Polar Capital Global Financials says that, in its latest five-yearly tender offer, 132,912,988 shares were validly tendered or 43.83% of the shares in issue. That means that the trust is more than large enough to continue for at least another five years.

Simon Cordery (chair of the company) commented: “Retaining close to 60% of the company and having assets in excess of £350m based on the latest published NAV, is a strong outcome for the company. The response to the investment case set out by the team at Polar Capital has been very positive, with many investors recognising the value on offer in the financial sector. On behalf of the board, I would like to thank our investors for their ongoing support, and we look forward to the next phase of PCFT.”

[QD comment (James Carthew): This looks like a good result for PCFT. I am very supportive of this model of providing liquidity opportunities at asset value at five-yearly intervals. It helps keep the discount narrow and encourages investors to consider the long-term prospects of the company. Going into this, I felt that the investment case for financials was a strong one. It is great that the team at Polar will have a chance to demonstrate that potential.]

We will know what the tender price is on 20 June 2025. Those shareholders who opted for cash should see their money around 1 July 2025. There is still time for investors who want to buy some of the tender shares to do so. The secondary placing closes at 12 noon on 24 June. [As we said in our last note on the trust, this is a good opportunity for any large investor who wants to make a sizeable investment in the company to do so.]

PCFT : Polar Capital Global Financials secures its future