MFG 0.71% $9.92 magellan financial group limited

Ann: Funds Under Management - September 2022, page-25

  1. 1,197 Posts.
    lightbulb Created with Sketch. 57
    FWIW, the buyback commenced 15/6 and to date 2,183,000 shares have been BB. SP peaked $15.57 on 11/8.
    Balance is approx 7.8M to be bought back.
    At least MFG can buy back now @ approx $11 or less x 7.8M remaining = $86million.
    Had they done the BB @ say $14 average the cost would have been 7.8m remaining x $14 = $109m. ie an extra $23m
    They would have known that FUM was going to reduce & now can get in with the remainder 7.8M.
    Once this is complete, they may have arranged to have funds to extend another 10M shares BB. (already will have $23m in the kitty)


 
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