A “liquidation” value is mainly about the value of the assets...

A “liquidation” value is mainly about the value of the assets within AMP and how you value them. Do you value it as a group or as the value of each business sold stand alone? And at the moment we have life and advice businesses on the market from the banks.

There has been analysis over the last few months by professional analysts on a sum of the parts of AMP both as a group and stand alone businesses.

Under certain assumptions the value it produces is higher than the current share price, under other assumptions it is lower. I think the ranges I have seen were around 20% each way.

This makes sense when you read analyst reports with buy and sell recommendations and their price targets. It is also means that the market is pricing AMP fairly logically based on the information available and given the unknowns.