TIDMPCFT

RNS Number : 1149J

Polar Capital Global Financials Tst

08 April 2020

Legal Entity Identifier: 549300G5SWN8EP2P4U41

8 April 2020

Polar Capital Global Financials Trust plc ("the Company")

Results of the General Meeting and Tender Offer

Subsequent to the Company's shareholder circular of 12 March 2020, in which proposals (the "Proposals") were put forward for the provision of a tender offer to shareholders (the "Tender Offer") together with changes to the Company's Articles of Association to extend the Company's life indefinitely subject to further regular tender offers, the Company held the General Meeting on 7 April 2020 at which the resolution detailing the Proposals was passed unanimously on a poll.

The following table indicates the number of proxy votes lodged in advance of the meeting for the resolution. It should be noted that votes withheld do not constitute votes in law. The number of ordinary shares in issue at the date of the General Meeting was 202,775,000 and the number of total voting rights was 202,430,000.

 
                           Number             %                 % 
                          of Shares    of votes cast by   of total voting 
                                            proxy             rights 
  In favour (including 
   votes 
   at the Chairman's 
   discretion)           133,880,863       100.00             66.14 
  Against                     0             0.00               0.00 
  Withheld                 83,017             -                 -

In accordance with Listing Rule 9.6.2, a copy of the resolution, having been passed as a special resolution, will be submitted to Companies House, as well as the FCA-National Storage Mechanism, and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The full text of the Proposals and of the resolution proposed to shareholders was set out in the Circular to Shareholders published on 12 March 2020, and is available on the Company's website at: www.polarcapitalglobalfinancialstrust.com.

Tender Offer

The results of the Tender Offer were as follows:

 
                              Number                 % 
                             of Shares     of issued share capital 
                                         (excluding treasury shares) 
  Shares validly tendered   79,159,235             39.10

Under the terms of the Proposals, valid tender requests in respect of no more than 50 per cent. of the Company's issued share capital should be received in order for the tender offer to proceed. Accordingly, those shares validly tendered will be repurchased by the Company in full at the Tender Price (as defined in the Circular); and the Company will continue with an indefinite life for the benefit of those shareholders who elected not to tender their shares.

Timetable

With regard to completion of the Tender Offer, the Board announces an amendment to the expected timetable set out in the Circular.

The Calculation Date for the Tender Price will now be close of business Wednesday, 22 April (previously expected to be Friday, 24 April) and the associated announcement of the Tender Price is expected to be on or around Friday, 24 April (previously expected to be on or around Monday, 27 April).

The dates on the expected timetable otherwise remain as per the Circular and are as follows:

EXPECTED TIMETABLE

 
 Calculation Date                             (brought forward to) 
                                              close of business on 
                                               Wednesday, 22 April 
 Announcement of the Tender Price             (brought forward to) 
                                              on or around Friday, 
                                                          24 April 
 Repurchase of Shares pursuant to the             by Monday, 4 May 
  Tender Offer 
 CREST accounts credited in respect of          by Tuesday, 12 May 
  Tender Offer proceeds for uncertificated 
  Ordinary Shares 
 Cheques despatched in respect of Tender        by Tuesday, 12 May 
  Offer proceeds for certificated Ordinary 
  Shares

For further information, please contact:

 
 David Yovichic/Denis Flanagan     Robert Kyprianou 
 Investec Bank                     Polar Capital Global Financials 
  Corporate Broker                  Trust plc 
                                    Chairman 
                                    (contact via the Company Secretary) 
 Tel. 020 7597 5473                Tel. 020 7227 2742 
 
 Ed Gascoigne-Pees                 John 'Reg' Regnier-Wilson 
 Camarco                           Polar Capital 
  PR                                Head of Investment Trust Sales 
 Tel. 020 3757 4984                Tel. 020 7227 2725

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 or visit www.rns.com.

END

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