Completion of Tender and Change of Broker

RNS Number : 3008L

Polar Capital Global Financials Tst

29 April 2020

 

Legal Entity Identifier: 549300G5SWN8EP2P4U41

29 April 2020

Polar Capital Global Financials Trust plc ("the Company")

Completion of Tender Offer and Change of Corporate Broker

Completion of Tender Offer

Further to the announcement made on 8 April 2020 detailing the results of the Tender Offer, the Board of the Company now confirms that all processes have been completed. The 79,159,235 Ordinary shares tendered have been bought back via Investec Bank into the Company's treasury account and proceeds from the Tender, at the Tender price as announced on 24 April 2020 of 102.02 pence per share, will now be transmitted to shareholders in accordance with the timetable and by no later than 12 May 2020.

Corporate Broker

Following completion of the Tender Offer, holdings under the control of Investec Wealth & Investment Limited ("IW&I") now represent approximately 29.5 per cent. of the Company's voting rights. With the Company's broker, Investec Bank, deemed to be a concert party with IW&I for the purposes of the Takeover Code, and in light of the potential ramifications under the Code for shareholdings in excess of 30 per cent., Investec Bank has determined that it would be appropriate in the circumstances to step down as broker to the Company with immediate effect.

Robert Kyprianou, Chairman, said:

"On behalf of the Board, I would like to thank Investec Bank for their hard work since their appointment last year and we duly accept their resignation resulting from the unique position in which we find ourselves.

The Board anticipates announcing the appointment of a new Corporate Broker shortly."

For further information, please contact:

Robert Kyprianou		John 'Reg' Regnier-Wilson
Polar Capital Global Financials Trust plc Chairman (contact via the Company Secretary)		Polar Capital Head of Investment Trust Sales
Tel. [phone]		Tel. [phone]
Ed Gascoigne-Pees
Camarco PR
Tel. [phone]

 

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