Interim Management Statement

RNS Number : 7941Z

Polar Cap Gbl Healthcare Growth&IT

11 February 2014

 



Polar Capital Global Healthcare Growth and Income Trust plc Interim Management Statement for the 3 months to 31 December 2013 (unaudited)
Issued on 11 February 2014 The Board of Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") is pleased to announce its Interim Management Statement which relates to the period from 30 September 2013 to 31 December 2013 including information up to the date of publication of this statement unless otherwise specified. Investment objective and benchmark The investment objective of the Company is to generate capital growth and income by investing in a global portfolio of healthcare stocks. The benchmark is the MSCI All Country World Index / Healthcare (sterling). Material Events in the period On 31 October 2013 the Board declared an interim dividend of 0.55p per Ordinary Share payable to shareholders on the register on 8 November 2013.  The shares traded ex-dividend from 6 November 2013 and the dividend was paid on 29 November 2013. On 18 December 2013 the Company announced its final results for the period to 30 September 2013. On 20 December 2013 the Directors' Report and Audited Financial Statements for the period to 30 September 2013 were sent to shareholders together with the Notice of Annual General Meeting to be held on 28 January 2014. Copies are available from the National Storage Mechanism at www.hemscott.com/nsm.do or from the Company's website at www.polarcapitalhealthcaretrust.co.uk On 28 January 2014 the Annual General Meeting was held and all the resolutions were unanimously passed on a show of hands, including resolutions empowering the Board to issue up to 10% of the Ordinary Shares on a non pre-emptive basis, and to make market purchases of up to 14.99% of the Ordinary Shares for cancellation or to be held in Treasury, and up to 14.99% of the Subscription Shares for cancellation. A copy of the investment manager's presentation has been placed on the Company's website along with the proxy votes cast at the AGM. On 28 January 2014 the Board declared an interim dividend of 0.55p per Ordinary Share payable to shareholders on the register on 21 February 2014.  The shares will trade ex-dividend from 19 February 2014 and the dividend will be paid on 7 March 2014. On 3 February 2014 the Company announced the allotment of 15,206,136 Ordinary Shares at a price of 100p per share. The allotment of these shares had been made following the exercise of the rights represented by 15,206,136 Subscription shares for Ordinary Shares at 100p per share by 31 January 2014. The new shares rank pari passu with the existing issued Ordinary Shares of the Company.   On 6 February 2014 the Company announced the allotment of 2,593,864 Ordinary Shares at a price of 100p per share. The allotment of these shares had been made following the exercise of the rights represented by the 2,593,864 remaining Subscription Shares for Ordinary Shares at 100p per share by the Subscription Trustee. The new shares rank pari passu with the existing issued Ordinary Shares of the Company.  Share Buybacks On 3 February 2014, the Company bought back 100,000 Ordinary Shares into the capital of the Company at a price of 144.75p per Ordinary Share. These shares were bought back into Treasury. On 6 February 2014, the Company bought back 550,000 Ordinary Shares into the capital of the Company at a price of 144.0p per Ordinary Share. These shares were also bought back into Treasury. Share Capital Changes in the share capital in the period from 30 September 2013 and up to 11 February 2014: Ordinary Shares Subscription Shares In issue at 30 September 2013 104,850,000 17,800,000 In issue at 31 December 2013 104,850,000 17,800,000 In issue at 31 January 2014 120,056,136 2,593,864 In issue at 11 February 2014 122,650,000 nil Latest  Total Voting Rights As at 11 February 2014 The Company's issued share capital consisted of 122,650,000 Ordinary Shares of 25 pence each. There were 650,000 Ordinary Shares held in Treasury. Each Ordinary Share carries one vote while shares held in Treasury carry no voting rights. Therefore as at 11 February 2014, the total number of voting rights was 122,000,000. Latest NAVs The unaudited NAV per share on 10 February 2014 was 154.36p (cum income).
Financial Highlights	31 December  2013	30 September 2013
Ordinary share price (p)	139.50	144.0
Subscription share price (p)	39.50	40.38
NAV (undiluted) per ordinary share (p)	154.79	148.54
NAV (diluted) per ordinary share (p)	146.84	141.50
Premium to diluted NAV(%)	-	1.77
Discount to diluted NAV(%)	4.99	-
Total Investments (£m)	162	156
AIC Gross Gearing Ratio (%)*	0.00	0.00
AIC Net Gearing Ratio (%)*	0.31	0.29
*Gearing calculations are exclusive of current year Revenue/Loss.
Performance (%) (Net total return with income reinvested)	Over 1 month (December 2013)	Over the period 30 September  2013  to 31 December 2013
Ordinary share price	-2.70	-2.76
NAV (undiluted) per Share (cum income)	0.28	4.57
MSCI All Country World Index / Healthcare (sterling)	-0.12	6.43
Market Capitalisation Exposure (%)	31 December 2013	30 September 2013
Large (greater than US$ 5bn)	71.8	72.2
Medium (US$ 1bn to 5bn)	12.6	11.0
Small (less than US$ 1bn)	15.6	16.8
Sector Breakdown (%)	31 December 2013	30 September 2013
Cash	0.3	0.3
Pharmaceuticals	68.1	68.6
Healthcare Equipment	6.7	6.2
Specialised REITs	5.1	5.6
Healthcare Facilities	4.8	4.3
Healthcare Services	3.0	3.0
Biotechnology	4.8	4.7
Healthcare Supplies	2.5	2.0
Healthcare Technology	1.3	1.5
Healthcare Distributors	1.0	1.0
Life Sciences Tools & Services	1.3	1.3
Managed Healthcare	0.7	0.5
Drug Retail	-	0.5
Life and Health Insurance	0.4	0.4
Multi-line Insurance	-	0.1
Total	100%	100%

Geographic Exposure (%)	31 December 2013	30 September 2013
Cash	0.3	0.3
United States	46.6	45.1
United Kingdom	18.6	18.5
Switzerland	13.3	13.7
Japan	7.1	6.9
France	5.1	5.2
Australia	2.4	2.5
Canada	2.0	2.2
Ireland	1.4	1.4
Other	0.9	0.8
Belgium	0.9	0.7
Singapore	0.7	0.8
Italy	0.7	0.4
Israel	-	1.5
Total	100.0%	100%
Largest Holdings (%)	31 December 2013	30 September 2013
Novartis	7.1	7.3
Eli Lilly	6.6	7.0
Astra Zeneca	6.6	6.2
Merck & Co	6.5	6.6
Roche Holding	5.7	5.9
GlaxoSmithKline	5.6	5.6
Pfizer	5.5	5.7
Sanofi	4.8	4.9
AbbVie	4.1	2.5
Astellas Pharma	3.7	3.4
Total	56.2%	55.1%

Monthly factsheets for the Company are available by email, post or fax on request from the company secretary and are available from the Company's website at www.polarcapitalhealthcaretrust.co.uk The net asset value of the Company's ordinary shares is calculated daily and can be viewed on the London Stock Exchange website at www.londonstockexchange.com

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party for any other purpose.

Neither the contents of the company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

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