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PCGH sets out strategic proposals

15 March 2017 13:14

Polar Capital Global Healthcare Growth and Income Trust (PCGH) has set out a number of proposals to ensure the future of the Company but says that it still expects to pay a dividend going forward, albeit at a lower level than in the past.

The proposals, which are subject to shareholder approval, include:

- the Company's existing investment mandate will be changed to a growth mandate. The Company will expect to pay a dividend going forward, but at a lower level than hitherto;

- the Company's name will be changed to Polar Capital Global Healthcare Trust plc;

- an issue of new ordinary shares will be made by way of an institutional placing and offer for subscription;

- in order to provide gearing to the Company an issue of zero dividend preference shares (ZDPs) will be made on the basis that one ZDP with an initial capital entitlement of £1 will be issued for every £8 of net assets attributable to the ordinary shares upon implementation of the proposals; and

- a tender offer will be made to all eligible shareholders enabling those who so wish to realise all or part of their investment in the Company at the prevailing net asset value per ordinary share less costs.

The Company added that the proposals will also be conditional on the Company's assets immediately following implementation being not less than £200m.

At 1:13pm: (LON:PCGH) Polar Capital Global Healthcare Grwth Inc Tr PLC share price was +0.51p at 208.13p

Story provided by StockMarketWire.com

Related Company: PCGH

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