Dividend Declaration

RNS Number : 8018T

Polar Capital Global Health Tst PLC

22 July 2020

 

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

Legal Entity Identifier: 549300YV7J2TWLE7PV84

22 July 2020  

 First Interim Dividend

The Board has declared an interim dividend of 1.0p per ordinary share payable to shareholders on the register as at 7 August 2020. 

The dividend will be paid on 28 August 2020 and the shares will trade ex-dividend from 6 August 2020.

In June 2017, as part of a restructuring the Company changed from having an income and growth strategy to a growth strategy and indicated that this would result in lower dividends in the future.  Since this time, the Company has continued to pay two dividends per year at a rate of approximately 2.0 pence per share per year.

The Board believes that it is important not to constrain the Portfolio Managers in their stock selection within the Healthcare Sector and, in seeking growth opportunities, they recognise that this may include the selection of many holdings which are not currently income paying stocks.  Whilst dividend levels in the Healthcare Sector as a whole have remained remarkably resilient throughout the COVID-19 crisis, the shift in holdings since the restructuring of the Company has reduced the level of income received, as was envisaged in 2017.

As a result of this, the income level of the Company is lower than it has been in previous years, a situation which could persist. Consequently, the Board is hereby notifying shareholders that the Company intends to continue paying dividends in accordance with the current dividend policy, but at a reduced rate to reflect the reduced level of income now being received from the portfolio, utilising  available revenue reserves  where necessary to smooth payments.  Should the Company's income increase in the future due to a change in holdings, then the Board would consider increasing the level of dividends accordingly.

Dividends will continue to be paid bi-annually in February and August in line with the dividend policy, as approved at the AGM held in February 2020.

The Board and the Investment Managers continue to believe Healthcare to be an attractive sector offering sustainable growth opportunities, particularly at a time of increased and continued economic uncertainty.

For further information, please contact:

Lisa Arnold Chairman Polar Capital Global Healthcare Trust Plc Tel. [phone]

Alex Collins / Michael Bateman Corporate / Sales Panmure Gordon Corporate Broker Tel. [phone] / 2719

John Regnier-Wilson ('Reg') Head of Investment Trust Sales Polar Capital LLP Tel. [phone]

 

END

 

 

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