Magellan Financial Group shares rocket more than 18%
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More news: Magellan Financial Group shares soared more than 18% to $10.93 just before 1pm AEST after it announced a special dividend of 30 cents and a management shakeup — despite also reporting a 52% annual profit plunge.
Magellan declares special dividend, posts profit plunge
The news: Magellan Financial Group has announced a special dividend as it posted a 52% drop in annual profits to $182.7 million, down from $383 million the year before
The numbers: Magellan's institutional funds under management fell from $39.1 billion to $21.3 billion over the year, while retail funds under management fell from $22.2 billion to $18.4 billion. The investment manager said a special dividend of 30 cents would be paid alongside its final dividend of 39.8 cents on 7 September, taking total dividends for the year to 116.7 cents. Shares jumped more than 10% in early ASX trading.
The context: Yesterday Magellan announced Andrew Formica would chair the investment group, less than a month after appointing him to the board. Mr Formica will replace Hamish McLennan from 3 October, with Mr McLennan transitioning to deputy chair. Deborah Page will replace Robert Fraser, who resigned form the board effective 9am this morning.
The source: ASX Announcement
