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- Polar Capital Global Financials sets out growth plans with financials revival set to carry on
Further to the announcement on 22 April 2021 (click here to read our coverage and take on this) that the board of Polar Capital Global Financials (PCFT) was considering an issue of equity, proposals for a placing, the board has this morning announced an open offer, offer for subscription and intermediaries offer for a target issue of 100m C Shares (together the “initial issue”) and the implementation of a new placing programme of ordinary shares and/or C shares (the “placing programme”). C shares issued as part of the initial issue (the “issue shares”) will be priced at 100p per share and the open offer will be on the basis of one C share for every one ordinary share held.
Reasons for and highlights of the initial issue and placing programme
Robert Kyprianou, PCFT’s chairman, commented: “After nearly 15 years in the wilderness and very much out of favour, conditions are coming together where structural and cyclical factors should combine to re-rate global financials on both an absolute and relative basis. Indeed, the Board and I believe that an allocation to this large, diverse sector should be a core investment consideration in a portfolio, especially when you take into account that they are the main beneficiary of a strong economic recovery and potentially higher Government bond yields.”
PCFT: Polar Capital Global Financials sets out growth plans with financials revival set to carry on
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