REG - Polar Capital Hldgs - Crystallisation and Issue of Shares

Polar Capital HoldingsAnnouncement

22/05/2025 12:00

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RNS Number : 8226J  Polar Capital Holdings PLC  22 May 2025

22 May 2025

Polar Capital Holdings plc

Issue of Equity

Polar Capital Holdings plc ("Polar Capital" or the "Company") announces that
today 7,969 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 partial
crystallisation of the Global Convertible Bond Fund (detailed in RNS Number
8899L on 12 November 2024). These shares will rank pari passu in all respects
with the Company's existing shares in issue.

 

This issue comprises the second allotment in respect of the Global Convertible
Fund.

 

The Company's current issued share capital is 101,560,405 ordinary shares and
following this allotment, the total number of ordinary shares allotted and in
issue will be 101,568,374.

 

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)

Samir Ayub (Chief Financial Officer)

 

Numis Securities Limited - Nomad and Joint
Broker                             +44 (0)20 7260
1000

Giles Rolls (QE)

Charles Farquhar

 

Peel Hunt LLP - Joint
Broker
+44 (0)20 3597 8680

Andrew Buchanan

Oliver Jackson

 

Camarco
 
       +44 (0)20 3757 4980

Ed Gascoigne-Pees

Jennifer Renwick

Phoebe Pugh

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