Magellan Global Fund

The meetings will be held at Magellan’s offices commencing at 9.30am (AEST) on Wednesday, 26 June 2024.

Unitholders can participate in the meetings by lodging a vote for the respective Meeting as outlined in the Access Letter. It is recommended that Unitholders should lodge a directed proxy as soon as possible in advance of the Meetings even if they are planning on attending the Meetings in person.

The Explanatory Memorandum in Part 1 of the Unitholder Booklet provides further information on each Unitholder approval being sought and the Notices of Meeting contained in Part 2 detail how to vote and the arrangements for participating in the relevant Meeting. 

All Eligible Unitholders are being asked to approve changes to the Constitution to give effect to the Conversion; and

Eligible Closed Class Unitholders are being asked to approve, as a class, the variation or cancellation of class rights arising from the proposed amendments to the Constitution to facilitate the Conversion and to approve the delisting of the Fund from the Official List of the ASX.

The Meeting Resolutions will be validly passed as a special resolution if at least 75% of the total votes cast on a resolution are cast in favour of a resolution by the Unitholders entitled to vote.

• 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.

If you hold both classes of units, you are being asked to vote at both meetings. You will be voting once at the Meeting of closed class unitholders, and twice at the meeting for all Unitholders, both as a Closed Class Unitholder and as an Open Class unitholder.