Polar Capital Global Financials Trust PLC - invests globally in banking, insurance, property and other financial stocks - Announces proposals for placing, subscription, open offer and intermediaries offer for target of 100 million C shares, as financials sector starts to see a material recovery in sentiment since November, leading to increased demand for company's shares.
Issue of C shares is expected to allow for accumulated income and revenue reserves to be regarded separately in respect of the next dividend.
The initial issue will be priced at 100 pence per share, while the open offer will be on the basis on one C share for every one ordinary share held.
Is also looking to implement placing programme of ordinary and C shares.
Current stock price: 163.50 pence
Year-to-date change: up 15%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Polar Cap Gbl (PCFT)