mohl to roadshow in uk & us, page-2

Henrik

What a lot of people have failed recognise is why the stock was punished so much after the institutional placement at 550c. I can tell you from my dealings the following points are in play:

(1) The level of demand was so high by instos at 550c that their allocations were all scaled back substantially. In fact, many instos missed out altogether. This p#ssed some of them off to the point that thay sold off their "tiny" allocations in disgust;

(2) The underwriters (UBS) have a number of instos lined up to take the shortfall from the retail offer. This is most likely where the loyal instos will be rewarded. They will receive their original requestes at something well below 550c (if the current market pricing continues);

(3) As more information about the demerger is made clear the investment community will reaslise that there is substantial value in the AMP business that has been totally ignored. The value of the new AMP will be a lot higher and will attract a solid investor base - forget the scaremongering and media hype being espoused by headline grabbing journalists at present.

(4) The value of business synergies between AMP and any potential acquirer will be better understood and applied in the market value of AMP when the smart money "understands" who is getting onto the share register - ie pre-takeover speculation.

Just my thoughts...