REG - Polar Capital Global - Net Asset Value(s)

Polar Capital Global Financials TrustAnnouncement

24/06/2025 11:00

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RNS Number : 1876O  Polar Capital Global Financials Tst  24 June 2025

POLAR CAPITAL GLOBAL FINANCIALS TRUST PLC

 

Legal Entity Identifier: 549300G5SWN8EP2P4U41

 

 

24 June 2025

 

Continuing Shareholders - Net Asset Value

As at the close of business on 23 June 2025 the unaudited net asset value per
ordinary share, calculated in accordance with the guidelines of the
Association of Investment Companies, was 211.29 pence (cum income). For the
avoidance of doubt, this net asset value per ordinary share has been
calculated assuming the Tender Offer has gone unconditional and on the basis
of total voting rights of 170,306,377 being the estimated issued share capital
(excluding shares held in treasury) following completion of the Tender Offer.

 

 

Tendering Shareholders - Tender Price

As announced on 20 June 2025, the Tender Price per Ordinary Share tendered is
209.43 pence, being equal to the prevailing Net Asset Value per Ordinary Share
as at the close of business on 18 June 2025 less the Tender Offer Expenses per
Share.

In accordance with the terms of the Tender Offer and the expected timetable,
subject to the Secondary Placing up to 132,912,988 Ordinary shares will be
repurchased by Stifel Nicolaus Europe Limited on 24 June 2025 and all such
shares will then be repurchased by the Company pursuant to the Repurchase and
Placing Agreement and placed into treasury.

 

Secondary Placing - Secondary Placing Price

 

As announced on 20 June 2025, the Secondary Placing Price per Ordinary Share
is 210.47 pence, which represents 100.5 per cent of the Tender Price.

Capitalised terms used, but not defined, in this announcement have the same
meaning as given in the Circular dated 14 May 2025.

 

For further information, please call:

Sabrina Yim (Investment Trust Operations Department)

Tracey Lago/Jumoke Kupoluyi (Polar Capital Secretarial Services) Polar Capital
Partners Limited

Tel: 020 7227 2700

IMPORTANT INFORMATION

Stifel Nicolaus Europe Limited ("Stifel"), is authorised and regulated in the
United Kingdom by the FCA, and is acting exclusively for the Company and
no-one else in relation to the Tender Offer or the matters referred to in this
announcement and will not be responsible to anyone other than the Company for
providing the protections afforded to customers of Stifel nor for providing
advice in relation to the Tender Offer or the matters referred to in this
announcement. Nothing in this paragraph shall serve to exclude or limit any
responsibilities which Stifel may have under the Financial Services and
Markets Act 2000 (as amended) or the regulatory regime established thereunder.

ANY DECISION TO PARTICIPATE IN THE SECONDARY PLACING SHOULD ONLY BE MADE ON
THE BASIS OF AN INDEPENDENT REVIEW BY A PROPOSED PLACEE OF THE COMPANY'S
PUBLICLY AVAILABLE INFORMATION. NEITHER STIFEL NOR ANY OF THEIR AFFILIATES
ACCEPT ANY LIABILITY ARISING FROM THE USE OF, OR MAKE ANY REPRESENTATION AS TO
THE ACCURACY OR COMPLETENESS OF, THIS ANNOUNCEMENT OR THE COMPANY'S PUBLICLY
AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS
SUBJECT TO CHANGE IN ITS ENTIRETY WITHOUT NOTICE UP TO THE CLOSING DATE.

In member states of the European Economic Area, any offer of the Ordinary
Shares if made pursuant to the Secondary Placing ("Placing Shares") will be
directed exclusively at persons who are "qualified investors" within the
meaning of Article 2(E) of the Prospectus Regulation. For these purposes, the
expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (and
amendments thereto). In the United Kingdom the Secondary Placing is available
only to, and will be engaged in only with, persons who are "qualified
investors" within the meaning of Article 2(E) of the Prospectus Regulation as
it forms part of the law of England and Wales by virtue of the European Union
(Withdrawal) Act 2018 and who are (i) investment professionals falling with
Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order"), or (ii) high net worth
entities falling within Article 49(2)(a) to (d) of the Order, or (iii) other
persons to whom an offer of the Placing Shares may otherwise be lawfully
communicated (all such persons together being referred to as "relevant
persons"). Persons who are not relevant persons should not take any action on
the basis of this announcement and should not act or rely on it.

The Placing Shares have not been, and will not be, registered under the US
Securities Act of 1933, as amended (the "US Securities Act") or under any the
securities laws of any state of or other jurisdiction of the United States and
may not be offered, sold, resold, transferred or delivered, directly or
indirectly, in or into the United States except pursuant to an applicable
exemption from, or in a transaction not subject to, the registration
requirements of the US Securities Act and in compliance with the securities
laws of any state or other jurisdiction of the United States. The Placing
Shares will be offered and sold solely in "offshore transactions" to
institutional investors who are located outside the United States and are not
US Persons within the meaning of and pursuant to Regulation S under the US
Securities Act. No public offering of securities is being made in the United
States.

Notice to US Shareholders

The Tender Offer is being made in the United States in accordance with the
requirements of Regulation 14E under the US Securities Exchange Act of 1934,
as amended (the "US Exchange Act") to the extent applicable and otherwise in
accordance with the requirements of UK legislation. The Tender Offer is not
subject to the requirements of Regulation 14D under the US Exchange Act.
Accordingly, the Tender Offer will be subject to disclosure and other
procedural requirements, including with respect to withdrawal rights, offer
timetable, settlement procedures and timing of payments, that may be different
from those applicable under US domestic tender offer procedures and law.

In accordance with normal UK market practice and pursuant to Rule 14e-5(b) of
the US Exchange Act, the Company, its nominees, its brokers (acting as agents)
or any of their respective affiliates may from time to time make certain
purchases of, or arrangements to purchase, shares in the Company outside the
United States, other than pursuant to the Tender Offer, before or during the
period in which the Tender Offer remains open for acceptance. These purchases
may occur either in the open market at prevailing prices, or in private
transactions at negotiated prices. Any information about such purchases will
be disclosed as required in the United Kingdom and, if required, will be
reported to the Regulatory Information Service of the London Stock Exchange
and will be available on the London Stock Exchange website at
http://www.londonstockexchange.com/exchange/news/marketnews/market-news-home.html.

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