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Polar Capital Global Healthcare Growth and Income Trust has announced further details of its proposals for the future of the company.
Subject to the approval of shareholders and final regulatory approvals as required, it is proposed that:
The price at which new ordinary shares will be issued and at which shares validly tendered will be repurchased will be prevailing net asset value per share (after providing for certain costs associated with the proposals estimated at 0.4 per cent. of net assets). The new ordinary shares will in addition bear a placing fee payable by subscribers of 1.25 per cent.
As part of the proposals and with the approval of shareholders, the Articles of Association will be amended so that the existing commitment to wind up the company on or around 31 January 2018 will be deferred by seven years to 1 March 2025.
The proposals will also be conditional on the company’s net assets immediately following implementation being not less than GBP200 million (excluding any amount attributable to the ZDPs).
It is expected that a prospectus and shareholder circular setting out full details of the proposals and convening a shareholder meeting will be published shortly and that settlement of the share issues and tender offer will be in the week commencing 19 June.
PCGH : Polar Capital Global Healthcare says more on its future