Share Name Share Symbol Market Type Share ISIN Share Description
Polar Capital Global Financials Trust Plc LSE:PCFT London Ordinary Share GB00B9XQT119 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -0.31% 162.50 162.00 162.50 163.00 162.50 162.50 121,374 15:47:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 6.3 5.3 3.0 54.0 296

Polar Capital Global Fin... Share Discussion Threads

Showing 51 to 74 of 75 messages
Chat Pages: 3  2  1
Rishi Sunak plans to replace our cash with official digital currency in 'biggest upheaval in the monetary system for centuries' hTTps:// I wonder how the traditional banks will deal with this?
August the 5th is the conversion date, the day aftet they go x divi. Price of C shares should move up as we approach conversion if PCFT hold up of course.
Well it was oversubscribed so cant be bad really. Is there a targeted 5% yield which they can withold but will most likely pay? That is my reading of it? Other wise unless the conversion is generous then I can hardly see the attraction.
Summary: raised £122m, new shares start trading on Monday 21st
I don't think there's any "discount" value here, as the C shares will convert to Ordinary shares but not on a 1-1 basis but on a C share NAV to Old share NAV basis ? please correct me if I'm wrong though I don't want to leave any value on the table !
You can buy for an ISA with a broker, but the Primary Bid route means they have to go to an investment account - ludicrous
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.
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 .
PeterBill - thanks for your response. So, do the new C shares trade under a different ticket forever, or do they at some point merge with the existing shares?
The Ordinary Shares are registered with ISIN GB00B9XQT119, and the Ordinary Shares are traded under the ticker symbol PCFT. The Issue Shares are registered with ISIN GB00BNG2HN26, and the Issue Shares will be traded under the ticker symbol PCFC. Each class of C Shares issued pursuant to a Subsequent Placing made throughout the Placing Programme will have separate ISINs and ticker symbols issued. The announcement of each issue of C Shares will contain details of the relevant ISIN and ticker symbol for such class of C Shares being issued.
I'm tempted as well ... note that the 'C' shares are not the same as the ordinary shares as mentioned above ... there is a 185 page prospectus to go with the shares which I did link above - looks like Polar Capital are out to raise a lot of cash with the excess offer too. I wonder what the master plan is ... disappear into the sunset ;-)
Is there a follower of PCFT out there who can advise on whether or not to take up this subscription offer, closing on June 10th. It's quite a big discount (£1.00 vs current prices around £1.65), so I'm tempted and I don't want to be diluted. But it means a big re-organisation as I hold these in my ISA where I don't have much cash. There must be about 200m shares in issue, so if there is a 75% take-up, the trust will increase to a NAV around £450m, which is good. Bigger trusts attract more institutional money.
Has anyone been able to sell their Excess Application allotment? I've had (apparently equivalent) offers before in other shares and been able to sell these as Nil Paid Rights - AJ Bell are telling me these ones aren't tradeable, has anyone had a different experience?
Looks like dividends will not be the same for the C shares .... from the document, page 7 ... If they need to raise capital, I wonder why they did not just do a rights issue? Dividends Subject to the provisions of the Act and the Articles, the Company may by ordinary resolution declare dividends. No dividend shall exceed the amount recommended by the Board. Subject to the provisions of the Act and the Articles, the Directors may pay interim dividends, or dividends payable at a fixed rate, if it appears to them that such dividends are justified by the profits of the Company available for distribution. Subject to the provisions of the Act and the Articles, all dividends shall be declared and paid according to the amounts paid up on the Shares on which the dividend is paid. If any Share is issued on terms that it ranks for dividend as at a particular date, it shall rank for dividend accordingly. In any other case, dividends shall be apportioned and paid proportionately to the amount paid up on the Shares during any portion(s) of the period in respect of which the dividend is paid. Holders of any class of C Shares will not be entitled to receive such dividends as the Directors may resolve to pay to holders of Ordinary Shares. Notwithstanding any other provision of the Articles, but without prejudice to the rights attached to any Shares, the Company may fix a date and time as the record date by reference to which a dividend will be declared or paid or a distribution, or allotment or issue of Shares, made. No dividend or other money payable in respect of a Share shall bear interest against the Company, unless otherwise provided by the rights attached to the Share.
Polar Capital Global Financials has announced details of an open offer. Your account will be credited with a number of entitlements which can be exercised at a fixed price, with no dealing charges, to receive additional shares in the company. Your account will be credited with 1 basic entitlement share for every ordinary share you hold as of the ex-entitlement date, 12 May 2021. These entitlement shares are expected to be credited to your account on or around 14 May 2021 and this will form your basic entitlement, which will not be subject to scaling back. You will also be credited with excess entitlement shares which will allow you to apply for shares in excess of your basic entitlement, but excess applications are subject to scaling back. Each entitlement share can be exercised at a price of GBP1.00 in order for you to receive 1 new ordinary C share. To view the announcement in full, please copy and paste the following link into your web browser: hTTps://
hTTps:// 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.
Do you have one with better spread pls?
This always has a really bad spread, not sure how polar get away with it, had 45k invested but moving to another similar that maintains better spreads.
Gopher. I too am a holder but I was unaware of the tender offer. Did you receive notification from your broker? Thanks.
cousin jack
I took up the offer as Trust likely to fall to a discount afterwards
7. The Tender Offer 7.1 General The Company is proposing a Tender Offer to be made for up to 100 per cent. of the Shares in issue on the Tender Offer Record Date (excluding treasury Shares) at the Tender Price to enable those Shareholders who wish to realise their investment in the Company to do so (in whole or in part). The Tender Offer is conditional on the Continuation Conditions. The Tender Price will be determined as at the Calculation Date, which is expected to be 24 April 2020. As at 10 March 2020 (being the latest practicable date before publication of this Circular), the Tender Price would have been 117.59 pence (rounded to two decimal places) as at that date based on 99.0 per cent. of the opening NAV which assumes the maximum capped expenses of 1 per cent. have been applied. As at the close of business on 10 March 2020 (being the latest practicable date before the publication of this Circular), the mid-market price of the Shares on the London Stock Exchange was 112.50 pence and the most recently announced NAV per Share was 118.78 pence (rounded to two decimal places). Accordingly, the Tender Price would have represented a premium of 4.52 per cent. to the mid-market price on such date. Qualifying Shareholders on the Register on the Tender Offer Record Date may tender some or all of their Shares for purchase by Investec Bank. All successfully tendered Shares will be purchased at the Tender Price. The Company will then, in turn, acquire these Shares from Investec Bank at the Tender 10 Price, in accordance with the terms of the Repurchase Agreement, and the relevant Shares will be placed in treasury for reissue into the market should the Shares trade at a premium in future. Paragraph 1.1 of Part VI of this Circular contains further details on the Repurchase Agreement.
More on the future of PCFT hTTps://
Polar Capital Global Financials Trust is proposing to change the company’s structure and is giving all shareholders the chance to sell their shares through a tender offer if they do not wish to continue to hold shares in the company. The tender offer will provide you with the choice to sell their shares to the Company at a fixed price with no dealing charges. To view the announcement, including details of the proposed structural changes, please copy and paste the following link into your web browser: hTTps://
Polar Capital Global Financials Trust (LON:PCFT) presentation at Mello London November 2019 by Nick Brind, Fund Manager. Highly informative overview of banks and the financial sector, presenting why the time is right to invest in the sector ... and why Polar Capital Global Financials Trust (LON:PCFT) might be a good vehicle. Https://
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