BGL does not provide accounting or taxation advice. The following is designed to act as a guide for Simple Fund 360 users. It is not designed to be accounting or tax advice and should not be taken as a strict guideline. Other methods that are more suitable may be used instead of these steps.
On 3 August 2020, Magellan Asset Management (Magellan) announced a restructure proposal, combining Magellan Global Trust (MGG) and the Magellan Global Equities Fund (MGE) with the Magellan Global Fund (MGE0001AU).
Unitholder in MGG will receive one Closed Class Unit (ASX: MGF) in exchange for one existing unit in MGG as of the record date 01 Dec 2020; Unitholders in MGE will be offered 1.51923379 Open Class Units (ASX: MGOC) in exchange for one existing unit in MGE as of the record date 01 Dec 2020.
The exchange of units triggers a CGT event and scrip-for-scrip rollover is available to eligible MGG/MGE unitholders.
1. For MGE / MGG unitholders:
In the Corporate Action screen, the notification for MGE/MGG mergers/takeovers will be displayed if the fund has a unit balance as at the ex-date of the scheme. Follow the on-screen instructions to review and process the corporate action.
2. For Magellan Global Fund (MGE0001AU) unitholders:
- There is no CGT consequence. However, the unitholders have the option to trade their units at live market prices on ASX under MGOC.
- If you wish to revalue the investment at the current exit price for MGE0001AU, you don’t have to do anything.
- If you wish to revalue the investment at the market price of MGOC listed on the ASX, please process a Code Class Change via the Corporate Action screen.