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Magellan Financial Group Ltd ( (AU:MFG) ) has issued an announcement.
Magellan Financial Group has called an extraordinary general meeting for 10 April 2026 in Sydney, where shareholders will vote on issuing over 106 million new shares to fund its proposed merger with Barrenjoey Capital Partners. The board is unanimously backing the resolution and is directing investors to access meeting materials and proxy forms online rather than via hard copy.
Alongside the merger proposal, Magellan is launching a non-underwritten share purchase plan, following completion of a $130 million institutional placement, targeting a further $20 million at an issue price of $8.45 per share. Eligible shareholders in Australia and New Zealand can apply for up to $30,000 in new shares under the offer, which runs from 12 March to 25 March 2026, giving retail investors a chance to participate in the group’s capital raising for the Barrenjoey deal.
The most recent analyst rating on (AU:MFG) stock is a Buy with a A$12.50 price target. To see the full list of analyst forecasts on Magellan Financial Group Ltd stock, see the AU:MFG Stock Forecast page.
More about Magellan Financial Group Ltd
Magellan Financial Group Ltd is an Australia-based asset management company listed on the ASX, focusing on investment management services for shareholders and institutional clients. The group operates from Sydney and is engaged in growing its funds management business and capital base through corporate actions and equity raisings.
Average Trading Volume: 851,596
Technical Sentiment Signal: Buy
Current Market Cap: A$1.96B
For an in-depth examination of MFG stock, go to TipRanks’ Overview page.