Polar Cap Gbl Healthcare Growth&IT Edison issues initiation on Polar Capital Global
May 26 2017 - 5:00AM
RNS Non-Regulatory
TIDMPCGH
Polar Cap Gbl Healthcare Growth&IT
26 May 2017
London, UK, 24 May 2017
Edison issues initiation on Polar Capital Global Healthcare
Trust (PCGH)
Polar Capital Global Healthcare Growth & Income Trust (PCGH)
was set up in 2010 with a fixed life of seven years. In advance of
the expected wind-up at the early 2018 AGM, the trust is proposing
a seven-year extension, changing the investment strategy to a
growth mandate, and issuing zero dividend preference shares (ZDPs)
to introduce gearing for the first time. It is also giving existing
shareholders the opportunity to tender up to 100% of their
investment at NAV minus costs (expected to be c 0.4%), as well as
offering new shares to existing and new shareholders. The proposals
are contingent on achieving at least GBP200m of assets following
the tender offer and new share issue. The new, growth-focused
strategy, renamed Polar Capital Global Healthcare Trust, will be c
90% invested in large-cap healthcare companies benefiting from
industry consolidation, and c 10% in sub-$5bn stocks that are
driving change through technological innovation.
PCGH currently trades at a 1.5% discount, arguably in light of
the forthcoming tender at close to NAV. The board views the fixed
life of the trust as an important factor in discount control, as
shareholders have the certainty of a future exit. The current
dividend yield of c 2% is expected to fall to c 1% under the new,
growth-focused strategy.
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For more information please contact Edison:
Sarah Godfrey, +44 (0)20 3681 2519
Mel Jenner, +44 (0)20 3077 5720
investmenttrusts@edisongroup.com
Learn more at www.edisongroup.com and connect with Edison
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