John Sevior was bought out by Magellan and now he’s sold out as share value shrinks

AFL Commission chairman Richard Goyder is nicknamed “over to you Gil” in some quarters.

It’s not just institutional investors bailing out on Magellan. The firm’s very own John Sevior, founder of Airlie Funds Management, seems to have dumped two million shares in the company over the past 12 months.

That’s hardly a vote of confidence in the ailing business. Actually, if anything, Sevior’s selldown brings to mind what Magellan co-founder Chris Mackay prophetically noted during February’s interim results. He said: “We will only be trusted if we deserve to be trusted.” And how’s that going?

Barely days ago Magellan announced that funds under management had once again declined to $50.9bn, with $3.2bn in outflows during September. That’s quite a way off from the $95bn heights of December 2021.

John Sevior with Hamish Douglass of Magellan Financial. Picture: Nic Long

Is that when Sevior decided to sell out? If so, at least he’s salvaged a bit of coin.

Sevior’s investment vehicle, Marsev Pty Ltd, received 2.7m shares in 2018 when Airlie was acquired by Magellan. Back then the investment fund was trading in the neighbourhood of $27, with the stock later peaking around $73 in the lead up to the Covid-19 pandemic.

But it’s been mostly sad declines ever since, with Marsev one of a long line of investors seeing fit to dump the stock.

Magellan closed up on Friday at $10.70.

Marsev was the sixth largest shareholder a year ago with about 2.5m shares. Magellan’s latest report indicates Marsev now holds just 539,944 shares, with another 203,761 options.

 

Bibi’s buddies

Why spend another minute being chased around by the paps? It seems James Packer has finally opted for a change of scenery, ditching his $250m gigayacht in Barcelona and making his way south for the secluded offerings in Argentina.

We’re hearing the billionaire and his entourage are headed for his private polo ranch of Ellerstina, about an hour outside of Buenos Aires, where he’ll spend the next few months considering ways of spending his loot, among other things.

But it’s events in the Holy Land that have caught our attention. That’s where former Israeli prime minister Benjamin Netanyahu is on trial in the Jerusalem District Court defending charges of fraud and breach of trust.

James Packer is a bit player in the trial of the former Israeli prime minister.

Packer, it seems, has emerged as a minor player in the hearings. The court heard he bought cigars and champagne for Bibi valued at $101,073 between 2014 and 2016.

There were also jewels allegedly gifted by Hollywood producer Arnon Milchan to Netanyahu and his wife, Sara, although the former PM insists these were provided out of friendship.

Milchan was a close friend of Packer and the pair shared several business interests. For a time Milchan was an investor with Packer in The Upside Corporation, started by Packer’s former wife Jodhi Meares.

Netanyahu’s trial is set to resume on October 24.

The dark web

Rich-lister Cathie Reid probably won’t be flying Qantas again anytime soon, having fumed on Twitter about the paucity of Wi-Fi service during her recent journey from Los Angeles to Brisbane.

Given the extortionate charges for an international flight these days, Reid asked followers how Qantas could “justify being the only international carrier who hasn’t bothered to turn their Wi-Fi services back on?”

She tweeted: “Thanks for the unexpected 13hrs downtime, not at all inconvenient.”

A reasonable gripe, and we gather she wasn’t travelling in the cheap seats either.

But why would Reid rail about the Wi-Fi to the petty vandals of Twitter when she has access to a higher power in Qantas chair Richard Goyder?

Cathie Reid is far from impressed with Qantas. Picture: Instagram

Reid, after all, is a director of the Brisbane Lions and Goyder, of course, double-hats as chair of the AFL Commission. Then again, from what we’re hearing, that doesn’t mean he’s going to do all that much about her concerns.

So renowned has chairman Goyder become for deferring questions to AFL chief Gillon McLachlan during meetings that privately he’s been nicknamed “Over to you, Gill” by some officials.

Might it be the same story around the board table at Qantas? We already know Goyder has a soft spot for Alan Joyce, who he dubbed “the best CEO in Australia by a length of a straight”.

We’re guessing that Reid’s concerns are likely to be flick-passed in the same way. Guess it’s over to you, Alan.

Bombers bruised

Retail millionaire and Essendon club director Andrew Muir has kept a low profile during the dumpster fire that’s engulfed the Bombers and its cancelled CEO Andrew Thorburn.

And from what we’re hearing, there could be sound reasoning for this dignified silence. Perhaps some manoeuvring in the works?

Muir, a lifelong Essendon supporter, has been on the David Barham-chaired Bombers board since 2015 and counts membership on two of the club’s committees.

Apparently he’s been making a number of calls in recent days to sound out support as a replacement for Barham, whose position is looking rather precarious.

How fortuitous, too, that Muir has recently slimmed down his portfolio. We hear he’s sold the business he founded in 2007, Best Friends Pet Care, in a deal that was quietly completed with PETstock group.

He’s also stepped off the board of The Good Foundation, a charity he founded in 2010. Watch this space.