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Magellan board defends Bolton’s windfall amid ASIC probe

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The chairman of fund manager Magellan said the $75 million spent buying up options linked to one of its share strategies was a sound call that warded off an activist campaign led by Nick Bolton and Antony Catalano who profited handsomely from their options gambit.

Keybridge Capital, the company controlled by Mr Bolton and which counts Mr Catalano as a director, received a near $17 million windfall profit from the campaign when its 178 million options were acquired by Magellan.

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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/magellan-board-defends-bolton-s-windfall-amid-asic-probe-20241022-p5kkdh