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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Polar Capital Global Financials Trust PLC | PCFS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 13.50 | 13.50 |
| Top Posts |
|---|
Posted at 15/1/2017 16:52 by kenmitch Agree mostly, but not re arbitraging. It's not possible to arbitrage because we can't exercise PCFS except at expiry. We don't know what will happen to share and sub price between now and end of July - hopefully a lot higher by then!Also not so sure re institutional investors. They tend to hold a lot which they got for free when PCFS were first issued. Otherwise if you look at trades they are mostly fairly small and the very few private investors who know about sub shares. |
Posted at 14/1/2017 09:24 by hiddendepths kenmitch - I'm not sure I agree that the fixed exercise date would make much difference to arbitage buyers. The only thing I can see that would discourage arbitrage is limited liquidity. The sub shares also have the benefit of insurance against a major market disruption, which will doubtless appeal to some institutional investors.FWIW I intend to ensure I can exercise myself, thus doing away with nasty discounts from the trustee or selling ahead of final exercise. In fact I may buy a load more ahead of the final exercise date as some of those unable to exercise are likely to dump. But that's still some way off. In the meantime, the gearing remains highly attractive! |
Posted at 11/1/2017 21:50 by kenmitch topvest.Yes. A trustee has been appointed. So investors not wanting to or can't afford to exercise can just let the subs lapse. Yes again. There are risks leaving it to the trustee. For starters because the trustee will have a lot of lapsed subs to exercise it's likely he/they will have to sell the shares lower than the sell price at the time. But even then, as has just happened with recently expired SLES, the trustee price return after their expenses can be a lot better than the final sub share sell price. E.g Final SLES sell price was 50p but trustee got just over 70p. But share sell price was about 403p so at 320p exercise price you can see 70p is no better than OK. Another risk using the trustee is if the share price falls after sub share final expiry date but before trustee has exercised. Then if share is not much above exercise price you could end up with nothing. So best advice is sell the sub in the market if the price is OK but to leave it to trustee if PCFS is at a big discount at expiry. Btw. PCFS is unlikely to attract arbitrage buyers as the subs can only be exercised at expiry. If PCFS could be exercised at any time THEN the current big discount would attract arbitrage buyers. |
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