Business
Additional Listing & Dividend
Additional Listing & Dividend.
About this update from Polar Capital Holdings Plc
[{"type":"text","content":"\n RNS Number : 6829H Polar Capital Holdings PLC 25 February 2010 \n \n\n25 February 2010\nPolar Capital Holdings plc ('Polar Capital' or 'the Company')\nSecond Interim Dividend and Issue of Equity\nThe Board of Polar Capital announces that it has declared a second interim dividend for the year ending 31 March 2010 as follows:\nDividend per share: 3.5p\nEx-dividend date: 3 March 2010\nRecord date: 5 March 2010\nPayment date: 31 March 2010\nThe Board does not intend to pay any further dividends in respect of the year ended 31 March 2010.\nIssue of equity\nPolar Capital also announces the issue and allotment of 1,629,589 ordinary shares of 2.5p each in the Company ('the New Shares') in respect of the previously announced crystallisation of the UK business unit. Application has been made for the New Shares to be admitted to trading on AIM and dealings are expected to commence on 3 March 2010. These shares will rank pari passu with the existing ordinary shares in issue.\n \nThis is the fourth and final allotment of shares for the UK business unit. \nFollowing admission of the New Shares, the total number of ordinary shares allotted and in issue will be 75,063,157. \n \nBackground \nPolar Capital has structured its fund management operations in such a way that the fund management teams are placed in separate business units and remunerated directly via performance and also given an incentive to become shareholders in the Company. \n \nEach 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 th...