UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

Methanex Corporation

 

(Name of Issuer)

Common Stock

 

(Title of Class of Securities)

59151K108

 

(CUSIP Number)

1800 Waterfront Centre, 200 Burrard Street, Vancouver, BC, V6C 3M1, Canada

 

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

07 December 2018

 

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  

Note : Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


 

CUSIP No. 59151K108

  

 

13D

  

 

Page 2 of 10 Pages

 

  1.   

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

(ENTITIES ONLY)

 

M&G Investment Management Limited

No I.R.S. Identification Number

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    ☐

(b)    ☐

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS (see instructions)

 

OO

  5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)    ☐
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United Kingdom, England

NUMBER OF

SHARES       BENEFICIALLY       OWNED BY

EACH

REPORTING PERSON WITH

 

     7.    

SOLE VOTING POWER

 

12,704,246

     8.   

SHARED VOTING POWER

 

0

     9.   

SOLE DISPOSITIVE POWER

 

12,704,246

   10.   

SHARED DISPOSITIVE POWER

 

0

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

12,704,246

12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

(see instructions)    

 

13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

16.27%

14.  

TYPE OF REPORTING PERSON (see instructions)

 

IA


 

CUSIP No. 59151K108

  

 

13D

  

 

Page 3 of 10 Pages

 

  1.   

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

(ENTITIES ONLY)

 

M&G Global Dividend Fund

No I.R.S. Identification Number

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    

(b)    

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS (see instructions)

 

OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS

2(d) or 2(e)    

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United Kingdom, England

NUMBER OF

SHARES       BENEFICIALLY       OWNED BY

EACH

REPORTING PERSON WITH

 

     7.    

SOLE VOTING POWER

 

0

     8.   

SHARED VOTING POWER

 

0

     9.   

SOLE DISPOSITIVE POWER

 

0

   10.   

SHARED DISPOSITIVE POWER

 

0

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

5,840,344

12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

(see instructions)    

 

13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

7.48%

14.  

TYPE OF REPORTING PERSON (see instructions)

 

IV


 

CUSIP No. 59151K108

  

 

13D

  

 

Page 4 of 10 Pages

 

  1.   

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

(ENTITIES ONLY)

 

M&G (Lux) Investment Funds 1

No I.R.S. Identification Number

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    

(b)    

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS (see instructions)

 

OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS

2(d) or 2(e)    

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United Kingdom, England

NUMBER OF

SHARES       BENEFICIALLY       OWNED BY

EACH

REPORTING PERSON WITH

 

     7.    

SOLE VOTING POWER

 

0

     8.   

SHARED VOTING POWER

 

0

     9.   

SOLE DISPOSITIVE POWER

 

0

   10.   

SHARED DISPOSITIVE POWER

 

0

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

5,000,315

12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

(see instructions)    

 

13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

6.40%

14.  

TYPE OF REPORTING PERSON (see instructions)

 

IV


 

CUSIP No. 59151K108

  

 

13D

  

 

Page 5 of 10 Pages

 

This Amendment No. 6 amends and supplements the Schedule 13D filed on behalf of the Reporting Persons identified below on October 02, 2018. The amendment is being filed pursuant to Rule 13d-2(a) under the Exchange Act solely to report a greater than one percent change in beneficial ownership from that previously reported.

Item 1. Security and Issuer.

This statement relates to the shares of common stock of Methanex Corp, a British Columbia corporation (the “Issuer ”). The address of the principal executive offices is:

1800 Waterfront Centre, 200 Burrard Street, Vancouver, BC, V6C 3M1, Canada

Item 2. Identity and Background.

 

(a)

This Schedule 13D is being filed by M&G Investment Management Limited, a company incorporated under the laws of England and Wales, M&G Global Dividend Fund, an Open-Ended Investment Company, with variable capital, incorporated under the laws of England and Wales and M&G (Lux) Investment Funds 1, a Société d’Investissement à Capital Variable, incorporated under the laws of Luxembourg, (“Dividend Fund”, “Lux Investment Funds” together with M&G Investment Management, the “Reporting Persons”).

(b)

The address of the principal office of M&G Investment Management Limited and the Dividend Fund is Governor’s House, Laurence Pountney Hill, London, EC4R 0HH. The address of Lux Investment Funds is 16, Boulevard Royal, Luxembourg, L-2449, Luxembourg.

