Polar Capital Global Financials Trust plc (LON:PCFT) has announced its Tender Price, Secondary Placing Price and Commencement of Secondary Placing.
Subsequent to the proposals set out in the Circular to Shareholders dated 14 May 2025, which were approved at the General Meeting held on 18 June 2025, the Company today announces the Tender Price at which Ordinary Shares will be repurchased by the Company.
The Tender Price per Ordinary Share is 209.43 pence, being equal to the NAV per Share as at the close of business on 18 June 2025 less the Tender Offer Expenses per Share.
Under the Secondary Placing, Stifel may now place any number of the Shares tendered under the Tender Offer at a Secondary Placing price of 210.47 pence per Ordinary Share with one or more of its institutional investor clients. The residual/unplaced tendered shares shall be sold back to the Company by Stifel for holding in treasury for future reissue or for cancellation.
The Secondary Placing is conditional upon the above Secondary Placing Price representing no more than a 3 per cent. discount or premium to the NAV per share as at close of business on 23 June 2025, published on 24 June 2025, with such NAV per share calculated assuming that the Tender Offer has gone unconditional.
The expected timetable for completion of the Tender Offer and the Secondary Placing is below.
Polar Capital Global Financials Trust expected timetable of events
| Latest time and date for receipt of commitments under the Secondary Placing | 12.00 p.m. on 24 June 2025 |
| Repurchase of Shares pursuant to the Tender Offer net of any shares placed under the Secondary Placing | 24 June 2025 |
| Announcement of final results of the Tender Offer and the Secondary Placing | 24 June 2025 |
| CREST accounts credited in respect of Tender Offer proceeds for uncertificated Ordinary Shares | by 1 July 2025 |
| Cheques despatched in respect of Tender Offer proceeds for certificated Ordinary Shares | by 1 July 2025 |
Each of the times and dates in the expected timetable above may be extended or brought forward without further notice. If any of the above times and/or dates change, the revised time(s) and/or date(s) will be notified to Shareholders by an RIS announcement. All references are to London time unless otherwise stated.
Capitalised terms shall have the meaning attributed to them in the Circular dated 14 May 2025 unless otherwise defined in this announcement.
