Issue of Equity & Final Exercise of Sub Shares

RNS Number : 7980D

Polar Capital Technology Trust PLC

01 April 2014

 



POLAR CAPITAL TECHNOLOGY TRUST PLC ("the Company")

ISSUE OF ORDINARY SHARES AND FINAL EXERCISE OF SUBSCRIPTION SHARES

1 April 2014

The Company announces that it allotted and issued 2,949,326 new ordinary shares of 25p each ("Ordinary Shares") following the exercise of subscription shares of 1p each to subscribe in cash for Ordinary Shares at 478.0p per share ("Subscription Shares") on 31 March 2014. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Following the issue of new Ordinary Shares described above, the Company's issued share capital consists of 132,277,507 Ordinary Shares, with each share carrying the right to one vote. The total number of voting rights in the Company is therefore 132,277,507. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Monday, 31 March 2014 was the final exercise date for the Subscription Shares and 21,370,043 Subscription Shares remain unexercised. In accordance with the terms and conditions on which the Subscription Shares were issued, the Company has appointed a Final Subscription Trustee ("Final Subscription Trustee"). Provided that in the Final Subscription Trustee's opinion the net proceeds of sale, after deduction of all costs and expenses incurred by such Final Subscription Trustee, will exceed the costs of exercising the subscription rights, then the Final Subscription Trustee shall, within the period of 14 days following the Subscription Date (by close of business on 14 April 2014), exercise all the Subscription Rights which shall not have been exercised at 478.0p per share and sell in the market the Ordinary Shares resulting from such exercise.

The Final Subscription Trustee shall distribute pro rata the proceeds of any such sale or acceptance of any such offer less, in either case, such costs of exercising the Subscription Rights and such other costs and expenses to the persons entitled thereto at the risk of such persons within 56 days of the Subscription Date, provided that entitlements of under £5.00 shall be retained for the benefit of the Company. If the Final Subscription Trustee does not exercise the subscription rights conferred by the outstanding Subscription Shares by 14 April 2014, and the Final Subscription Trustee's decision will be final and binding on all holders of outstanding Subscription Shares, they will lapse with nil value.

The listing of the Subscription Shares was suspended with effect from 7.30am today, 1 April 2014, following the passing of the Subscription Date. The listing of the Subscription Shares will be cancelled at 8.00am on 1 May 2014.

For further information, please contact:

N P Taylor

Company Secretary

Polar Capital Technology Trust plc

Telephone Number:  020 7227 2700

Chris Lunn

Cenkos Securities plc (Broker)

Telephone Number: 0207 397 1912

 

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