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Prior to announcing the proposed sale, AMP had been in contact with ASX and ASX had advised it, under the Listing Rules, that the sale did not result in a shareholder vote and that it was stood in that position on Monday.
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"The transaction does not constitute a divestment of AMP's main business – it will remain a diversified financial services company," said a spokesman for ASX.
The ASX spokesman pointed out that the decision was not under review, but said it was reviewing the correspondence of "some" fund managers and that, if a new fact had a decisive influence on the issue, it would be up to AMP to ask for further information.
Jeremy Leibler, a partner at Arnold Bloch Leibler, who advises Merlon Capital Partners on how to submit the sale to a shareholder vote, said the ASX had the discretion to act.
"AMP just comes from quite damning allegations brought before the royal commission, but [it] he felt comfortable conducting a transaction during which his own internal actuaries attributed $ 2 billion more than the proposed sale of this company, "said Mr. Leibler.
"WAS it not considered appropriate to request a report from an independent expert and make it available to shareholders?"
Mr. Leibler said other fund managers were in favor of a shareholder vote allowing disgruntled shareholders to call an extraordinary general meeting at which a vote could be taken.
AMP reiterated to Fairfax Media that it had engaged with ASX on the application of the Listing Rules and that the ASX had confirmed that shareholder approval was not required.
AMP President David Murray told ABC Television last week that it would be unrealistic to sell the market to shareholders. He stated that the shareholders had appointed directors to make those decisions for them.
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