Ann: Share Purchase Plan Details, page-14

Hi Mickmate - I vaguely remembering him mentioning the size he'd like as well - but can't remember numbers at all. I think it might have been on the webinar - maybe in the Q&A?

With the growth over the past year, they're probably looking at $8-9 now (based on 1% of current NTAs). So at $30Mpa combined, the funds would need to be 3-4 times current size (to reach $1.5B each). Capital growth (especially FGG) and dividend reinvestment plans (mainly FGX) will help get there too.

$1.5B each seems fine to me. If that occurred, Magellan would be managing ~$150M for FGG pro-bono in their ~$9B in MGG fund, ie. ~2% of fund assets. That should be comfortable - but they might balk at >5% .

BTW $1.34 is the before tax NTA.... but they're giving FGG after tax funds. So it's really a gain of ~5c/share vs the FGG Jul18 after tax NTA of $1.2863. Good for shareholders even if they don't participate (providing they are looking to hold past the blip).

The main thing I'd like to change is moving to a rights purchase structure. I think this is fairer across existing holders and cause less of a dip when a raising occurs.