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AMP loses 43,000 investors owed $13m in dividends

AMP is trying to find 43,000 shareholders with whom it has lost contact, in the hopes of paying out $13 million in unclaimed dividends.

Many of the investors provided AMP with contact details that are no longer valid and AMP says it has exhausted all means to contact them.

The wealth manager has launched a website, findmyampshares.com.au, that lets people use a date of birth to see if they or a loved one has AMP shares.

The company says many shareholders are likely to be older retirees and it is encouraging younger family members to check on behalf of relatives who may not have internet access.

The lost holdings represent 22 million shares in total, with an average holding of 523 shares — worth $2.02 apiece based on Tuesday’s closing price.

Twenty-two thousand lost shareholders have dividends waiting for them, with an average windfall of $600, although one shareholder hasn’t claimed $25,000 in dividends, AMP says.

Shares were issued to all policyholders when AMP and National Mutual demutalised in the 1990s, so AMP has the third-largest shareholder base in Australia.

Most of the shareholders are Australian, but 4600 are Kiwis. Around 4400 have passed away, with 3.4 million shares waiting to be transferred to beneficiaries.


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