amp spin off deal for fee

AMP Ltd (AMP) Spin off

We write to advise you that AMP Ltd have recently announced a spin-off of its U.K business from its core Australian operations. The de-merged company, HHG will not be offered as a CFD by CMC and as a result client accounts will be adjusted accordingly.


Terms:

CMC will not be offering clients the opportunity to participate in the spin-off will be adjusting clients accounts on the 18-12-03 to take into account the decrease in price that has occurred as a direct result of the this corporate action. The price of AMP CFDs has declined from $5.77 down to $4.30. In accordance with section 5.12 of the Terms of Business CMC will action the following on client accounts:

Those clients who are long AMP CFDs will have their position sold at $5.77 and re-opened long at the price of $4.30.

Those clients who are short AMP CFDs will have their position bought at $5.77 and re-sold at the price of $4.30.

These adjustments are necessary to negate any profit or loss, which flows directly from the price adjustment caused by the de-merger of AMP Ltd