REG - Polar Capital Hldgs - Issue of Equity

Polar Capital HoldingsAnnouncement

22/05/2024 09:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240522:nRSV4589Pa&default-theme=true

RNS Number : 4589P  Polar Capital Holdings PLC  22 May 2024

22 May 2024

Polar Capital Holdings plc

Issue of Equity

Polar Capital Holdings plc ("Polar Capital" or the "Company") announces that
today 353,055 ordinary shares of 2.5 pence in the Company have been allotted
and issued, each fully paid, under its block listing facility (Crystallisation
of Preference Shares) in respect of the previously announced partial
crystallisation of the Global Convertible Bond Fund, and the crystallisation
of the Biotechnology Fund (both in RNS Number 0101S on 11 November 2021).
These shares will rank pari passu in all respects with the Company's existing
shares in issue.

 

This issue comprises the fourth allotment in respect of the Global Convertible
Fund and the Biotechnology Fund, for a total of 353,055 ordinary shares.

 

The Company's current issued share capital is 101,195,879 ordinary shares and
following this allotment, the total number of ordinary shares allotted and in
issue will be 101,548,934.

 

Background

As set out at the time of the Company's admission to AIM, Polar Capital has
structured its fund management operations in such a way that the fund
management teams are placed in separate business units. Each business unit is
a separate profit centre and the fund managers responsible receive an annual
payment which comprises a share of their unit's core operating profit
(operating profit before performance fees and related distributions) and
performance fees.

 

In addition, each fund management team is offered the prospect of an interest
in the capital of the Company through the purchase of an individual class of
preference shares in Polar Capital Partners Limited, a wholly owned subsidiary
of the Company. These preference shares have been structured in such a way as
to become convertible upon the occurrence of certain events known as
crystallisation events into cash or, at the option of the Company, ordinary
shares in the Company at a ratio that is intended to be earnings enhancing for
the Group.

 

Upon the occurrence of a crystallisation event the fund managers concerned
cease to be eligible to receive their share of the business unit's core
operating profit and simultaneously going forward receive a reduced interest
in their performance fees.

 

For further information please contact:

Polar
Capital                                                                                                +44
(0)20 7227 2700

Gavin Rochussen (Chief Executive)

Samir Ayub (CFO)

 

Numis Securities Limited - Nomad and Joint Broker
      +44 (0)20 7260 1000

Giles Rolls (QE)

Charles Farquhar

Stephen Westgate

 

Peel Hunt LLP - Joint Broker
                                   +44 (0)20 3597 8680

Andrew Buchanan

John Welch

Sam Milford

 

Camarco
+44 (0)20 7757 4995

Ed Gascoigne-Pees

Jennifer Renwick

Phoebe Pugh

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEFIFLTELIFFIS