Polar Capital Regulatory News (POLR)

26 April 2019

Polar Capital Holdings plc

Issue of Equity

Polar Capital Holdings plc ("Polar Capital" or the "Company") announces that today 1,218,022 ordinary shares of 2.5 pence each fully paid under its block listing facility (Crystallisation of Preference Shares) in the Company have been allotted and issued in respect of the previously announced (RNS Number 6491D on 11 October 2018) crystallisation of the Healthcare Opportunities Fund and the Polar Capital Global Healthcare Trust plc. These shares will rank pari passu in all respects with the Company's existing shares in issue.

This issue is the second allotment of shares in respect of the Healthcare Opportunities Fund and the Polar Capital Global Healthcare Trust plc.

The Company's current issued share capital is 94,617,760 ordinary shares and following this allotment, the total number of ordinary shares allotted and in issue will be 95,835,782.

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.

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