Polar Capital Global Financials gets subscription shares exercised – it has announced that it has applied for the listing of 24,952,723 new ordinary shares of 5p each. It is expected that admission to trading will take place on 2 August 2017. Applications have been made following the exercise of the rights represented by 24,952,723 subscription shares to subscribe in cash for ordinary shares at 115p per share. The new ordinary shares will rank pari passu with the existing ordinary shares.
Following the issue described above, the issued share capital consists of 197,127,723 ordinary shares and 5,647,277 subscription shares. The total number of voting rights in the company is therefore 197,127,723.
Monday, 31 July 2017 was the final exercise date for the subscription shares and 5,647,277 subscription shares remain unexercised. In accordance with the terms and conditions on which they were issued, the company has appointed a final subscription trustee. Provided that in the subscription trustee’s opinion the net proceeds of sale, after deduction of all costs and expenses incurred by such subscription trustee, will exceed the costs of exercising the subscription rights, then the subscription trustee shall, by 14 August 2017, exercise all the subscription rights which shall not have been exercised at 115p per share and sell in the market the Ordinary Shares resulting from such exercise. The subscription trustee shall distribute pro rata the proceeds of any such sale or acceptance of any such offer less, in either case, such costs of exercising the subscription rights and such other costs and expenses to the persons entitled thereto at the risk of such persons within 56 days of the subscription date, provided that entitlements of under GBP5.00 shall be retained for the benefit of the company. If the subscription trustee does not exercise the subscription rights by 14 August 2017, and the subscription trustee’s decision will be final and binding on all holders of outstanding subscription shares, they will lapse with nil value.
Update 3 August 2017
Further to the announcement on 1 August 2017, the company has been informed by the Subscription Trustee that it is exercising all of the 5,647,277 outstanding subscription rights on the same terms. Subscription Shareholders, on whose behalf the Trustee has exercised rights and is selling the resulting Ordinary Shares, will receive the net proceeds of such sale after deduction of the Subscription price of 115p together with all associated fees, costs and expenses plus brokerage commission. Net proceeds should be paid in the week commencing 14 August 2017 provided that aggregate entitlements per holder of under GBP5.00 shall be retained for the benefit of the Company.
PCFT : Polar Capital Global Financials gets subscription shares exercised