Might be the catalyst to force the wind up sooner rather than later.
AFR Article - ASX MGF: Nick Bolton seeks like-minded activists for Magellan battle (afr.com)
Activist investor Nick Bolton has acquired more than 100 million options tied to Magellan’s ASX-traded global share fund as he dials up a campaign to force a possible wind up of the $2.9 billion trust, and bank a quick profit.
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Mr Bolton’s Keybridge Capital was revealed by The Australian Financial Review to have become a large option holder of Magellan Global Fund, which trades under the ticker MGF.
The relevant options, originally gifted to investors who can on-sell them, allow holders to buy into the fund at a 7.5 per cent discount to its net asset value. At present, they are out of the money.
While public disclosures reveal Mr Bolton’s Keybridge owned 32 million options as of June 30, 2022, sources close to the activist said he has bought a further 100 million. There are just over 1 billion options outstanding.
