6th February 2019
Magellan Asset Management is offering eligible holders the opportunity to participate in the Magellan Global Trust (ASX: MGG) Unit Purchase Plan which was announced on 29 January 2019. Eligible unitholders can acquire up to A$15,000 of new fully paid ordinary units in the Magellan Global Trust at a 5% discount to net asset value per unit without incurring any brokerage costs, on the terms and conditions of the Offer. New Units under the Offer will be eligible to receive the distribution of $0.03 per unit for the six months ending 30 June 2019.
To minimise dilution, Magellan Financial Group Limited, the parent company of Magellan, will pay the Magellan Global Trust an amount of consideration equal to the cost of the 5% discount to the NAV per unit from which the offer price under the Offer. The offer price to acquire New Units will be the lower of:
- $1.5327 (representing a 5% discount to the Magellan Global Trust’s NAV per unit on the day prior to the date of announcement of the Offer, being 28 January 2019); and
- The price which represents a 5% discount to the Magellan Global Trust’s NAV per unit on the day the Offer closes.
Therefore, the maximum price that Eligible Unitholders will pay is $1.5327 per New Unit.
Further details can be found at https://www.magellangroup.com.au/