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