I first became involved as an investor with the GIO Australia Holdings Limited in July 1992 when there was going to be a float to convert the old Government Insurance Office of NSW into a public company limited by shares and listed on the ASX. This insurance icon of the State of New South Wales was first established in 1927. The State Government in 1992 was convinced that the privatisation 'road' was the best option for the people. Thus the road to public floating was in the pipeline!
      It is necessary for readers to have a brief outline of GIO Australia Holdings Limited company, for in August 1998 the biggest life assurance and general insurance company in Australia, AMP Limited, launched a hostile and unwanted takeover offer for GIO Insurance. This subsequently turned out to be a disastrous decision by the AMP Board. The ensuing very sour and bitter takeover fight lasted 17 months, from August 1998 to December 1999. This was a very long period unprecedented in Australian corporate history. The value of the proposed takeover was $3 billion, which was also an enormous takeover price at the time.
      There was also a much-publicised and media-reported period of hostilities until 4 January 1999, when, against all odds, the AMP Limited wrested control of 57.47 per cent of the voting shares in GIO which became a controlled entity from that date.