Magellan Financial Group (ASX:MFG) shares edged higher on April 10 afternoon following a decisive vote in favour of its high-stakes merger with Barrenjoey Capital Partners.
The uptick reflects investor confidence following an extraordinary general meeting where the deal secured overwhelming support, with 91.16% of proxy votes cast in its favour.
Approximately 7.75% of shareholders voted against the tie-up, echoing concerns raised by proxy advisory firm Ownership Matters.
The dissenters initially cited a lack of transparency regarding Barrenjoey’s balance sheet. While Magellan subsequently released the requested financial data, the timing of the disclosure—landing just before the Easter break—drew scrutiny.
Addressing the late release, Magellan Chair Andrew Formica noted that while the board was confident in the underlying figures, they chose to disclose the information to assist shareholders in their deliberations.
"We apologise for the timing," Formica stated, noting that the release still preceded the proxy deadline.
He added that the feedback from the investment community regarding the additional clarity had been largely positive.
The merger remains subject to final hurdles, including regulatory clearance from the Australian Competition and Consumer Commission and oversight bodies in Hong Kong.
At the time of reporting, Magellan Financial’s share price was $9.36.