Polar Capital Global Financials Trust shareholders approve tender offer

Published 18/06/2025, 11:38
Polar Capital Global Financials Trust shareholders approve tender offer

LONDON - Shareholders of Polar Capital Global Financials Trust plc (PCFT) unanimously approved a tender offer for up to 100% of the company’s ordinary shares and a secondary share placing during a General Meeting held Wednesday.

The company reported that both resolutions passed with overwhelming support. The tender offer resolution received 157,766,712 votes in favor and 37,699 against, while the secondary placing resolution garnered 157,731,724 votes in favor and 60,732 against.

A total of 52% of the company’s voting rights participated in the proxy vote. The company currently has 331,750,000 ordinary shares in issue, with 28,530,635 held in treasury, resulting in 303,219,365 total voting rights.

Following shareholder approval, PCFT will proceed with its planned timetable. The calculation date for the tender price is set for close of business Wednesday. The company expects to announce both the tender price and secondary placing price on June 20, with the secondary placing commencing on the same day.

The deadline for commitments under the secondary placing is noon on June 24, when the company will also repurchase shares pursuant to the tender offer net of any shares placed under the secondary placing. Final results of both the tender offer and secondary placing will be announced that same day.

Shareholders participating in the tender offer can expect to receive proceeds by July 1, with CREST accounts credited for uncertificated ordinary shares and cheques dispatched for certificated ordinary shares.

The full details of the proposals were outlined in a circular to shareholders published on May 14, according to the company’s statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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