1st Apr 2008 11:25
Polar Capital Holdings PLC01 April 2008 Polar Capital Holdings plc Issue of equity Polar Capital Holdings plc ('Polar Capital' or 'the Company') announces theissue and allotment of 3,860,755 ordinary shares of 2.5p each in the Company inrespect of the two previously announced crystallisations of Japan and UKbusiness units. Application has been made for those shares to be admitted totrading on AIM and dealings are expected to commence on 2 April. This is the final allotment of shares for the Japan business unit but aspreviously announced there will be two further tranches of shares of 1,682,595each to be issued in respect of the crystallisation of the UK business unit, inMarch 2009 and March 2010. As at 31 March 2008, following admission of the new ordinary shares, the totalnumber of ordinary shares allotted and in issue will be 71,443,979. Background Polar Capital has structured its fund management operations in such a way thatthe fund management teams are placed in separate business units and remunerateddirectly via performance and also given an incentive to become shareholders inthe Group. Each business unit is a separate profit centre and the fund managers responsiblereceive an annual payment which comprises a share of their unit's core operatingprofit (operating profit before performance fees and related distributions) andperformance fees. In addition each fund management team is offered the prospect of an interest inthe capital of the Company through the purchase of an individual class ofpreference shares in Polar Capital Partners Limited, a wholly owned subsidiaryof the Company. These preference shares have been structured in such a way asto become convertible upon the occurrence of certain events know ascrystallisation events into cash or, at the option of the Company, ordinaryshares in the Company at a ratio that is intended to be earnings enhancing forthe Group. Upon the occurrence of a crystallisation event the fund mangers concerned ceaseto be eligible to receive their share of the business unit's core operatingprofit and simultaneously going forward receive a reduced interest in theirperformance fees. Enquiries Neil Taylor Tel: +44 207 227 2711 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Polar Capital