Magellan Financial Group's (ASX:MFG) shares climbed 3% in recent trading on Tuesday after the company said late on April 2 that Barrenjoey Capital Partners Group Holdings will pay a pre-merger completion dividend of no more than AU$45 million.
As an existing Barrenjoey shareholder, Magellan will receive 36.4% of the Barrenjoey pre-completion dividend, according to an Australian bourse filing.
Magellan itself paid a dividend of AU$0.395 per share on March 10. Both dividends have or will be paid from operating cash flows, per the filing.
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