Magellan Financial Group looking to raise $275m

Company News

by Rachael Jones

Magellan Financial Group (ASX:MFG) is looking to raise $275 million capital raising to fund growth opportunities.

They plan to launch the Magellan High Conviction Trust to invest in high quality global companies and a post-retirement product.

Their full year results for the period ending 30 June 2019 show net profit rose 35 per cent to $364.2 million.

It will pay a final dividend of $1.114 on August 29, but new shares issued under the capital raising will not be entitled to receive the dividend.

Shares in Magellan Financial Group (ASX:MFG) last traded at $59.83.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.