know?
The suspension means investors will no longer be able to trade AMP Capital Notes 2 on the ASX, pending the formal redemption process. AMP has advised the redemption details will be confirmed in a separate announcement, along with lodgement of the required appendix for cessation of these securities.
If you hold AMPPB notes, this action does not affect your ordinary AMP shares or any other securities. The broader AMP business and its main ASX shares continue to trade as normal.
What’s next for AMP?
Investors can expect further announcements from AMP outlining the timing and process for redeeming the AMP Capital Notes 2. The company will also lodge the formal Appendix 3H to confirm cessation of these securities.
For holders of AMPPB, keep an eye on your broker or registry communications for details around payment and closure. Ordinary AMP shares and other quoted securities remain listed and unaffected.
AMP share price snapshot
Over the past 12 months, AMP shares have risen 5%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 2% over the same period.
The post AMP suspends AMPPB hybrid notes for redemption and removal appeared first on The Motley Fool Australia.
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