Activist Nick Bolton wants Magellan to wind up a $2.65 billion fund
He’s called a meeting if unitholders, but Magellan says it may not be legal
At stake is the value of millions of options bought by Mr Bolton
The battle between Magellan and activist Nick Bolton is headed to court after the fund manager decided to legally challenge Mr Bolton’s right to convene a meeting of unitholders in its closed end fund.
Magellan asked the New South Wales Supreme Court to rule whether Mr Bolton’s meeting request was valid.
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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
