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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Polar Capital Global Financials Trust Plc | PCFT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.80 | 0.50% | 161.00 | 16:29:55 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 161.60 | 158.20 | 161.60 | 161.00 | 160.20 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 15/2/2024 16:16 by peterbill Another free event ... Tuesday 12 March 202418.20 Polar Capital Global Financials Trust Nick Brind, Fund Manager - Polar Capital Global Financials Trust (PCFT)Need to register |
Posted at 15/9/2023 14:10 by melloteam *FREE EVENT*Just to let shareholders and prospective investors know that Mello Events are hosting a free Investment Trusts and Funds event on Tuesday 26th September 2023. The event will feature the following: Emma Bird, Head of Investment Trust Research at Winterflood Securities, presents ‘Investment Trusts in a Higher Interest Rate World’ Presentations from Georgina Brittain, portfolio manager of JPMorgan UK Smaller Companies (JMI); Impax Environmental Markets plc; George Barrow presents Polar Capital Global Financials Trust; and Ocean Dial and the India Capital Growth Fund There will be over 500 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions. To register for FREE, click here: For more information, click here: |
Posted at 03/12/2021 10:01 by melloteam Mello Events is hosting a FREE Trusts and Funds event at 2pm on Tuesday 18th January. The programme is as follows: Welcome and introduction to your co-host, Karin Schulte 2.00 pm Andrew Hollingworth presents his approach to investing in Investment Trusts and Funds 2.20 pm Company presentation by Impax AM 2.50 pm Reg Hoare outlines his criteria for selecting Investment Trusts and Funds 3.10 pm Company presentation by Augmentum Fintech 3.40 pm VectorVest – introducing their safe and consistent portfolio growth model (Full session the following day Wednesday 12 noon) 4.00 pm MoneyMakers Jonathan Davis and Simon Elliott present the latest Investment Trust News 4.20 pm Company presentation by Polar Capital Global Financials Trust plc – Global Financials: impact of rising interest rates and economic recovery 4.50 pm Investment Trusts and Funds Panel, including Reg Hoare, Andrew Hollingworth, Paul de Gruchy, hosted by Karin Schulte To register for FREE click here: |
Posted at 23/5/2021 19:15 by galeforce1 Graysland - thanks very much for your very informative post.I think I’ll probably give this new subscription a miss. It sounds as if this offer is not really aimed at existing retail investors. Instead it’s aimed at bringing in new capital from institutional investors. That’s probably very sensible. At £300m the trust is a bit sub-scale. |
Posted at 22/5/2021 15:33 by graysland1 Am I missing something here because I cant see this as being of any real benefit to us retail investors. Firstly in the RNS 3060Y announcement of 12th May "PCFT doc re Issue of C shares under 3.Benefits of Proposal it says "The issue of C shares will not be dilutive on the NAV of ordinary shares. So the position and value of our existing holdings should not change?Secondly the prospectus states p37 that the initial expected NAV for the C shares will be 98.5p. Elsewhere it says these C share funds and assets acquired from these proceeds will be accounted for and managed separately until the conversion date. These are then converted by reference to their relative NAVS. In an attempt to simply the Conversion Formula can we for purpose of illustration say if the NAVS of the C shares and the Ordinary shares do not change we will simply get 98.5/1.65 about .6 of a newly converted ordinary share. We are starting here at 1.5% loss but will the 2 NAVs really move in sync. The ordinary shares are already fully in the market. If the market continues to move up the as yet un-invested proceeds of the C shares proceeds at least in part seem unlikely to match the ordinary shares NAV at conversion. So we may get even less than .6 at conversion? Dont forget that we would also be foregoing half or more of the years dividend thats another 1.3% lost. But lastly with up to 500 million news shares in prospect to be issued will the shares soon fall to a discount anyway perhaps more than the average of last year of 5%. With all these issues and unknowns why not buy more shares if you want them at your own timing and control after all many think a correction in markets especially in the U.S may be due . |
Posted at 20/1/2021 11:10 by peterbill Further to the announcement made on 18 December 2020, Polar Capital Global Financials Trust plc (the "Company") announces that it has today published a circular (the "Circular") convening a General Meeting to be held as a closed meeting at 11.00am on Monday, 1 February 2021 to put forward a resolution to approve the proposal to disapply the pre-emption rights in respect of the 70,375,000* ordinary shares in treasury ("Existing Treasury Shares").Following completion of the tender offer to shareholders on 29 April 2020, the Company bought back 79,159,235 ordinary shares into treasury with a view to re-issuing such treasury shares subject to investor demand and market conditions. The Company notes a significant increase in interest in the financial sector since November 2020, which has resulted in a sharp jump in the share prices of financial stocks globally. As a result, there has been a greater interest in the Company's ordinary shares, which have traded at or around a small premium to the NAV per ordinary share since 27 November 2020. The Board is therefore seeking authority to re-issue all of the Existing Treasury Shares, should the Company choose to do so, without being required to comply with the pre-emption rights in the Companies Act 2006. In connection with this, the shareholder circular, including the notice of the General Meeting and the proxy form for the General Meeting, have been posted to shareholders today. |
