Polar Capital Global Healthcare Growth and Income Trust plc
LEI: 549300YV7J2TWLE7PV84
16 June 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR INTO OR FROM THE UNITED STATES, OR INTO OR FROM AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA
This announcement is an advertisement and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.
Polar Capital Global Healthcare Growth and Income Trust plc
Results of the Open Offer, Offer for Subscription and Initial Placing of New Ordinary Shares and Initial Placing of ZDP Shares;
Tender Price and Issue Price; and
Change to the Company's name
Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") is pleased to announce the Tender Price for repurchasing by the Company of the tendered Ordinary Shares, the Issue Price of New Ordinary Shares and the results of the Open Offer, Offer for Subscription and Initial Placing of New Ordinary Shares and Initial Placing of ZDP Shares.
Tender Price
Following the announcement of the results of the Tender Offer on 1 June 2017, the Company today announces the Tender Price at which Ordinary Shares will be repurchased by the Company of 211.16 pence per Ordinary Share, being equal to the prevailing Net Asset Value per Ordinary Share as at the close of business on 15 June 2017.
Issue Price
The Company today announces the price at which the New Ordinary Shares will be issued under the Initial Placing of 213.80 pence per Ordinary Share, being equal to the prevailing Net Asset Value per Ordinary Share as at the close of business on 15 June 2017 plus the Placing Commission.
Results of the Open Offer, Offer for Subscription and Initial Placing of New Ordinary Shares
The Company announces that valid applications have been received for 27,798,298 New Ordinary Shares in aggregate under the Open Offer, Offer for Subscription and Initial Placing at the Issue Price. The Board of the Company has authorised the issue and the allotment of 27,798,298 New Ordinary Shares (the "Issue"). The gross proceeds of the issue of New Ordinary Shares will amount to £59,432,790.
The Issue is conditional on admission of the New Ordinary Shares to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities. It is expected that such admission will become effective, and dealings on the London Stock Exchange will commence, on 20 June 2017, when CREST accounts will be credited with uncertificated Ordinary Shares.
The total number of Ordinary Shares outstanding following the Tender Offer and the Issue will be 124,149,256 of which 2,175,000 are held in treasury.
Results of the Initial Placing of new ZDP Shares
The Company is pleased to announce that 32,128,437 zero dividend preference shares ("ZDP Shares") have been placed at a placing price of 100 pence each to raise gross proceeds of £32,128,437 (the "Initial ZDP Placing").
The Initial ZDP Placing is conditional on admission of the ZDP Shares to the standard segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities. It is expected that such admission will become effective, and dealings on the London Stock Exchange will commence, on 20 June 2017, when CREST accounts will be credited with uncertificated ZDP Shares.
Change to the Company's name
As set out in the circular to shareholders published on 12 May, the Company intends to change its name from "Polar Capital Global Healthcare Growth and Income Trust plc" to "Polar Capital Global Healthcare Trust plc". The Company will make a separate announcement in relation to that shortly.
EXPECTED TIMETABLE 2017
Admissions and dealings in the New Ordinary Shares and ZDP Shares commence |
8.00 a.m. on 20 June |
CREST Accounts credited with uncertificated New Ordinary Shares and ZDP Shares issued in connection with the Admissions |
20 June |
Repurchase of Shares pursuant to the Tender Offer |
by 20 June |
CREST accounts credited in respect of Tender Offer proceeds for uncertificated Ordinary Shares |
by 22 June |
Cheques despatched in respect of successfully tendered Ordinary Shares held in certificated form |
by 26 June |
Where applicable, definitive share certificates despatched by post in the week commencing |
26 June |
Save for expressions defined in this announcement, words and expressions defined in the Prospectus and Circular both published on 12 May 2017, shall have the same meaning in this announcement. The Prospectus and Circular are available on the Company's website which is located at www.polarcapitalhealthcaretrust.com.
For further information, please contact:
Polar Capital LLP
John Regnier-Wilson
Telephone: 020 7227 2725
Email: [email protected]
Panmure Gordon
Paul Fincham/Phil Hopkins
Telephone: 020 7886 2713/0207 886 2718
Email: [email protected]; [email protected]
Important Information
Panmure Gordon (UK) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and for no-one else in connection with the matters referred to in this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Panmure Gordon (UK) Limited nor for providing advice in connection with the contents of this announcement or any other matter referred to herein. Panmure Gordon (UK) Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Panmure Gordon (UK) Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.
