Magellan Global Opportunities Fund - Active ETF · ASX:OPPT
Magellan Global Opportunities Fund - Active ETF — Magellan Global Fund — Merger or Acquisition (August 2020)
14 slides from Magellan Global Opportunities Fund - Active ETF's merger presentation, Aug 5, 2020
Slide 1: Global Equities fund restructure
Global Equities fund restructure August 2020
Slide 2: Important information
Important information This presentation (‘Presentation’) has been produced by Magellan Asset Management Limited (‘Magellan’) ABN 31 120 593 946, AFS Licence No 304 301. Units in any funds referred to in the Presentation are issued by Magellan. This material has been provided for general information
Slide 3: Introduction
Introduction • Magellan Asset Management (“MAM”) has announced a proposed restructure of three Global Equities retail funds into a single trust that has two unit classes – Closed Class & Open Class • The restructure will involve: ‒ A unitholder vote to amend the Magellan Global Fund’s (“MGF”) consti
Slide 4: The journey to today
The journey to today March 2015 Pioneers Active ETFs October 2019 allowing investors to access actively managed Lists second closed- Today investment strategies via ended trust, offering the stock exchange partnership benefits Development of a dual class, single 2015 2016 2017 2018 2019 2020 trust,
Slide 5: MGF post restructure
MGF post restructure • Constitution of MGF to be amended to provide for two Magellan Global Fund unit classes – Closed Class and Open Class (existing registered managed investment scheme) • Familiar regulatory frameworks apply to the operation of each unit class: ―ASX Listing Rules apply to Closed C
Slide 6: Trust features summary
Trust features summary Magellan Global Fund Closed Class Open Class ASX (AQUA Rules) Access ASX (Official List / Listing Rules) Direct applications/redemptions off market with RE Responsible Entity and Magellan Asset Management Limited Investment Manager Investment mandate Global Equities strategy (
Slide 7: Key investor benefits
Key investor benefits • Greater flexibility in entering and exiting the Open Class Units • Greater liquidity in the Open Class Units • Enhanced transparency for all unitholders with units traded on ASX and identical disclosure across unit classes • Potential for improved secondary trading market in
Slide 8: Restructure key terms
Restructure key terms • Unit-for-unit with exchange ratio on a NAV-for-NAV basis • Investors will have an equivalent unit in MGF, both in value and fundamental rights • Members of each fund are required to approve resolutions to effect the restructure • Member meetings expected to be held in Q4 2020
Slide 9: MGF post restructure
MGF post restructure POST IMPLEMENTATION CURRENT STRUCTURE MGG MGE MGF MGF ($2.3bn) ($1.7bn) ($11.6bn) ($15.6bn) Closed Class Open Class ($2.3bn) ($13.3bn) IF IMPLEMENTED Receive Receive Continue holding Closed Class Open Class Units Open Class Units Units in MGF in MGF in MGF Direct investors On-ma
Slide 10: Entitlement offer & option issue
Entitlement offer & option issue • MGF is committing to undertake an entitlement offer, subject to implementation of the restructure and certain regulatory approvals • Entitlement of $1 of Closed Class Units for every $4 of MGF units (Closed Class and Open Class) Entitlement offer • Offer price set
Slide 11: Key option terms
Key option terms • Exercise ratio: one (1) Closed Class Unit to be issued on exercise • Exercise price equal to 92.5% of the prevailing NAV per Closed Class Unit at the time of exercise • Daily exercise, commencing after an initial exercise hold period with expiry three years from issue date • Quote
Slide 12: Illustrative example of restructure, entitlement offer and bonus options
Illustrative example of restructure, entitlement offer and bonus options With $10,000 Under the proposed Entitlement offer plus attached option Bonus Options . invested in... restructure they will… (assuming unit balance of $10,000 on the Calculation Date) Continue to hold $10,000 Not eligible MGF E
Slide 13: Summary
Summary • MAM has announced a restructure that is expected to deliver benefits to investors in MGF, MGG and MGE • Directors have recommended the restructure to unitholders* • Explanatory memoranda to be sent to unitholders ahead of unitholder meetings in Q4 2020 • Restructure implemented shortly the
Slide 14: www.magellangroup.com.au Phone: +61 2 9235 4888
www.magellangroup.com.au Phone: +61 2 9235 4888
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