Business
Closure of the Polar Capital
Closure of the Polar Capital.
About this update from Polar Capital Holdings Plc
[{"type":"text","content":"\n RNS Number : 0595Z Polar Capital Holdings PLC 07 January 2011 \n \n\n7 January 2011\n \n \nPolar Capital Holdings plc (\"Polar Capital\" or the \"Company\")\n \nPolar Capital announces the closure of the Polar Capital Discovery Fund\n \nPolar Capital announces that at yesterday's Polar Capital Discovery Fund (the \"Fund\") board meeting it was decided that the Fund should be closed. The process will start immediately and it is expected that all monies will be returned to investors within four weeks.\n \nThe closure will result in Polar Capital's £3.5m investment in the Fund also being returned as cash to the Company. The action will realise an investment loss of approximately £0.6m. This loss is currently more than offset by other realised and unrealised gains from the Company's other investments. The Company remains confident of meeting its expectations for the full year ending 31 March 2011.\n \nTotal assets managed by the Discovery team at 31 December 2010 totalled $48m.\n \nThe Company will be releasing its regular AUM statement including an update on its performance fee revenues on 14 January 2011.\n \n \nFor further information please contact:\n \n\n\n\n\nPolar Capital\nTim Woolley (CEO)\nJohn Mansell (CFO)\n\n\n+44 (0)20 7227 2700\n\n\n\n\n \nNumis Securities\nSimon Blank (Nominated Adviser)\nCharles Farquhar (Corporate Broking)\n \n\n\n \n \n+44 (0)20 7260 1000\n \n\n\n\n\n \nFinancial Dynamics \nEd Gascoigne-Pees\nGeorgina Turner\n\n\n \n \n+44 (0)20 7269 7132\n \n\n\n\n\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCDKADDOBKDCDK \n ","length":3729,"tagName":"div"}]