I certainly agree that the correspondence from Magellan was...

I certainly agree that the correspondence from Magellan was terribly confusing and required several reads to actually understand what was involved and what commitments they were asking.

In the letter I received dated 15/12/20 I was advised the following. I have copied a complete and continuous chunk of unedited text from the letter.

I have added italics, bold and underline in an attempt to emphasise the different components.

I remain of the view that the allocation of new units and options is consistent with my original post above.

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MGFPartnershipOffer

As a participant in the restructure you are eligible to participate in the MGFPartnershipOffer which is expected to be launched in January 2021.

The MGFPartnershipOffer will enable you to subscribe for up to $1 worth of closed class units for every $4 worth of closed class units you hold in the Magellan Global Fund. Your entitlement under the MGF Partnership Offer will be calculated using either the number of units you held on 8 December 2020, or the number of units you hold on 8 January 2021, whichever is lower.

If you subscribe for closed class units under the MGF Partnership Offer, you will also receive:

- a valuable benefit in the form of additional closed class units worth 7.5% of your subscription funded by Magellan Financial Group; and

- one option (MGF Option) for each closed class unit allotted to you. Each MGF option will be exercisable into one closed class unit with the exercise price set at a 7.5% discount to the prevailing NAV per closed class unit at the time of exercise. The MGF Options will have a three-year term and it is intended that the MGF Options will be quoted on ASX.

As an additionalbenefit, if you hold closed class units on the Bonus MGF Option Issue Record Date, expected to be in the week ending 26 February 2021, you will be eligible to receive onebonusoptionforevery 2 closedclassunits you hold on this date under the Bonus MGF Option Issue.

Product disclosure statements for both offers are expected to be made available and despatched in January 2021 and you will need to consider them in deciding whether or not to participate in the offers.