Update re Future of the Company

RNS Number : 5558Z

Polar Cap Gbl Healthcare Growth&IT

15 March 2017

 

Polar Capital Global Healthcare Growth and Income Trust plc ("the Company")

15 March 2017

Update re Future of the Company

Further to its announcement of 2 February 2017, the Board of Directors of Polar Capital Global Healthcare Growth and Income Trust plc is pleased to announce brief details of its proposals for the future of the Company.

Subject to the approval of shareholders and regulatory approvals as required, it is proposed that:

·    the Company's existing investment mandate will be changed to a growth mandate.  The Company  will expect to pay a dividend going forward, but at a lower level than hitherto;

·    the Company's name will be changed to Polar Capital Global Healthcare Trust plc;

·    an issue of new ordinary shares will be made by way of  an institutional placing and offer for subscription;

·    in order to provide gearing to the Company an issue of zero dividend preference shares (ZDPs) will be made on the basis that one ZDP with an initial capital entitlement of £1 will be issued for every £8 of net assets attributable to the ordinary shares upon implementation of the proposals; and

·    a tender offer will be made to all eligible shareholders enabling those who so wish to realise all or part of their investment in the Company at the prevailing net asset value per ordinary share less costs.

As part of the proposals and with the approval of shareholders the Company's Articles of Association will be amended so that the existing commitment to wind up the Company on or around 31 January 2018 will be deferred by seven years to 31 January 2025.

The proposals will also be conditional on the Company's assets immediately following implementation being not less than £200 million.

It is expected that a shareholder circular setting out full details of the proposals and convening a shareholder meeting will be published in May 2017 and that the effective date of the proposals will be in June.

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

This announcement may contain inside information.

This announcement does not constitute or form part of, and should not be considered as, any offer for the sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in the Company or securities in any other entity, in any jurisdiction, including without limitation 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. The announcement does not constitute a recommendation regarding any securities.

 

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