Polar Capital Global Financials Trust plc

Legal Entity Identifier: 549300G5SWN8EP2P4U41

Consideration of an equity issue under the Placing Programme

The Board of Polar Capital Global Financials Trust plc (the "Company") notes the continued strong interest in the financials sector and consequent demand for the Company's shares. Since 30 November 2020 to 20 January 2022, the Company has raised some £272.5million, across a large number of transactions, through the re-issue of 79,829,235 Ordinary Shares  from Treasury, and the issue of 12,500,000 new Ordinary Shares under authorities granted at the last AGM. A further 76,555,000 Ordinary Shares were issued on conversion of the 122,000,000 C Shares issued in June 2021. 

The Company currently has remaining shareholder authority, as granted at the last AGM, to issue up to 3,695,000 new Ordinary Shares on a non pre-emptive basis. As it is feasible that the existing authority may be exhausted before the date of the 2022 AGM, the Company has, as previously announced, published a Shareholder Circular convening a General Meeting to be held at 2.00pm on Tuesday, 1 February 2022 to put forward resolutions to approve the renewal of the authority to disapply the pre-emption rights in respect of the allotment of shares representing 10 per cent of the issued ordinary share capital of the Company as at 12 January 2022, or such other number representing 10 per cent of the issued ordinary share capital on Tuesday 1 February 2022. 

However, the Board of the Company understands that certain investors would welcome an additional opportunity to invest in the Company. The Company is therefore considering, in addition to such recurring issuance under its AGM authorities, an issuance of equity under the Company's existing authority to issue new Ordinary Shares pursuant to its Placing Programme as set out in a Prospectus dated 12 May 2021.

Any new issuance would be at a premium to prevailing Net Asset Value per share to cover costs, such that NAV per share would not be diluted by such issuance.

A further announcement will follow in due course.

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