Magellan Financial Group Limited Interim Results
For the half year ended 31 December 2021
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onlyuseGroup Update
Hamish McLennan nal
Group update
Board and governance
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• | Strengthened independence and governance | |
• | Hamish McLennan appointed independent non-executive Chairman of Magellan Financial Group ("Magellan") | |
• Robert Fraser appointed Deputy Chairman of Magellan and continues as independent non-executive | ||
Chairman of Magellan Asset Management, Magellan's core business | ||
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• | Process underway for additional independent non-executive director | |
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Group update
CEO and management
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• | Interim CEO, Kirsten Morton, is doing an outstanding job | |
• Core business operations are stable and operating very effectively and profitably | ||
• | Addition of Chris Mackay to senior management adds further depth of experience and support to Interim CEO | |
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• | Board will make CEO appointment when appropriate, after concluding process | |
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Attractive capital management
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Intention to progress with a 1-for-8 bonus issue of options to Magellan shareholders
- Exercise price $35 per option
- 5 year term - exercisable at any time until expiry
- Prospectus expected to be lodged in March 2022
- An application will be made with ASX to have the options quoted on ASX
Intention to progress with an issuance of ~10 million unlisted options to be issued to Magellan staff ($35 exercise price, 5 year term)
Board considering on-market share buy-back
Dividend policy confirmed - 90-95% payout
DRP suspended
No plans for further investments in Magellan Capital Partners
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Magellan Financial Group Limited published this content on 17 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2022 22:39:50 UTC.