Magellan Global Fund Receives Court Approval for Unit Conversion
MGF (MGF) Share Update July 2024 Wednesday 10th
Magellan Global Fund Announces Supreme Court Approval for Unit Conversion
Magellan Asset Management Limited (MAM), as the responsible entity of the Magellan Global Fund (MGF), has announced that the Supreme Court of New South Wales has approved the conversion of Closed Class Units to Open Class Units.
Instant Summary:
- Supreme Court of New South Wales approves unit conversion.
- Conversion to be effective from 11 July 2024.
- Trading of Closed Class Units to be suspended from 11 July 2024.
- New Open Class Units to commence trading on 23 July 2024.
Approval and Conversion Details
The Supreme Court of New South Wales has granted approval for the conversion of Closed Class Units to Open Class Units for the Magellan Global Fund (MGF). This decision was made during the Second Judicial Advice hearing held earlier today.
The Supplemental Deed to amend the constitution of MGF will be lodged with the Australian Securities and Investments Commission (ASIC) on Thursday, 11 July 2024, making the conversion effective on that date. As a result, MAM will request the ASX to suspend trading of MGF units from the close of trading on the same day.
Key Dates and Timeline
The key dates for the conversion process are as follows:
- Effective Date: Thursday, 11 July 2024
- Suspension of Closed Class Units from trading on the ASX: Close of business on Thursday, 11 July 2024
- Conversion Record Date: 7.00pm (AEST), Monday, 15 July 2024
- Implementation Date: Monday, 22 July 2024
- Removal of MGF from the ASX Official List: Monday, 22 July 2024
- New Open Class Units commence trading on ASX under AQUA Rules: Tuesday, 23 July 2024
All dates and times are indicative and subject to change. Any updates will be made available on Magellan’s website at www.magellangroup.com.au.
The conversion of Closed Class Units to Open Class Units is expected to enhance liquidity and provide greater flexibility for investors. This move could potentially attract more investors to the fund, thereby positively impacting the stock price.
Investor Reaction:
Investors and analysts have generally reacted positively to the news, viewing the conversion as a strategic move to improve market accessibility and liquidity. Some investors have expressed optimism about the potential for increased trading activity and broader market participation.
Conclusion:
Investors should keep an eye on the upcoming key dates and monitor the transition process closely. The conversion to Open Class Units represents a significant change that could offer new opportunities for both current and prospective investors in the Magellan Global Fund.