AMP (ASX:AMP) share price slides amid NZ delisting news

Tuesday has brought big news for AMP’s New Zealand-based shareholders.
The post AMP (ASX:AMP) share price slides amid NZ delisting news appeared first on The Motley Fool Australia. –

The AMP Ltd (ASX: AMP) share price is falling this morning amid news the company is ditching the New Zealand Exchange (NZX) prior to its demerger next year.

The company will delist from the country’s exchange in February and all shares traded there will be automatically moved to the ASX.

At the time of writing, the AMP share price is 90.7 cents, 1.41% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.03% this morning.

Let’s take a closer look at today’s news from the financial services company.

AMP share price falls amid plan to leave the NZX

Come early February, AMP will be a sole listed company, with its shares only available to trade on the ASX.

According to the company, delisting from the NZX will help it simplify its shareholder administration. In a letter to New Zealand-based shareholders, AMP says:

The number of AMP shareholders who hold shares on the New Zealand exchanged has significantly reduced over time. Given the accessibility of the ASX to New Zealand-based shareholders, AMP considers delisting from NZX is an appropriate step.

After the company leaves the NZX, AMP’s New Zealand investors will need to approach a broker with the ability to buy and sell on the ASX in order to trade their shares.

The AMP share price opened 1.03% lower in New Zealand today and has been trading flat since.

The delisting will go ahead prior to the company’s planned demerger during which its Private Markets business will be split from the company. That’s expected to go ahead in the first half of 2022.

According to the company, NZX Regulation Limited, an entity charged with the NZX’s regulatory functions, has approved the delisting.

Though, it’s still subject to AMP meeting certain conditions. Investors who trade the company’s stock through the NZX don’t need to do anything ahead of the delisting.

AMP plans to stop the trading of its shares on the NZX at 5 pm on Wednesday 2 February. It will delist on 4 February.

Any formerly NZX-listed stock will trade on the ASX from 7 February.

Following the delisting, AMP will still offer its dividend in New Zealand Dollars. It also offers dividends in Great British Pounds.

The post AMP (ASX:AMP) share price slides amid NZ delisting news appeared first on The Motley Fool Australia.

Should you invest $1,000 in AMP right now?

Before you consider AMP , you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and AMP wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

What’s the outlook for the AMP (ASX:AMP) share price in 2022?

Why has the AMP (ASX:AMP) share price fallen 20% in a month?

November was a rollercoaster month for the AMP (ASX:AMP) share price. Here’s why

Own AMP shares? Here’s why the company could be looking to raise capital

Top brokers name 3 ASX shares to sell next week

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!