I'll note that at some stage late last year that maximum they...

I'll note that at some stage late last year that maximum they could buy back was getting pretty low then it jumped up again and as far as I can see there was never an announcement flagging it. Whether it was the rolling over of the 10% in 12 month limit I'm not sure.

Just based on a quick check (if someone can be bothered to check every announcement feel free). On 4 Oct there was 54mil units available to buy back and by 7 Dec there was 121mil available.

I appreciate Volf's analysis above. I regretfully bought both MGF and MGFO all throughout 2021 and hope it's accurate however I just can't see Magellan taking another hit to the share price in the form of a $150m write-down. I think they'll let MGF run until 2024 with a view that either performance turns around and it's happy days or the options run out and it becomes time to wrap up the fund. With FUM sinking, the ~$3bil locked in MGF looks like the last priority for an overhaul at Magellan.