Closure of the Polar Capital

RNS Number : 0595Z

Polar Capital Holdings PLC

07 January 2011

 



7 January 2011

Polar Capital Holdings plc ("Polar Capital" or the "Company")

Polar Capital announces the closure of the Polar Capital Discovery Fund

Polar Capital announces that at yesterday's Polar Capital Discovery Fund (the "Fund") board meeting it was decided that the Fund should be closed. The process will start immediately and it is expected that all monies will be returned to investors within four weeks.

The closure will result in Polar Capital's £3.5m investment in the Fund also being returned as cash to the Company. The action will realise an investment loss of approximately £0.6m. This loss is currently more than offset by other realised and unrealised gains from the Company's other investments. The Company remains confident of meeting its expectations for the full year ending 31 March 2011.

Total assets managed by the Discovery team at 31 December 2010 totalled $48m.

The Company will be releasing its regular AUM statement including an update on its performance fee revenues on 14 January 2011.

For further information please contact:

Polar Capital Tim Woolley (CEO) John Mansell (CFO)	[phone]
Numis Securities Simon Blank (Nominated Adviser) Charles Farquhar (Corporate Broking)	[phone]
Financial Dynamics Ed Gascoigne-Pees Georgina Turner	[phone]

 

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