Replacement - Interim Management Statement

RNS Number : 4279W

Polar Cap Gbl Healthcare Growth&IT

25 January 2013

 



CORRECTION: Interim Management Statement

The following amendment has been made to the Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") interim management statement which related to the period from 30 September 2012 to 31 December 2012 issued under RNS no.4041W released on 25 January 2013

The AIC Net Gearing Ratio (%) as at 31 December 2012 should have been 100.00% not 0.02% as published.

All other details remain unchanged.

The full amended text is shown below.

Polar Capital Global Healthcare Growth and Income Trust plc Issued on 25 January 2013

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 2012 to 31 December 2012 and contains information that covers this period and up to the date of publication of this statement unless otherwise specified. Investment objective The investment objective of the Company is to generate capital growth and income by investing in a global portfolio of healthcare stocks. Share Capital As at 25 January 2013 The Company has in issue 100,050,000 ordinary shares and 17,800,000 subscription shares. Each subscription share gives the holder the right to subscribe in cash for one ordinary share on 31 January 2014 at £1 per ordinary share.  Material Events in the period and up to the date of publication On 31 October 2012 the Board declared an interim dividend of 0.50p per ordinary share payable to shareholders on the register on 9 November 2012.  The shares traded ex-dividend from 7 November 2012 and the dividend was paid on 30 November 2012. On 5 October 2012 the Company announced the allotment of 2,150,001 ordinary shares at a cash price of 125.95p per share, bringing the number of ordinary shares in issue to 100,050,000. On 5 December 2012 the Company announced its final results for the period to 30 September 2012. On 14 December 2012 the Director's Report and Audited Financial Statements for the period to 30 September 2012 were sent to shareholders together with the Notice of Annual General Meeting to be held on 23 January 2013. On 23 January 2013 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 and 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 23 January 2012 the Board declared an interim dividend of 0.50p per ordinary share payable to shareholders on the register on 8 February 2013.  The shares will trade ex-dividend from 6 February 2013 and the dividend will be paid on 28 February 2013. Latest NAVs The unaudited, undiluted NAV per share on 24 January 2013 was 134.23p (cum income) and  the unaudited, diluted NAV per share (assuming the 17,800,000 subscription share rights had been exercised at 100p) was 129.06p per share (cum income)

	31 December 2012	30 September 2012
Ordinary share price (p)	121.00	123.25
Subscription share price (p)	18.25	17.88
NAV (undiluted) per ordinary share (p)	122.29	123.33
NAV (diluted) per ordinary share (p)	118.93	119.74
Discount / (Premium) to undiluted NAV(%)	1.05	0.06
Total Investments (£m)	122	121
AIC Gross Gearing Ratio (%)*	100.00	100.00
AIC Net Gearing Ratio (%)*	100.00	100.00
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) (Net total return with income reinvested)	Over 1 month (December 2012)	Over the period 30 September 2012 to 31 December 2012
Ordinary share price	1.47%	-1.41%
NAV (undiluted) per Share (cum income)	-1.21%	-0.43%
MSCI All Country World Index / Healthcare (sterling)	-0.96%	0.15%
Market Capitalisation Exposure (%)	31 December 2012	30 September 2012
Large (greater than US$ 5bn)	74.2%	75.3%
Medium (US$ 1bn to 5bn)	11.3%	10.1%
Small (less than US$ 1bn)	14.5%	14.6%
Sector Breakdown (%)	31 December 2012	30 September 2012
Cash	0.3%	0.3%
Pharmaceuticals	62.9%	62.0%
Healthcare Equipment	11.9%	12.3%
Specialised REITs	6.8%	5.9%
Healthcare Facilities	4.8%	4.3%
Healthcare Services	4.2%	3.6%
Biotechnology	3.1%	5.5%
Life Sciences Tools & Services	2.6%	2.0%
Healthcare Supplies	1.7%	1.7%
Healthcare Distributors	1.4%	0.5%
Life & Health Insurance	0.5%	0.4%
Multi-line Insurance	0.1%	0.1%
Managed Healthcare	-	1.4%
	100%	100%

Geographic Exposure (%)	31 December 2012	30 September 2012
Cash	0.3%	0.3%
United States	50.3%	53.8%
Switzerland	14.4%	15.0%
United Kingdom	13.6%	12.6%
Japan	7.7%	7.3%
France	5.6%	4.2%
Australia	2.1%	2.0%
Ireland	2.1%	1.9%
Canada	1.7%	1.9%
Israel	0.9%	-
Singapore	0.6%	-
Hong Kong	0.4%	0.4%
Norway	0.3%	0.3%
Italy	-	0.2%
Brazil	-	0.1%
	100.0%	100%
Largest  Holdings (%)	31 December 2012	30 September 2012
Pfizer	8.5%	8.6%
Novartis	7.9%	7.9%
Merck & Co	7.2%	8.1%
GlaxoSmithKline	6.7%	6.1%
Roche Holding	5.6%	5.3%
Sanofi	5.2%	3.9%
Abbott Labs Com	4.6%	4.9%
Astellas Pharma	3.8%	4.4%
Eli Lilly	3.7%	4.9%
Bristol Myers Squibb	3.4%	3.6%
Total	56.6%	57.7%

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.

 

END

 

 

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