Magellan Global Fund

The Effective Date is the date the amendments to the Constitution are brought into effect by the lodgement of the Supplemental Deed Poll with ASIC and when a request is lodged with the ASX to suspend Closed Class Units from trading at close of business on that day.

Conversion Record Date is the date a Closed Class Unitholder will have to be registered in the Closed Class Register in order to be entitled to Open Class Units in respect of the Closed Class Units they hold at that time as part of the Conversion.

The Implementation Date is the date the conversion is implemented by way of the redemption of all Closed Class Units and the issuance of Open Class Units to eligible Closed Class Units at the Conversion Ratio. Closed Class Units are expected to be removed from the Official List of the ASX on the Implementation Date.

Conversion Calculation Date is the Business Day immediately before the Implementation Date and is the date used to calculate the Conversion Calculation Ratio.  This is the ratio determining how many Open Class Units are to be issued to Closed Class Unitholders in consideration for redeemed Closed Class Units pursuant to the Conversion. 

Subject to receipt of the second judicial advice from the Supreme Court of NSW (expected 10 July 2024), implementation is expected to follow the payment of the distribution that Magellan determines to be paid for the period ending 30 June 2024. We expect that implementation will take place on 22 July 2024 with newly issued Open Class Units being tradeable from 23 July 2024 under the ticker code MGOC. There will be a period, expected to be 7 trading days, where Closed Class Unitholders will not be able to trade their MGF units after the Closed Class Units are suspended from trading on the ASX.

On the Implementation Date (expected 22 July 2024) all Closed Class Units will be redeemed and holders will be issued new Open Class Units. The number of Open Class Units to be issued will be calculated as:

= Conversion Ratio x Number of Closed Class Units held at the Record Date
   (rounded to nearest whole number of Open Class Units)

The Conversion Ratio will be calculated as the NAV per Closed Class Unit divided by the NAV per Open Class Unit on the Conversion Calculation Date (expected to be the business day prior to Implementation Date).

• • As an example, based on the respective NAV per Unit of each class on 30 April 2024 the Conversion Ratio is approximately 0.7363
  • So if you held 10,000 Closed Class Units you would be issued approximately 7,363 Open Class Units

Having the Conversion Ratio calculated based on the NAV (net asset value) will mean there is no diminution in the net asset value of an investment in the Fund for either Closed Class Unitholders (subject to rounding) or Open Class Unitholders.

It is not expected that the Conversion will materially impact existing Open Class Unitholders, with the number of new Open Class Units to be issued to be based on the respective NAV of Closed Class Units and Open Class Units on the Conversion Calculation Date. This will therefore be similar to other issuances of Open Class Units at the prevailing NAV per Unit, We encourage you to read the benefits, disadvantages and risks of the Conversion detailed in section 4 of the Unitholder Booklet which relate specifically to Open Class Unitholders.