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LONDON - Polar Capital Holdings plc, a specialist asset management group, has issued 7,969 new ordinary shares today, as part of a planned expansion of its equity under the company’s block listing facility. This move follows the partial crystallization event of the Global Convertible Bond Fund, which was first announced on November 12, 2024.
The newly issued shares, each with a value of 2.5 pence and fully paid, will be on equal footing with the existing shares of the company. With this latest issuance, Polar Capital’s total issued share capital has increased to 101,568,374 ordinary shares.
This issuance represents the second allotment connected to the Global Convertible Fund. The structure of Polar Capital’s fund management operations allows for fund managers to receive annual payments based on their respective unit’s core operating profit and performance fees. Additionally, they are offered an interest in the capital of the company through the purchase of preference shares in Polar Capital Partners (WA:CPAP) Limited, a wholly owned subsidiary.
These preference shares are designed to convert into either cash or, if the company chooses, ordinary shares in Polar Capital upon specific crystallization events. When such an event occurs, the fund managers affected by this change no longer receive a share of the business unit’s core operating profit and will henceforth receive a reduced interest in performance fees.
The information in this article is based on a press release statement from Polar Capital Holdings plc.
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