Issue of Equity

RNS Number : 6524D

Polar Capital Holdings PLC

31 March 2014

 



31 March 2014

Polar Capital Holdings plc

Issue of Equity

Polar Capital Holdings plc ("Polar Capital" or the "Company") announces the issue and allotment of 2,886,050 ordinary shares of 2.5 pence each in the Company (the "New Shares") in respect of the previously announced crystallisations of the European business units (Forager Fund on 13 September 2011 and Conviction Fund on 30 September 2013). Application has been made for the New Shares to be admitted to trading on AIM and dealings are expected to commence on 4 April 2014.

This issue comprises of the fourth and final allotment of shares for the European (Forager Fund) business unit (2,468,961 New Shares), and the second allotment of shares in respect of the European (Conviction Fund) business unit (417,089 New Shares).  In respect of the Conviction Fund there will be two further tranches of New Shares issued on 31 March 2015 and 31 March 2016, consisting of 417,089 New Shares and 417,088 New Shares respectively.

The Company's current issued share capital is 84,468,153 ordinary shares and following admission of the New Shares, the total number of ordinary shares allotted and in issue will be 87,354,203.

Background

As set out at the time of the Company's admission to AIM, Polar Capital has structured its fund management operations in such a way that the fund management teams are placed in separate business units. Each business unit is a separate profit centre and the fund managers responsible receive an annual payment which comprises a share of their unit's core operating profit (operating profit before performance fees and related distributions) and performance fees.

In addition each fund management team is offered the prospect of an interest in the capital of the Company through the purchase of an individual class of preference shares in Polar Capital Partners Limited, a wholly owned subsidiary of the Company. These preference shares have been structured in such a way as to become convertible upon the occurrence of certain events know as crystallisation events into cash or, at the option of the Company, ordinary shares in the Company at a ratio that is intended to be earnings enhancing for the Group. 

Upon the occurrence of a crystallisation event the fund managers concerned cease to be eligible to receive their share of the business unit's core operating profit and simultaneously going forward receive a reduced interest in their performance fees.

Enquiries:

Polar Capital Holdings	Tel:  [phone]
Tim Woolley (CEO)
John Mansell (CFO)
Canaccord Genuity - Nomad and Broker	Tel: [phone]
Simon Bridges
Cameron Duncan
F T I Consulting	Tel: [phone]
Jack Hickey

 

END

 

 

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