17th Jun 2021 19:14
Polar Capital Global Financials Trust PLC - invests globally in banking, insurance, property and other financial stocks - Raises GBP122 million through placing placing, subscription, open offer and intermediaries offer of 122.0 million C shares at 100 pence each.
Share issue result is well above initial target of GBP100 million.
Stifel Nicolaus Europe Ltd acted as sponsor and sole bookrunner. Company hold authority to issue another 378.0 million C or ordinary shares under placing programme until May 11, 2022.
"I am very pleased to see the breadth of support from so many firms and individuals, the level of that support and the capital raise has exceeded its target. The board and the investment manager feel strongly that this is a sector of considerable attraction at this point of the investment cycle as well as a beneficiary of potentially higher bond yields," said Chair Robert Kyprianou.
Current stock price: 167.00 pence
Year-to-date change: up 45%
By Dayo Laniyan; [email protected]
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