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Polar Capital Global Financials back for more money

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Polar Capital Global Financials back for more money – Polar Capital Global Financials (PCFT) plans to raise additional equity capital through the issue of new ordinary shares via its placing programme. The new shares will be issued at a price which will be published on the day following the closing date of the placing, set at a level equal to the unaudited net asset value, including current year income, per share as at the close of business on the closing date of the placing, plus a premium of 1.5%. This premium has been set at a level sufficient to cover expected placing costs while not diluting the NAV.

This comes after the company has issued, or re-issued from treasury, 69,250,000 ordinary shares over the 12 months to 25 January 2022 across a large number of transactions as well as issuing 122,000,000 C shares in June 2021 which converted to 76,555,000 shares in August 2021 and 15,150,000 new shares from the company’s AGM authority granted in March 2021.

The board believes PCFT is well positioned in the financials sector which saw a significant recovery in sentiment and stock prices over the course of 2021, as economies reopened and payout restrictions on banks were lifted. The directors believe the sensitivity of the banking sector to increasing interest rates, rising inflation expectations and stronger economic growth will benefit the portfolio given the significant exposure of the portfolio to banks.

 PCFT : Polar Capital Global Financials back for more money

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