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Give an update to reference to magnetism (5)

Ross

I believe the answer is:

refit

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'give' is the definition.
The definition and answer can be both to do with ownership as well as being verbs in their base form.
Perhaps they are linked in a way I don't understand?

I don't understand the rest of the clue.

Can you help me to learn more?

(Other definitions for refit that I've seen before include "Updating or repair process for a ship" , "garage work?" , "prepare for employment again" , "Replace ship's equipment" , "Renovate (a ship)" .)

I've seen this clue in The Times and The Sunday Times.
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