Magellan Global Fund Implements Conversion of Closed Class Units to Open Class Units
MAGELLAN GLOBAL FUND. (MGF) Share Update July 2024 Monday 22nd
Magellan Global Fund Converts Closed Class Units to Open Class Units
Magellan Asset Management Limited (MAM) has successfully implemented the conversion of the Magellan Global Fund's Closed Class Units to Open Class Units, following unitholder approval.
Instant Summary:
- Conversion Ratio set at 0.73604246 Open Class Units per Closed Class Unit.
- Conversion Record Date was 15 July 2024.
- 1,109,628,736 new Open Class Units issued.
- Total of 3,102,994,010.9277 Open Class Units now in issue.
- Fund to be removed from ASX official list after close of business today.
- New Open Class Units to commence trading on ASX AQUA Rules from 23 July 2024.
Conversion Details
Magellan Asset Management Limited (MAM), acting as the responsible entity of the Magellan Global Fund, has announced the successful implementation of the conversion of the Fund's Closed Class Units to Open Class Units. This conversion was approved by unitholders during meetings held on 26 June 2024.
The Conversion Ratio was determined to be 0.73604246, meaning that eligible Closed Class Unitholders who were registered as holders of a Closed Class Unit at 7:00 PM (AEST) on 15 July 2024 received 0.73604246 Open Class Units for every Closed Class Unit held on the Conversion Record Date.
New Units Issued
As a result of the conversion, a total of 1,109,628,736 new Open Class Units have been issued. Consequently, the total number of Open Class Units on issue in the Fund now stands at 3,102,994,010.9277.
Trading and Listing Changes
The Fund will be removed from the official list of the ASX after the close of business today. The new Open Class Units are expected to commence trading on the ASX under the AQUA Rules starting tomorrow, 23 July 2024.
The conversion from Closed Class Units to Open Class Units is expected to enhance liquidity and provide greater flexibility for investors. This change may positively influence the Fund's stock price as it opens up new opportunities for trading and investment. The removal of the Fund from the ASX official list and the commencement of trading under the AQUA Rules are significant milestones that could attract new investors and boost market confidence.
Investor Reaction:
Analysts have generally reacted positively to the conversion, noting that increased liquidity and flexibility are beneficial for both current and prospective investors. Some investors have expressed optimism about the potential for improved market performance following the transition to Open Class Units.
Conclusion:
Investors should closely monitor the trading of the new Open Class Units starting 23 July 2024. The successful implementation of the conversion marks a significant step for the Magellan Global Fund, potentially enhancing its market position and investor appeal. Staying informed about further developments will be crucial for making well-informed investment decisions.