Ann: On-Market Share Buy-Back, page-33

Oxford defines gimmick as the following: "a trick or device intended to attract attention, publicity, or business."

It is a gimmick insofar as it is a publicity stunt designed to create a perception that Magellan has created a floor around the share price. It has not.

The reality is when the whole market hates you, there's no amount of money you can throw to appease investors. The only possibilities are:

• Rigorous turnaround plan supported by investors and perhaps even cornerstoned by an institutional stake from a reputable business (e.g. BlackRock, Macquarie, private equity) in MFG
• Miraculous recovery of performance without significant changes to their global strategy's risk profile
• Sale of the business

Magellan can't seem to do any of the above.