Polar Capital Holdings PLC Issue of Equity (3135Z)
20 May 2021 - 8:36PM
UK Regulatory
TIDMPOLR
RNS Number : 3135Z
Polar Capital Holdings PLC
20 May 2021
20 May 2021
Polar Capital Holdings plc
Issue of Equity
Polar Capital Holdings plc ("Polar Capital" or the "Company")
announces that today 1,333,921 ordinary shares of 2.5 pence in the
Company have been allotted and issued, each fully paid, under its
block listing facility (Crystallisation of Preference Shares) in
respect of the previously announced crystallisation of the
Healthcare Opportunities Fund and the Polar Capital Global
Healthcare Trust plc (RNS Number 6491D on 11 October 2018), and the
partial crystallisation of the North American Fund (RNS Number
0949U on 20 November 2019). These shares will rank pari passu in
all respects with the Company's existing shares in issue.
This issue comprises the fourth and final allotment of shares in
respect of the Healthcare Opportunities Fund and the Polar Capital
Global Healthcare Trust plc (1,218,022 shares) and the third
allotment of shares in respect of the North American Fund (115,899
shares).
The Company's current issued share capital is 98,779,934
ordinary shares and following this allotment, the total number of
ordinary shares allotted and in issue will be 100,113,855.
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 known 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.
For further information please contact:
Polar Capital +44 (0)20 7227 2700
Gavin Rochussen (Chief Executive)
John Mansell (Executive Director)
Samir Ayub (Finance Director)
Numis Securities Limited - Nomad and Joint Broker +44 (0)20 7260 1000
Charles Farquhar
Stephen Westgate
Kevin Cruickshank (QE)
Peel Hunt LLP - Joint Broker +44 (0)20 3597 8680
Andrew Buchanan
Rishi Shah
Camarco +44 (0)20 7757 4995
Ed Gascoigne-Pees
Jennifer Renwick
Monique Perks
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END
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