The Mayne Report: AMP, Transurban, Crown, Peter Mason and AFIC board tilt

AMP highlights the problems with placements When it comes to the ASX200, the pro-rata capital raising has never been less popular, something The AFR almost seemed to be crowing about on behalf of their investment banking sources last week in a piece headlined: “Quick ‘n dirty placements lose their dirtiness”. Quick and dirty placements certainly are back in vogue but what we saw from AMP last week highlighted the fundamental problem with selective issues of new equity that don’t respect the property rights of existing holders. AMP shares closed at a record low of $1.73 on Wednesday night before Thursday morning’s deluge of announcements which

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