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Polar Capital Global Financials announces placing

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Polar Capital Global Financials announces placing – The board of Polar Capital Global Financials (PCFT) has announced plans to raise additional equity capital through the issue of new ordinary shares by way of a placing pursuant to the company’s existing placing programme. This will be the second subsequent placing under the prospectus published by PCFT on 12 May 2021.

The board understands that interest in the company remains high and that appetite for its shares has not diminished. Following the first subsequent placing which completed on 1 February 2022, it is aware that certain investors would welcome an additional opportunity to invest in a more substantial manner than under the regular issuance programme.

The placing comes as PCFT believes it is well positioned to benefit from higher interest rates, rising inflation expectations and stronger economic growth given the significant exposure of the portfolio to banks in particular.

The new shares will be issued at a placing price which will be published on the day following the closing date of the placing. It will be 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 costs of the placing, such that NAV per share is not expected to be diluted as a result. 

Application will be made to the FCA for admission of the new shares to the premium segment of the Official List and to the London Stock Exchange for admission of the new shares to trading on its main market for listed securities. It is expected that admission will become effective, and that dealings will commence, on or around 1 March 2022. 

PCFT : Polar Capital Global Financials announces placing

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