Shares slip; SkyCity CEO and Qantas Loyalty chief resign; Liontown on halt; Magellan to convert Global Fund to open-ended; Gregg named Westpac chairman; Treasury launches 2054 bond. Follow updates here.
Magellan Asset Management has announced its intention to convert the Magellan Global Fund’s closed class units to open class units in aid of narrowing its discount to the net asset value. This follows a similar move by Forager Funds last week to pull the listed strategy from the ASX. The decision sent its shares rallying 9 per cent to $1.33 on Thursday.
On Monday morning, Magellan set a target date for the conversion meeting for the first half of calendar year 2024. The Magellan Global fund has been the target of a sustained campaign by Keybridge Capital’s Nicolas Bolton, who has been busy buying up the fund’s options and rallying unitholders to force the company to the negotiating table.
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