Interesting comment by the company ... even at $28 or $29, Magellan was being valued by the market for a lose of $20bn in FUM.In other words the lose of St James place was already in the price at $28 So massively oversold at $20.
Magellan's Sharn Ler said "we believe that the Magellan shares have been oversold even before the announcement of the mandate loss. If one were to look at our notes before this, we have long said that at the previous closing price of $28 per share or $29 per share, the market was already foreshadowing the doomsday scenario that assumes Magellan loses $20 billion to $25 billion worth of funds and (indiscernible). So, that is our view that shares have been oversold. "
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