The activist investor has told them that, if the discount in the Magellan Global Fund persists, they are leaving “some $500 million on the table”.
Nick Bolton is stepping up his campaign against Magellan Financial’s Global Fund, writing to a select group of unitholders last week and asking them to join him to force the company to the negotiating table.
Of course, that’s a world away from what Bolton was apparently telling Magellan management. Last week, Street Talk reported that he and his fellow Keybridge Capital investor, ex-Domain boss Antony Catalano, hadThat appeared to those present that Bolton and Catalano were proposing a special arrangement for Keybridge – something that those close to the discussion said had “reeked of self-interest” – although the two activist investors understandably did not see it that way.
That pitted him against Macquarie. But he eventually took $4.5 million from Thiess John Holland to abstain from the vote against the float, leading to the defeat of the very resolution he had proposed.last year and had been attempting to force a wind-up of the $2.9 billion trust. The fund, a closed-end strategy that listed in 2017, is trading at a 13 per cent discount to the underlying value, an improvement on the one-year average discount of negative 18.6 per cent.
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