Interim dividend (c)nil; Special dividend 10c, payable on Oct 1
Troubled wealth giant AMP has thrown long-suffering shareholders a bone in the form of a 10¢ dividend and an on-market share buyback program of up to $200 million, as it confirms a 40 per cent plunge in profit.
The wealth management group will use the proceeds of the sale of its once core life insurance division to fund a return to shareholders of up to $544 million, including a special, fully franked dividend of 10¢ per share and a 12 month on-market share buyback.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
