Possible Proposals for Share Issuance
Legal Entity Identifier: 549300G5SWN8EP2P4U41
18 December 2020
Polar Capital Global Financials Trust plc
Possible proposals for share issuance authority
Polar Capital Global Financials Trust plc ("the Company") has noted the significant increase in interest in the financial sector and other out-of-favour sectors in November 2020, which resulted in a sharp jump in the share prices of financial stocks globally. As a result there has been a greater interest in the Company's shares which have traded at or around a small premium to its NAV since 27 November 2020.
The Company currently holds 79.3m shares in Treasury (64.3% of issued share capital (excluding Treasury Shares)) as a result of the tender and restructuring of the Company earlier this year. Approximately 500,000 shares have been re-issued recently out of Treasury and under present authorities the Company has the authority to issue another 11.8m shares (9.6% of issued share capital (excluding Treasury Shares)) on a non pre-emptive basis. The Company believes that certain investors would welcome an opportunity for larger investment, in addition to these historic recurring issuances in smaller volumes. The Company is therefore considering seeking shareholder authority in advance to re-issue the remainder of these Treasury shares by way of one or more non pre-emptive placings or by continued recurring issuances in response to market demand from time to time. The price or pricing formula for any issuance would be at a premium to prevailing NAV sufficient to cover expected costs of issuance, such that NAV per share would not be diluted.
The Company is considering issuing a circular shortly to seek shareholder approval for this non pre-emptive re-issuance of Treasury shares at a General Meeting. The largest shareholders of the Company have been consulted and have indicated that they would be supportive of such proposals.
Contact details for queries:
Polar Capital Polar Capital
John Regnier-Wilson (Reg) Tracey Lago, FCG
Head of Investment Trust Sales Company Secretary
Tel: 020 7227 2700 Tel: 020 7227 2700
Stifel Nicolaus Europe Limited
Mark Bloomfield
Jonathan Wilkes-Green
Tel: 020 7710 7600
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