Business
Intention to Launch a Global
Intention to Launch a Global.
About this update from Polar Capital Holdings Plc
[{"type":"text","content":"\n RNS Number : 3651K Polar Capital Holdings PLC 19 April 2010 \n\n \nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR AUSTRALIA.\n \n19 April 2010\n \nPolar Capital Holdings plc Announces Intention to Launch a Global \nHealthcare Growth & Income Trust\n Polar Capital Holdings plc (\"Polar Capital\"), the specialist asset management group, today announces its intention to launch the Polar Capital Global Healthcare Growth and Income Trust plc (\"PCGH\"). It is intended that PCGH will seek admission to trading of its ordinary shares on the London Stock Exchange plc with a premium listing. PCGH is looking to raise over £100 million through a proposed placing and offer for subscription. \n · Highlights\n · Objective - to generate dividend income and capital growth by investing in a global portfolio of healthcare stocks. No more than 15 per cent. of the initial portfolio will be invested in companies with a premium UK listing.\n · Market opportunity - the healthcare sector is at a thirty year low in terms of relative valuations, driven partly by concerns over US reform. With many institutions under-weight in the sector, PCGH is an investment-led idea designed to profit from a re-rating of the healthcare sector.\n · Sustainable and growing dividend target - many established companies in the healthcare sector are generating levels of cash flow which provide comfortable cover to their dividends. PCGH will target a sustainable and growing dividend, commencing with a target of 3p in respect of the first financial period to 30 September 2011. Dividends are expected to be paid quarterly.\n · Growth - it is intended that the investment portfolio will include some exposure to the higher growth sectors of healthcare and to opportunities in emerging markets. The investment trust structure will enable the Manager to take a longer-term view and benefit from some investment in illiquid stocks.\n · Highly ...