Magellan will spend $50 million to pay out options tied to its closed end fund.
That is a win for activist Nick Bolton who snapped up 178 million securities
Magellan says it acted because of a $160 million liability tied to the options.
Investor Nick Bolton has scored nearly a $20 million victory over Magellan after the fund manager agreed to buy $65 million worth of options over its flagship ASX-traded global shares strategy, putting its battle with the activist to rest.
Magellan will buy up to 650 million options tied to its $2.7 billion global fund, 178 million of which were acquired by Mr Bolton at less than a cent apiece.
Loading...
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
