Magellan confirms buy-back
Just days after confirming $5 billion in outflows, Magellan Financial Group has announced it will be proceeding with an on-market share buy-back of up to 10 million ordinary fully paid shares representing up to 5.4% of those on issue.
The possibility of the buy-back was flagged as part of the company’s interim results briefing in mid-February, with Magellan chairman, Hamish McLennan today stating the company believed it represented an effective way to enhance value to shareholders.
“The buy-back is consistent with our aim to deliver capital efficiency, solid dividends and attractive returns to shareholders with a focus on our core funds management business,” he said.
The company said the buy-back would be funded from Magellan’s existing cash and financial assets.
It has appointed Barrenjoey Markets and Ord Minnett to act as its brokers.
What a load of Poppycock ! Rules for Thee but not for ME ! If csnnot see the legal conflict…
So it's acceptable for a Superannuation fund using members' money to waste it in this instance? As trustee's, they have…
Four Years to process multiple Binding Death Nomination form. Four months is the minimum processing time for Australia SuperDeducting Insurance…
This is the equivalent of saying that no Fund should be disadvantaged by the NALI/NALE legislation... oh wait that legislation…
Are these guys for real? All they worry about is advertising and can't even pay a claim in a reasonable…