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Polar Capital Global Financials to explore continuing vehicle as fixed-life end-date nears

Polar Capital Global Financials Trust - Don’t fear a slowing economy

Polar Capital Global Financials to explore continuing vehicle as fixed-life end date nears – Polar Capital Global Financials (PCFT) announced that in light of the backstop date of 31 May 2020 by which PCFT is due to be placed into liquidation in accordance with its articles of association, the company’s board is in the process of considering whether and on what basis shareholders might be offered the ability to maintain their exposure to the company’s underlying asset class through the closed-end fund structure, whilst providing those shareholders who no longer wish to remain invested with the opportunity to realise their shareholdings at close to net asset value. PCFT say that preliminary indications from a number of the company’s largest shareholders suggest that there is sufficient realistic prospect of support for a continuing vehicle to merit a fuller consultation process with investors.

PCFT’s board therefore intends to engage with shareholders in the coming weeks in order to establish whether it would be appropriate to put forward reconstruction proposals. It is anticipated that any such proposals, if they were to be forthcoming, would be finalised and announced in Q1 2020.

About PCFT

PCFT seeks to generate a growing dividend income together with capital appreciation for investors. The company seeks to achieve its objective by investing primarily in a global portfolio consisting of listed or quoted securities issued by companies in the financials sector operating in the banking, insurance, property and other sub-sectors.

PCFT: Polar Capital Global Financials to explore continuing vehicle as fixed-life end date nears

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