Takeover, page-11

I worked for AMP for 6 years between 2009 and 2014. I owned quite a few shares through that time and did well, but sold out a little over a year ago, luckily at over $5.
It is a pity that such a long standing , in the main respected, institution has ended up a complete basket case.
Many of the good people have gone and they really appear to have no clear strategy to either get themselves out of this morass or indeed for future success.
Even before the RC smashed the share price, the Buyer of Last Resort arrangements were a massive future liability on their balance sheet, quite apart from the fact that BOLR is such a poor measure of a business value. Businesses (and I am talking about financial planning practices here) are, and must be, principally valued upon multiples of expected profit. BOLR on the other hand, by its most basic measurement, is calculated on a multiple of revenue with no regard whether it is profitable or not. It was the BOLR liability which was the key driver for my selling my AMP holdings.
Good luck to those who have the appetite to hold, but I fear it will still get worse before it gets better - at least for the Life company component of the business as the Bank and Funds Management arms seems okay - but will probably lose customers due to the whole of AMP being on the nose.