Overview
- Barrenjoey staff are set to own about 31.7% of the enlarged group, with a small stake retained by Barclays.
- Co-executive chairmen Matthew Grounds and Guy Fowler will be the largest individual shareholders under a nine-year escrow.
- Magellan originally seeded Barrenjoey with $150 million for a 36% stake, a bet that paved the way for today’s reversal.
- Barrenjoey’s profit nearly doubled in the six months to December as Magellan’s share price fell more than 77% over five years.
- Investor reaction will be tested when Magellan shares resume trading on Tuesday, with market response and integration execution seen as near-term uncertainties.