Polar Capital Global Healthcare Growth and Income Trust has announced 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 existing investment mandate is changed to a growth mandate;
- there will be a dividend going forward, but at a lower level than before;
- the 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;
- an issue of zero dividend preference shares (ZDPs) will be made on the basis that one ZDP with an initial capital entitlement of GBP1 will be issued for every GBP8 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 at the prevailing net asset value per ordinary share less costs.
- With the approval of shareholders the 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 be conditional on the fund’s assets being not less than GBP200 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.
PCGH : Polar Capital Global Healthcare updates on future