(c)

The principal business of M&G Investment Management Limited, the Dividend Fund and the Lux Investment Funds is investing in securities.

(d)

None of the reporting persons have, during the last 5 years, been convicted in a criminal proceeding (excluding traffic violations of similar misdemeanours).

(e)

None of the Reporting Persons have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceedings was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3. Source or Amount of Funds or Other Consideration.

The funds for the purchase of the Shares came from the investment capital of M&G Investment Management Limited.

Item 4. Purpose of Transaction.

The Reporting Persons have been supportive shareholders since 2007 but have become repeatedly frustrated with the market valuation of the Issuer, which the Reporting Persons believe does not reflect the Issuer’s intrinsic value.

The Reporting Persons are supportive of the current progressive dividend policy of the Issuer, but given the current share price is significantly below the replacement cost of its assets (estimated by the Issuer to be US$1,100 per tonne (source : Methanex Investor Presentation May 2018), the Reporting Persons’ view is that :

 

   

any and all surplus capital outside the proposed modest capital expenditures targeted towards the issuer’s Chilean assets should be solely directed towards share buybacks until the share price appreciates beyond the replacement cost of the Issuer’s assets which based on the company’s own disclosure equates to as much as double the current share price;

 

   

that every share purchased at a discount to the replacement cost of the Issuer’s assets accretes significant value to all shareholders equally; and

 

   

there should be no cash retained on the balance sheet beyond what is required to maintain the existing portfolio of assets to a high standard (which the Reporting Persons estimate conservatively to be a maximum of $200m).


 

CUSIP No. 59151K108

  

 

13D

  

 

Page 6 of 10 Pages

 

If, as a result of these actions over the medium term, the share price still does not reflect at least the Issuer’s replacement cost of its assets then the Issuer should undertake a strategic review to either high grade the portfolio by selling assets that can be realised at a price materially above the value implied by the Issuer’s current equity value and use the proceeds to buy back shares or sell the whole business in order to realise its value.

The Reporting Persons note that the Issuer has in the past undertaken significant share buybacks at valuations below replacement cost, resulting in significant subsequent value accretion for shareholders. With this experience and history in mind, the Reporting Persons would reiterate this to be the only sensible strategy for the Issuer in the short term.”

Item 5. Interest in Securities of the Issuer.

 

  (a)

M&G Investment Management Limited (MAGIM) beneficially owns 12,704,246 shares of Common Stock, which represents approximately 16.27% of 78,053,368 outstanding shares of Common Stock of Methanex, as published by the company on October 23, 2018.

 

  (b)

M&G Investment Management Limited (MAGIM) has sole voting and investment discretion with respect to the shares.

 

  (c)

The table below details all transactions since the last 13D filed, on behalf of the Reporting Persons identified above on October 02, 2018, until the date of this filing

 

Acquirer/Disposer      Trade Date    Transaction
Type
   Amount of Shares    Price Per       Share    Where/How
Effected
           
MAGIM    02/10/18      Sale    40,000      80.01141      On market sale
           
MAGIM    02/10/18    Sale    77.00      80.118032      On market sale
           
MAGIM    02/10/18    Sale    8,549.00      80.118032      On market sale
           
MAGIM    04/10/18    Sale    658.00      82.320769      On market sale
           
MAGIM    04/10/18    Sale    73,442.00      82.320769      On market sale
           
MAGIM    08/10/18    Sale    28,500.00      81.588107      On market sale
           
MAGIM    09/10/18    Sale    42,500.00      80.86668      On market sale
           
MAGIM    10/10/18    Sale    34,663.00      78.912148      On market sale
           
MAGIM    17/10/18    Sale    5,750.00      76.757572      On market sale
           
MAGIM    18/10/18    Sale    5,020.00      74.756837      On market sale
           
MAGIM    22/10/18    Purchase    2,950.00      72.28      On market purchase
           
MAGIM    22/10/18    Sale    2,950.00      72.28      On market sale
           
MAGIM    31/10/18    Purchase    5,000.00      65.83      On market purchase
           
MAGIM    31/10/18    Purchase    1,956.00      66.16      On market purchase
           
MAGIM    31/10/18    Sale    5,000.00      65.83      On market sale
           
MAGIM    31/10/18    Sale    1,956.00      66.16      On market sale
           
MAGIM    02/11/18    Purchase    600.00      63.955      On market purchase
           
MAGIM    02/11/18    Sale    600.00      63.955      On market sale


     

