Continuous Disclosure

19 July 2019

A Special Meeting of unit holders of the Airlie Australian Share Fund ARSN 623 378 487 was held on Friday, 19 July 2019 to approve the proposed amendments to the Fund’s Constitution as outlined in the Notice of Meeting sent to unit holders on Wednesday, 26 June 2019. 

The following resolution was passed by proxy with 100% of the votes cast in favour of the proposal: 

"THAT, the constitution of the Airlie Australian Share Fund ARSN 623 378 487 be modified in accordance with the provisions of the "Supplemental Deed" tabled at the meeting and signed by the Chairperson for the purposes of identification and that Magellan Asset Management Limited be authorised to:

(a) execute the Supplemental Deed and lodge it with the Australian Securities and Investments Commission; and

(b) implement and give effect to the actions and other matters contemplated in the Supplemental Deed and the Explanatory Memorandum accompanying this notice of meeting".

For details of the changes to the Constitution, please refer on the Supplemental Deed here.

28 June 2019

A unit pricing error has been identified in The Airlie Concentrated Share Fund (the “Fund”). The error is the result of management and trustee fees (the “fees”) not being calculated and charged to the Fund in accordance with the Fund’s Constitution.

Magellan Asset Management Limited (“Magellan”), Responsible Entity to the Fund, has assessed the amount of compensation owed to all investors in the Fund. Compensation was assessed as payable to investors (relative to their holdings in the Fund) if actual fees paid by the Fund each month were greater than the fees that should have been charged.

All existing investors that were adversely impacted by the error have been compensated by Magellan by way of additional units in the Fund. The compensation to exited unit holders (who were adversely affected by $20 or more) has been funded by Magellan and includes an allowance for the time value of money. Magellan has sent written communication about the error to all investors that were adversely impacted.