Business
Intention to Launch a Global Investment Trust
Intention to Launch a Global Investment Trust.
About this update from Polar Capital Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0617F Polar Capital Holdings PLC 20 May 2013 \n \n\nPolar Capital Holdings PLC\n20 May 2013 \n \n \n \n \nPolar Capital Holdings plc Announces Intention to Launch a Global Financials Investment Trust\n \nPolar Capital Holdings plc (\"Polar Capital\"), the specialist asset management group, today announces its intention to launch the Polar Capital Global Financials Trust plc (\"PCFT\"). It is intended that PCFT will seek admission for the trading of its ordinary shares on the London Stock Exchange plc with a main market, premium listing. PCFT is looking to raise in excess of £100 million through a proposed placing and offer for subscription, in order to facilitate the retail element of the offer.\n \n \n Highlights\n \n · Objective - to generate an attractive and progressive dividend income plus capital growth by investing in a diversified global portfolio of equity, debt and other securities of listed financial stocks. It is expected that 90% of PCFT at outset will be in equities. \n \n · Market opportunity - the Financials sector is the largest sector globally, representing around 20% of equity markets. However, it has been deeply out of favour with investors for the majority of the past six years. Polar Capital's Financials Team feel that the sector is now recovering and that there are significant investment opportunities. \n \n · Yield opportunity - the Financials Team expect that a major catalyst for the sector will be a return / re-basing of bank dividends. Historically, the sector has been a major provider of yield to investors. The return to more normalised dividend payouts - in a market where investors are searching for income - should lead to a significant re-rating.\n \n · Dividend policy - PCFT will seek to pay dividends at the rate initially of 3.1p annually (equal to an initial yield of 3.1%) with the aim of increasing the dividend progressively thereafter.\n \n · Highly experienced portfolio management team - the Manager will be Polar Capital LLP where the Financials Team has over 100 years' combined investment experience. The six strong team manage a range of award w...