Douglass’ family sells 13m shares in Magellan
Magellan Financial Group has been notified that an entity associated with Hamish Douglass’ family has sold approximately 13 million ordinary shares in Magellan.
In the announcement made to the Australian Securities Exchange (ASX), the firm said the Partial Share Sale was executed on Monday through an after-market clock trade at a price of $9.10 per share.
The entity also entered into an undertaking with a Barrenjoey Group entity that undertook the block trade, not to sell any additional shares in Magellan for 12 months.
“I have full confidence in the Magellan investment team including the global equities team led by Nikki and Arvid. Consistent with my confidence in the team I have not sold any of our investments in any Magellan funds,” Douglass said in the ASX announcement.
He also advised that the rationale for the Partial Share Sale was for “family diversification purposes”.
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