Also the strategy seems to be falling apart.
The sale of NZ Wealth which was integral to the original 'reinvention strategy' has been canned. Expected to deliver $500 million.
The sale of Life was drastically delayed and the price reduced.The delay of the Life sale necessitated the dilution of shareholder by 10% with the raising of $780 million even though the company reported capital in-excess of the boards target surplus above MRR.
And now...to be announced...the New AMP Capital Strategy. In the original it was simply to grow AMP Capital.
Also of note is that the delivery of the cost savings ($300 million) seems to be delayed.
when will AMP HIT $3.00, page-2127
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