AMP rejects $1.4b CommIF bid
Jul 20, 2021 – 11.16am
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The independent board representing AMP Capital’s funds management business has rejected any takeover of its $1.4 billion Community Infrastructure Fund and junked any further discussions with suitors Plenary Group, Morrison and Co, and Palisade Investment Partners.
Ming Long, chairman of AMP Capital’s independent board committee.
Steven Siewert
The decision by AMP Capital Funds Management’s independent board committee came despite heavily depleted ranks of investment staff, several of whom jumped ship to Plenary last month, and after AMP Capital slashed fees for investors to match rival proposals.
However, the battle for the fund is not over, say some investors, who have raised concerns about the arms-length independent process and still wish to see the matter put to a vote, which would require 5 per cent of non-AMP investors to call an extraordinary meeting.
Investors take control amid AMP Capital exodus By Sarah Kendell 16 July 2021
Offshore investors in AMP Capital’s Global Infrastructure Fund II have closed ranks to ensure no further decisions are made around the fund’s remaining uninvested cash, as the fund manager deals with further departures from embattled executive Boe Pahari’s team.
It’s understood a meeting in May with the fund’s Limited Partner Advisory Committee (LPAC), made up chiefly of European investors in the closed-ended Global Infrastructure Fund (GIF) series, saw the committee implement a series of restrictions to ensure the remainder of uncommitted funds in GIF II were not invested without further consultation from the LPAC.
15 Jul 2021
Sydney Airport’s board has rejected an offer for the ASX-listed company to be acquired, labelling it “opportunistic” and saying the bid “undervalues” its true worth.
Sydney Airport shareholders were
made aware of the offer by a consortium of infrastructure investors last week, which was hoping to purchase 100 per cent of stapled securities in the company at an indicative price of $8.25 each, equating to a valuation of more than $22 billion.
The consortium comprises IFM Investors as trustee for IFM Australian Infrastructure Fund, Conyers Trust Company as trustee for IFM Global Infrastructure Fund, QSuper Board as trustee for QSuper, and Global Infrastructure Management LLC.
AMP investors wrest control of Pahari s GIF funds afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.