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.
Treasury might as well get the longest stick in the bush because they clearly enjoy flogging advisers with bogus Levi's.…
Another levy on financial advisers. This is just blatant persecution.
Here comes another moral hazard. It just encourages the bureaucracy to bloat at the expense of productivity and prosperity.
Rules only apply to some, generally if your cheque book is large enough then you are ok to do whatever…
This is the sort of rubbish that comes out of the modern version of Treasury advice. The boys over in…