Application of Magellan Asset Management Limited as responsible entity of the Magellan Global Fund [2024] NSWSC 603

Supreme Court New South Wales

Medium Neutral Citation: Application of Magellan Asset Management Limited as responsible entity of the Magellan Global Fund [2024] NSWSC 603 Hearing dates: 20 May 2024 Date of orders: 20 May 2024 Decision date: 20 May 2024 Jurisdiction: Equity - Corporations List Before: Gleeson J Decision: Judicial advice given and procedural orders made. Catchwords: CORPORATIONS – managed investments – judicial advice sought by responsible entity under s 63 of the Trustee Act 1925 (NSW) – conversion of closed class units to open class units in fund – whether responsible entity would be justified in convening meetings and distributing explanatory memorandum to unitholders – whether responsible entity would be justified in treating constitution amendments as within power. Legislation Cited: Corporations Act 2001 (Cth), ss 253E, 601GC, 1012B Trustee Act 1925 (NSW), s 63 Cases Cited: Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400 Re Ardent Leisure Limited t/as Ardent Leisure Limited [2018] NSWSC 1665 Re Mirvac Ltd [1999] NSWSC 457; (1999) 32 ACSR 107 Texts Cited: Australian Securities Exchange, Listing Rules, r 17.11 ASIC Corporations (Changing Scheme and Retail CCIV Constitutions) Instrument 2019/700 Category: Principal judgment Parties: Magellan Asset Management Limited as responsible entity of Magellan Global Fund (Plaintiff) Representation: Counsel: J Williams SC / H Atkin (Plaintiff)

Solicitors: Allens (Plaintiff) File Number(s): 2024/160399