 

Page 7 of 10 Pages

 

 

MAGIM

   07/11/18      Purchase    1,200.00      65.81      On market purchase

MAGIM

   07/11/18      Sale    1,200.00      65.81      On market sale

MAGIM

   08/11/18      Purchase    1,800.00      68.23      On market purchase

MAGIM

   08/11/18      Sale    1,800.00      68.23      On market sale

MAGIM

   09/11/18      Purchase    147,329.00      0      On market purchase

MAGIM

   09/11/18      Sale    147,329.00      0      On market sale

MAGIM

   13/11/18      Purchase    1,600.00      63.38      On market purchase

MAGIM

   13/11/18      Sale    1,600.00      63.38      On market sale

MAGIM

   14/11/18      Purchase    1,000.00      60.81      On market purchase

MAGIM

   14/11/18      Sale    1,000.00      60.81      On market sale

MAGIM

   15/11/18      Purchase    2,800.00      61.19      On market purchase

MAGIM

   15/11/18      Sale    2,800.00      61.19      On market sale

MAGIM

   16/11/18      Purchase    1,600.00      60.94      On market purchase

MAGIM

   16/11/18      Sale    1,600.00      60.94      On market sale

MAGIM

   19/11/18      Purchase    2,500.00      59.48      On market purchase

MAGIM

   19/11/18      Sale    2,500.00      59.48      On market sale

MAGIM

   20/11/18      Purchase    4,800.00      56.86      On market purchase

MAGIM

   20/11/18      Sale    4,800.00      56.86      On market sale

MAGIM

   23/11/18      Purchase    13,412.00      55.500148      On market purchase

MAGIM

   26/11/18      Purchase    2,853.00      56.407564      On market purchase

MAGIM

   27/11/18      Purchase    2,382.00      56.019782      On market purchase

MAGIM

   27/11/18      Purchase    492.00      56.064959      On market purchase

MAGIM

   28/11/18      Purchase    5,767.00      54.84829      On market purchase

MAGIM

   29/11/18      Purchase    5,499.00      55.703157      On market purchase

MAGIM

   30/11/18      Purchase    10,157.00      54.306893      On market purchase

MAGIM

   03/12/18      Purchase    26,252.00      57.922274      On market purchase

MAGIM

   03/12/18      Purchase    1,624.00      57.468608      On market purchase

MAGIM

   04/12/18      Purchase    7,676.00      56.317433      On market purchase

MAGIM

   06/12/18      Purchase    11,513.00      52.951438      On market purchase

MAGIM

   06/12/18      Purchase    7,421.00      53.35      On market purchase

MAGIM

   06/12/18      Sale    7,421.00      53.35      On market sale

MAGIM

   07/12/18      Purchase    4,180,299.00      0      On market purchase

MAGIM

   07/12/18      Purchase    25,607.00      56.112224      On market purchase

MAGIM

   07/12/18      Purchase    38,809.00      0      On market purchase

MAGIM

   07/12/18      Sale    4,180,299.00      0      On market sale

MAGIM

   07/12/18      Sale    1,780.00      55.761112      On market sale

MAGIM

   07/12/18      Sale    38,809.00      0      On market sale

MAGIM

   07/12/18      Purchase    4,799      72.84747      On market sale


 

CUSIP No. 59151K108

       

 

Page 8 of 10 Pages

 

  (d)

To the best knowledge of the reporting persons, no person other than the reporting persons identified in this schedule 13D have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities beneficially owned identified herein.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Not Applicable.

Item 7. Material to Be Filed as Exhibits.

Not Applicable.


 

CUSIP No. 59151K108

  

 

13D

  

 

Page 9 of 10 Pages

 

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: December 11, 2018

 

M&G Investment Management Limited

By: 

  LOGO
 

Mark Thomas, Head of M&G Regional

Shareholder Disclosures, Investment

Operations

M&G Global Dividend Fund

By:  M&G Investment Management Limited, its manager

By: 

  LOGO
 

Mark Thomas, Head of M&G Regional

Shareholder Disclosures, Investment

Operations


     

 

Page 10 of 10 Pages

 

 

M&G (Lux) Investment Funds 1
By: M&G Investment Management Limited, its manager
  LOGO

By:  

   
 

Mark Thomas, Head of M&G Regional

Shareholder Disclosures, Investment

Operations

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