I wonder if you have a "off brand" cover? I bought the executive leather cover when I purchased my 505 in December and it has the magnets and fits perfectly. I did buy mine from Sony Style online so figure it's the genuine article.
I probably wouldn't have bought it if I had realized that the PRS came with a nice cover in the package! I think that the leather covers are way overpriced though, $40 plus shipping is a little steep for my budget.
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