Conversion of Securities

RNS Number : 2228I

Polar Capital Global Financials Tst

11 August 2021

 

11 August 2021

Polar Capital Global Financials Trust plc

Legal Entity Identifier: 549300G5SWN8EP2P4U41

C Share Conversion Ratio

Further to the announcement on 30 July 2021, Board of Polar Capital Global Financials Trust plc (the "Company"), is pleased to announce the ratio of the C Share Conversion.

Conversion ratio

The Conversion Ratio, as calculated   in accordance with the terms and conditions of the Company's Articles as amended at the General Meeting on 16 June 2021 and as summarised in the Prospectus, is 0.6275 New Ordinary Shares for each C Share which is held on the record date of 12 August 2021, which will be the last day for trading in the C Shares on the London Stock Exchange. The calculation of the Conversion Ratio is based on the net assets attributable to the Ordinary Shares and C Shares as at close of business on 9 August 2021, as described above. Entitlements will be rounded down to the nearest whole Ordinary Share. Any fractions of New Ordinary Shares arising on Conversion will not be allocated to holders of C Shares but will be aggregated and sold for the benefit of the Company.

On the basis of the Conversion Ratio, a holder of 1,000 C Shares will receive 627 new Ordinary Shares upon Conversion.

Applications have been made for 76,555,000 New Ordinary Shares to be admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities ("Admission"). Admission is expected to occur at 8.00 a.m. on 13 August 2021.

The Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue, including the right to receive dividends declared subsequent to Admission.  For the avoidance of doubt, holders of C Shares will not be entitled to the first interim dividend for the year ending 30 November 2021, which is payable to Ordinary Shareholders who were on the register on 6 August 2021

Total Voting Rights

Following Admission of the New Ordinary Shares, the Company will have 279,330,000 Ordinary Shares in issue, of which, 20,300,000 Ordinary Shares are held in treasury and are non-voting. The number of total voting rights in the Company following Admission will therefore be 259,030,000. The figure of 259,030,000 may be used by shareholders as the denominator for the calculations 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 Guidance and Transparency Rules.

Save for expressions defined in this announcement, words and expressions defined in the Prospectus published on 12 May 2021 shall have the same meaning in this announcement. The Prospectus is available on the Company's website which is located at  www.polarcapitalglobalfinancialstrust.com .

Contact details for queries:

Polar Capital Global Financials Trust Plc Chairman: Robert Kyprianou Company Secretary: Tracey Lago, FCG Tel: [phone]

Polar Capital LLP Sales: John "Reg" Regnier-Wilson Tel: [phone]

Stifel Nicolaus Europe Limited Mark Bloomfield Jonathan Wilkes-Green Jack McAlpine Tel: [phone]

 

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