Polar Capital Global Fin... Share Discussion Threads

[peterbill] 21/3/2020 13:33

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] 12/2/2020 15:36

More on the future of PCFT

[peterbill] 12/2/2020 14:29

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:

[tomps2] 18/11/2019 10:55

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.

[davebowler] 15/8/2017 11:31

Presumably we get about 15p per subs share?

[kenmitch] 14/8/2017 18:22

The market knew the dilution effect of subs being exercised in advance as it was in the fully diluted NAV figure. The higher of the two figures was if subs were not exercised.

[edwardt] 14/8/2017 14:48

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.

[peterbill] 08/8/2017 14:48

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?

[davebowler] 11/7/2017 09:47

On 7(th) July 2017 the unaudited net asset value per ordinary share, calculated in accordance with the guidelines of the Association of Investment Companies, was 150.18p (cum income)

[edwardt] 05/7/2017 17:51

Peter you have a point. If you track rise in 10 yr us treasuries with the nav here it is almost perfectly correlated. In essence, in my humble opinion this trust should trade at a premium not a 10 discount but what the hell, I can wait till the board give me money back at nav in 2.5 years. at that point us 10 year should near 4 % and this trust 33% higher. go figure as the yanks would say.

[peterbill] 27/6/2017 21:21

You would have thought that after the FED put up interest rates, that the banks would do well ... ?

[davebowler] 10/4/2017 13:12

7th April 2017 the unaudited net asset value per ordinary share, calculated in accordance with the guidelines of the Association of Investment Companies, was 143.35p (cum income).

[topvest] 29/3/2017 14:34

I've sold my subscription shares at twice what I paid for them. Will keep all the ordinary shares.

[topvest] 22/3/2017 21:15

Bit of a pull back today with banking stocks retreating.

[davebowler] 21/3/2017 15:45

As at the close of business on 20(th) March 2017 the unaudited net asset value per ordinary share, calculated in accordance with the guidelines of the Association of Investment Companies, was 145.45p (cum income).

[topvest] 16/3/2017 19:24

Yes, doing well. I'm hoping the discount closes in the next few weeks so that the warrants explode before expiry.

[peterbill] 15/3/2017 19:08

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 30 NOVEMBER 2016

[peterbill] 02/3/2017 14:15

Net Asset Value

Undiluted

As at the close of business on 1(st) March 2017 the unaudited net asset value per ordinary share, calculated in accordance with the guidelines of the Association of Investment Companies, was 145.33p (cum income).

Diluted

As at close of business on 1(st) March 2017 the unaudited net asset value, calculated in accordance with the guidelines of the Association of Investment Companies, was 140.75p (cum income).


Seems like a big discount to the current share price of 131.4p

[peterbill] 16/1/2017 18:14

Recent climb in share price with volume ....

[kenmitch] 09/1/2017 14:46

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] 04/1/2017 17:00

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."

[hiddendepths] 04/1/2017 09:43

Shh.... Don't tell anyone about the sub shares! Inflection point has been passed!

[kenmitch] 17/11/2016 15:19

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!

[edwardt] 17/11/2016 11:36

all good debate. it does beg the question then why does the discount exist?