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 Shares Traded Last Trade
  -1.00 -0.62% 160.00 716,396 16:35:23
Bid Price Offer Price High Price Low Price Open Price
159.00 161.00 162.50 159.00 162.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 6.30 5.32 3.01 53.2 252
Last Trade Time Trade Type Trade Size Trade Price Currency
16:29:27 O 86,400 162.75 GBX

Polar Capital Global Fin... (PCFT) Latest News (3)

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Date Time Title Posts
20/1/202111:10Polar Capital Global Financials Trust PLC - a new financials investment trust58

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Polar Capital Global Fin... (PCFT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-04-15 16:15:00162.7586,400140,616.00O
2021-04-15 16:05:20161.0030,00048,300.00O
2021-04-15 15:29:28159.224,0006,368.80O
2021-04-15 15:25:57159.309341,487.86O
2021-04-15 15:23:25159.001,0791,715.61AT
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Polar Capital Global Fin... (PCFT) Top Chat Posts

Polar Capital Global Fin... Daily Update: Polar Capital Global Financials Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker PCFT. The last closing price for Polar Capital Global Fin... was 161p.
Polar Capital Global Financials Trust Plc has a 4 week average price of 154p and a 12 week average price of 137p.
The 1 year high share price is 163.50p while the 1 year low share price is currently 92.60p.
There are currently 157,400,000 shares in issue and the average daily traded volume is 684,142 shares. The market capitalisation of Polar Capital Global Financials Trust Plc is £251,840,000.
peterbill: 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.
peterbill: 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.
peterbill: More on the future of PCFT hTTps://
peterbill: 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://
tomps2: 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://
peterbill: This seems to be taking off ... probably something to do with the conversion of the subscription shares. As at close of business on 7(th) August 2017 the unaudited net asset value, calculated in accordance with the guidelines of the Association of Investment Companies, was 145.86p (cum income). The undiluted NAV of the ordinary shares includes the effect of the conversion of 24,952,723 subscription shares at 115p per share, further information available on RNS 6413M. The share capital of the company following such conversion comprises 197,127,723 ordinary shares and 5,647,277 subscription shares. Not sure why there are still 5.6M sub shares left ... Thought the trustees were converting the lot?
kenmitch: Have also posted this on PCFS and "the warrant thread" but likely to be very few readers on any of them to take advantage of likely further gains for PCFS! PCFS are now exceptionally cheap and that's despite a 250000 buy at just 12.2p today. Share is currently 130.25p to sell, so PCFS is worth 15.25p. So 12.2p is a real bargain. Guess that PCFS will now stay at a discount but until close to expiry it surely won't get much wider? 150p for the share looks a reasonable target if banks continue to rally on Trump infrastructure and other spending hopes and the increased chance of higher interest rates as a result, which are good for bank margins. Even if the sub goes to an even bigger discount.. say only 25p with the share at 150p compared with the 35p it would then be worth,, that 25p still double the current price for a target 12% or so on the share price. And if the discount is wide at expiry and not wishing to exercise, then with such a big discount, it could pay off for once just leaving it to the trustee. SLES are about to be exercised. Share is over £4 so surely Trustee will get better price than the 50p final sell price, when the share was also a lot lower than it is now. We'll know within a few days.
kenmitch: Posted this on "the warrant thread" today just in case anyone here is interested in what could still be a very rewarding PCFS buy. "PCFS. Posted here (post 3919) on Dec 8th with PCFS AT 8.75p to buy when share was 123.75p to sell. Set 130p share price target which would mean PCFS worth 15p. Share almost got there today, but despite several buys, PCFS is now at a discount and only 12p to buy and 11.25p to sell. NAV has been rising steadily and was up another 2p today to 140p and 137 if allowing for the now strong likelihood of all the subs being exercised. Bank share rally is continuing. Target another 10p on the share price in the next couple of months to 140p and PCFS would be worth 25p. Assuming the PCFS price goes to a bigger discount and so "only" 20p, that still gives nearly 70% upside on 7% share price rise. Hope a few bought earlier but if not high chance it is still not too late to buy, especially bearing in mind PCFS is 3p below what it is actually worth."
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!
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 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.
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