Result of Meeting and Result of Tender Offer

RNS Number : 8846G

Polar Cap Gbl Healthcare Growth&IT

01 June 2017

 

Polar Capital Global Healthcare Growth and Income Trust plc

1 June 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR INTO OR FROM THE UNITED STATES, OR INTO OR FROM AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA

This announcement is an advertisement and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.

Any investment decision must be made exclusively on the basis of the Prospectus  which was published on 12 May 2017 by the Company and any supplement thereto in connection with the admission of the New Ordinary Shares of the Company and/or ZDP Shares of PCGH ZDP plc to the premium segment and the standard segment respectively of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.

Polar Capital Global Healthcare Growth and Income Trust plc

Result of General Meeting and Result of Tender Offer for Ordinary Shares

Result of General Meeting

Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") is pleased to announce that at a General Meeting of the Company's shareholders held today, the ordinary resolution (resolution 1) to amend the investment management agreement and the special resolution (resolution 2) to repurchase Ordinary Shares under the Tender Offer, to make non pre-emptive allotments of Ordinary Shares under the Share Issue and Placing Programme, to make market purchases of up to 14.99 percent of Ordinary Shares in issue after the Share Issue, to approve the New Investment Policy, to approve the New Articles and to cancel the share premium account after the Share Issue were passed.  The votes cast on each resolution are given below:

	Votes For and Discretionary	Votes Against	Votes withheld
Resolution 1	57,068,521	311,015	214,602
Resolution 2	53,948,048	3,324,171	321,919

The total issued share capital was 122,650,000 of which 2,175,000 are held in treasury

The full text of the resolutions can be found in the Notice of General Meeting, copies of which are available for viewing at www.morningstar.co.uk/uk/NSM and on the Company's website at: https://www.polarcapitalhealthcaretrust.com

A copy of the resolutions passed at the general meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

Result of Tender Offer

The Company also announces that under the Tender Offer which closed on 31 May 2017, 26,299,042 Ordinary Shares representing 21.82 per cent. of the Company's issued Ordinary Shares were validly tendered. Subject to remaining conditions relating to the Share Issue being satisfied (including the Company's estimated NAV immediately following the completion of the Tender Offer and the Share Issue being no less than £200 million, excluding any amount attributable to the ZDP Shares), a total of 26,299,042 Ordinary Shares will therefore be repurchased by the Company at the Tender Price and cancelled. The Tender Price is expected to be announced on or around 16 June 2017, based on the Company's net assets as at the close of business on 15 June 2017. It is expected that thereafter CREST accounts will be credited with the proceeds in respect of successfully tendered Ordinary Shares on 22 June 2017 and, for certificated shareholders, cheques in settlement will be posted by 26 June 2016.

General

A further announcement is expected to be made on 16 June 2017 in respect of the result of the Open Offer, Offer for Subscription and Initial Placing of New Ordinary Shares and the Initial ZDP Placing of new ZDP Shares, which are expected to close on 15 June 2017      

Save for expressions defined in this announcement, words and expressions defined in the Prospectus and Circular both published on 12 May 2017, shall have the same meaning in this announcement. The Prospectus and Circular are available on the Company's website which is located at www.polarcapitalhealthcaretrust.com.

For further information, please contact:

Polar Capital LLP

John Regnier-Wilson

Telephone: [phone]

Email: [e-mail]

Panmure Gordon 

Paul Fincham/Phil Hopkins

Telephone: [phone] 886 2718

Email: [e-mail]; [e-mail]

Important Information

Panmure Gordon (UK) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and for no-one else in connection with the matters referred to in this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Panmure Gordon (UK) Limited nor for providing advice in connection with the contents of this announcement or any other matter referred to herein. Panmure Gordon (UK) Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Panmure Gordon (UK) Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder. 

 

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