One of our more popular requests is to sell AMP shares; here’s a bit of history and some clear instructions on how you can sell your AMP shares.
How most people received their AMP shareholding
AMP Limited listed on the Australian and New Zealand Stock Exchanges as part of the demutulisation on 15 June 1998. A total of 1.6 million people received AMP shares!
Demutualisation is the process by which a “mutual” organisation like AMP changes to become a shareholder-owned company. Demutualisation separates the interests of Members as owners from their contractual interests as Policyholders.
Are you wondering what you paid for your AMP shares?
If you are an Australian tax resident and sold your AMP shares after 23 December 2003, here’s how you calculate the cost base of the AMP shares held as at 23 December 2003.
- The original cost base was AU$10.43.
- Post the AMP demerger (23 December 2003) the cost base was reduced to approximately A$7.39
- Following the A$0.40 per share capital return in June 2005, the cost base was reduced to approximately A$6.99
- Following the A$0.40 per share capital return June 2006, the cost base was, reduced to approximately A$6.59
- Following the A$0.40 per share capital return June 2007, the cost base was reduced to approximately A$6.19.
If you purchased AMP shares prior to 23 December, 2003 through the pre-listing facility in June 1998, Share Purchase Plans, Dividend Reinvestment Plan, off market transfers or on market purchases the cost base is going to be different.
This is because the AMP demerger in December 2003 involved cancelling in total 29.1947766% of your AMP shares. The Tax Office considers each purchase of shares as an individual parcel and it was left to the taxpayer to decide which parcel(s) of shares were cancelled to arrive at the 29.1947766% total.
Further information can be found at the ATO website using this link – AMP Demerger Tax Information (opens in new window).
How do I sell AMP shares?
Our online share sale service makes it easy to sell your AMP shares. You start by providing information about you and your shares through our online secure form.
It is handy if you have your SRN handy. This is found on your AMP Holding Statement or Dividend Statement – it starts with an ‘I’.
How do I get the AMP sale proceeds?
Once you sell your AMP shares we will send you a contract note, which will detail:
- How many AMP shares you sold;
- The price the shares were sold at;
- Brokerage fee; and
- The net $ proceeds payable to you.
This money will be deposited into your nominated bank account, or we can cut a cheque if it suits (fee applies).
How long does it take to sell and get my money?
Using our Express Share Sale Service, your sale can often be processed the same day (if you get your submission in by mid-morning).
The funds will be deposited into your account on the 3rd business day following the day your shares are sold.
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