Any thoughts on the short notice - dividend reinvestment plan
Why did Magellan respond with this change.. ?
Is it to avoid them paying out the dividend in cash...?
As the discount isnt that generous - it seems half hearted.
Value anyones thoughts on why they implemented at short notice..
Dear Shareholder,
1
FINAL & PERFORMANCE FEE DIVIDEND OF 114.1 CENTS PER SHARE.
2
INTRODUCTION OF DIVIDEND REINVESTMENT PLAN.
3
Magellan Financial Group Limited (Magellan) today announced the introduction of a dividend reinvestment plan (DRP), alongside its 2021 full year financial results.
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The Board also declared aFinal and Performance Fee Dividend of 114.1 cents per shareand is pleased to advise that the DRP will be in operation for this Final and Performance Fee Dividend.
5
Under the DRP and subject to the terms of the DRP Rules, eligible shareholders may elect to receive part or all of their Magellan dividends in additional Magellan shares. Shares issued or transferred to shareholders participating in the DRP will be free of brokerage and other transaction costs
6
The DRP issue price will be set at a1.5% discountto the volume weighted average price of Magellan shares over the pricing period in accordance with the DRP Rules.
MFG Price at posting:
$46.20 Sentiment: Hold Disclosure: Held
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