Lotte Edwards, Citywire Investment Trust Insider, 17 June 2025:
The results of a tender offer at Polar Capital Global Financials (PCFT) are out, revealing close to half the share capital elected to sell out at net asset value (NAV) less costs.
An update from the trust today specified that 133m shares were tendered, equalling 44% of issued share capital.
The specialist equity trust, which closed yesterday with a market capitalisation of £619m, has a policy of conducting tender offers every five years.
PCFT, which is run by Polar Capital’s Nick Brind, Tom Dorner and George Barrow, has been ramping up corporate governance measures over the past year.
Alongside its tender offer, the trust has introduced a tiered fee structure, removed its performance fee entirely and welcomed a supercharged dividend set at 4% of NAV..
Writing for Citywire last month, QuotedData’s James Carthew encouraged investors not to tender their shares, arguing that despite good performance swathes of financial businesses continue to have low valuations.
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