Posted at 14/8/2017 14:48 by edwardt the 5.6m were the rump where investors did nothing and the trustee takes charge to force a conversion. these would be placed in the market accordingly. in short, the warrants have caused a bit of anxiety around the impact on nav. now there is clarity and investors are keen on banks, we should see the discount tighten further from here imo. |
Posted at 17/11/2016 15:19 by kenmitch edwardt.Lots of Investment Trusts trade at discounts to NAV. Indeed that's one of their big plus points compared with Unit Trusts and OEICs. Investment Trust investors really can buy assets worth, say, £1 for sometimes as little as 65p. Occasionally Investment Trusts trade at huge discounts as high as 60%. otoh Investment Trusts that are very popular with Investors trade at large premiums to NAV. e.g all the Infrastructure ITs and also Lindsell Train IT. Yesterday PCFT NAV was 132p undiluted and about 130p diluted/allowing for all the sub shares being exercised. So a discount around 8%. The discount is narrower now but in the past PCFT has traded at a premium to NAV when banks/financials were more popular with investors. The PCFT discount might be higher or lower by July expiry. Whatever it is, it makes no difference to the value of PCFS. If the share is at 115p or below at expiry then PCFS will be worthless. If the share continues to do well the PCFS will soar. e.g as explained before if the share can get to 140p then PCFS will be worth 25p against a 8.8p buy price just now. Hence my opinion if confident the share will do well over the next 7 months or so, then buy PCFS and not PCFT. If not confident don't buy either yet. US bank shares have had a couple of down days and if that continues then a good chance that PCFT and PCFS will fall back a bit too. Finally warrants and sub share spreads can change a lot from day to day and they are not always easy to trade. If looking to sell PCFS it's best to do it on an up day. e.g the PCFS quote is unchanged at 7.5p -9p for the third day running. But two days ago PCFS could be sold for 8.55p whereas today someone has just sold some for 7.5p. There has also been a 150000 PCFS buy today so someone must be confident! |
Posted at 15/11/2016 10:30 by kenmitch I've only just discovered this thread and otherwise would have posted sooner. I've invested in warrants and sub shares for years and ran a successful warrant portfolio on mikewalters.com subscription website. We had to close it earlier this year because there are so few warrants and subs left. The portfolio ended up doubling but was once far higher. A drag on performance was a 50000 PCFS holding bought far too soon, but which would now be doing very well.Unlike you topvest I only hold the sub shares (which being subscription shares can go in to ISAs btw). For those with a very low risk tolerance then yes, a mix of mostly share and small sub share stake makes sense. Otherwise just buy the sub share. e.g right now with the share at 120p and sub about 9p to buy a £1000 sub share stake will be worth around £1900 if the share can rise 10% from here. That would give a £900 profit and maximum possible loss of £1000. OR invest £9000 in the share to get the same profit. And if the share falls 10% the paper loss is not much less than for the sub share. PCFS were highlighted on Mike Walters site as well worth buying at just 3.7p last month, and then again at 5p when the share was 115p only a few days ago. Then with share at 115p a 15% share price gain to 132p and PCFS should more than triple thanks to the exceptionally high gearing then. So invest £1000 in PCFS then at 5p and get a £2300 profit and maximum possible loss of £1000 for 15% share price gain. OR invest £15000 in the share to get the same £2300 profit and if the share falls 15% the paper loss will be £2250 and £1500 more than the maximum possible loss on the sub share. BUT the big minus for the sub is that July deadline date. i..e a real loss if PCFT is 115p or lower at expiry whereas the share can be held until the price recovers. edwardt mentioned the risk of the share price being manipulated so that the sub share expired worthless. That is very unlikely to happen as who benefits from the sub expiring worthless? None of us! The Trust will lose out on £millions of new cash to invest from the all the subs being exercised. Institutions lose out on £milliions too as they often hold very large sub share stakes. Finally don't forget a trustee is appointed to exercise any sub shares if we decide not to sell them before expiry date and just let them lapse. Investors then get the proceeds less the trustee costs. Beware though if thinking of doing this as often the trustee does not get a good price for the share as it means selling a very large share stake that might have to be bought at a significant discount to the quoted share buy price. So best really if not intending to exercise the sub shares to sell them well ahead of the final expiry date. |
Posted at 14/11/2016 14:22 by edwardt guess we will see how many investors still think banks are uninvestable now. my guess is the discount will narrow to 5 in short order here. |
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