Polar Capital Global Healthcare has 'overwhelming' shareholder support
Polar Capital Global Healthcare Trust PLC on Wednesday hailed ‘a very strong statement’ in the result of its tender offer for shares, with nearly 80% of its shareholders choosing to stay invested.
The investor in healthcare stocks, whose portfolio includes the likes of Eli Lilly & Co and AstraZeneca PLC, said just over 22% of investors took up an exit option in the tender offer.
It said around 27.3 million shares were validly tendered. At current prices, those shares are worth £116.9 million shares. Polar Capital Global Healthcare will announce the tender offer price on Monday, before enacting the repurchase of shares on Tuesday.
The stock traded 0.9% higher at 429.00 pence each in London on Wednesday morning, giving it a market capitalisation of £520.3 million. Shares are up 23% year-to-date.
The announcement on the tender offer comes on the eve of a key vote on the company’s future.
Back in September, it outlined plans for a reorganisation of the trust, but noted there would be no major change to its overall investment strategy.
Polar Capital Global Healthcare eyes continuing to operate as an investment trust, but proposed to remove its fixed life structure. It seeks to replace this with an obligation to put forward a 100% tender offer to holders on or ahead of March 31, 2031, and every following five years.
The current tender offer was made to give shareholders the option to exit the company.
Chair Lisa Arnold said Wednesday: ‘PCGH board and I are delighted to see the overwhelming support for the next iteration of the company and commitment to the period ahead. With almost 80% of existing shareholders remaining invested in the company, this is a very strong statement especially when considered against the challenges currently faced by the wider Investment Trust industry.
‘We would like to thank all those shareholders supporting the continuation of the company and to welcome the new shareholders who have joined us more recently. We are confident that the positive outlook for investing in the healthcare sector, strong relative outperformance by the fund managers and revised structure will encourage other investors to become part of the company’s register and benefit from Polar Capital’s strong healthcare investment franchise.’
The general meeting takes place on Thursday.
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