Magellan High Conviction Trust announces an Equity Buyback for 57,454,249 shares.
October 10, 2019 at 12:00 am EDT
Magellan High Conviction Trust (ASX:MHH) announces a share repurchase program. Under the program, the company will repurchase up to 57,454,249 shares. The purpose of repurchase program is capital management. The repurchased shares will be cancelled. The units bought back will be funded by Trust property and may also be funded by borrowings under a debt facility. The repurchase program is valid till October 23, 2020. As of October 10, 2019, the company has 574,542,499 shares in issue.
Macquarie Securities (Australia) Limited acted as broker to the company.