Subscription Share Exercise
POLAR CAPITAL GLOBAL FINANCIALS TRUST PLC ("the Company")
FURTHER RE EXERCISE OF SUBSCRIPTION SHARES and ISSUE OF ORDINARY SHARES
1 AUGUST 2017
The Company announces that it has applied for the listing of 24,952,723 new ordinary shares of 5p each ("Ordinary Shares") on the Official List of the UK Listing Authority and for such shares to be admitted to trading on the London Stock Exchange's Main Market. It is expected that such admission will take place on 2 August 2017. Such applications have been made following the exercise of the rights represented by 24,952,723 subscription shares of 1p each to subscribe in cash for Ordinary Shares at 115p per share ("Subscription Shares") by 31 July 2017. 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 197,127,723 Ordinary Shares, with each share carrying the right to one vote, and 5,647,277 Subscription Shares. The total number of voting rights in the Company is therefore 197,127,723. 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 July 2017 was the final exercise date for the Subscription Shares and 5,647,277 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 ("Subscription Trustee"). Provided that in the Subscription Trustee's opinion the net proceeds of sale, after deduction of all costs and expenses incurred by such Subscription Trustee, will exceed the costs of exercising the subscription rights, then the Subscription Trustee shall, within the period of 14 days following the Subscription Date (by 14 August 2017), exercise all the Subscription Rights which shall not have been exercised at 115p per share and sell in the market the Ordinary Shares resulting from such exercise. The 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 Subscription Trustee does not exercise the subscription rights conferred by the outstanding Subscription Shares by 14 August 2017, and the Subscription Trustee's decision will be final and binding on all holders of outstanding Subscription Shares, they will lapse with nil value.
For further information, please contact:
T Lago
Company Secretary
Polar Capital Global Financials Trust plc
Telephone number 020 7227 2700
This information is provided by RNS
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