Polar Capital Technology Trust plc
Legal Entity Identifier (LEI):
549300TN1O5392UC4K19
Proposed Share Sub-division
17
July 2024
As announced in the annual results
published today, Polar Capital Technology Trust plc (the
"Company") announces that
shareholders will be requested at the Annual General Meeting to be
held on 11 September 2024 (the "AGM") to approve the sub-division (the
"Sub-division") of the
ordinary shares of 25 pence each (each an "Existing Ordinary Share") into ten new
ordinary shares of 2.5 pence each (each a "New Ordinary Share"). The Sub-division
is intended to assist regular savers and those who are looking to
invest smaller amounts. The reduced market price of each New
Ordinary Share immediately following the share split is intended to
help make each share more affordable to investors, thus encouraging
greater participation and providing greater flexibility in terms of
the size of the trades for investors with different investment
profiles.
The Sub-division is conditional on
approval by shareholders at the AGM as well as the New Ordinary
Shares being admitted to the premium listing segment of the
Official List of the Financial Conduct Authority and to trading on
the London Stock Exchange's main market for listed securities
("Admission"). Admission
applications will be made and it is expected that Admission will
become effective, and that dealings in the new Ordinary shares will
commence, at 8.00 a.m. on 13 September 2024, at which time the
Sub-division will become effective. The last day of registration of
transfers in the Existing Ordinary Shares is expected to be 12
September 2024 and the record date for the Sub-division is 6.00
p.m. on that date (the "Record
Date").
If approved by Shareholders, the
Sub-division will result in Shareholders receiving ten New Ordinary
Shares in exchange for each Existing Ordinary Share held at the
Record Date. CREST accounts are expected to be credited with New
Ordinary Shares on 13 September 2024 and share certificates in
respect of the New Ordinary Shares are expected to be posted to
shareholders no later than 27 September 2024.
The New Ordinary Shares will have a
new ISIN and SEDOL as follows:
New
ISIN: GB00BR3YV268
New
SEDOL: BR3YV26
The ticker for the New Ordinary
Shares will remain the same as the ticker for the Existing Ordinary
Shares (PCT). The New Ordinary Shares will rank equally with each
other and will carry the same rights and be subject to the same
restrictions (save as to nominal value) as the Existing Ordinary
Shares.
As at 16 July 2024 (being the latest
practicable date prior to the publication of this announcement) the
Company has 137,315,000 Ordinary Shares in issue (including
17,710,027 held in Treasury). Immediately following the
Sub-division and on the assumption that no ordinary shares are
bought back or issued by the Company between the date of this
announcement and the date on which the Sub-division takes effect,
the Company will have 1,373,150,000 New Ordinary Shares in issue
(including 177,100,270 held in Treasury. A holding of New Ordinary
Shares immediately following the Sub-division will represent the
same proportion of the issued ordinary share capital of the Company
as the corresponding holding of Existing Ordinary Shares
immediately prior to the Sub-division. The Sub-division will
therefore itself not affect the overall value of a shareholder's
holding in the Company.
Expected Timetable
Publication of Annual Report and
Notice of AGM
|
17
July
|
AGM
|
2.30 p.m.
on 11 September
|
Last day of registration of transfers
in the Existing Ordinary Shares
|
12
September
|
Record date for the Sub-division and
ISIN of the Existing Ordinary Shares disabled in CREST
|
6.00 p.m.
on 12 September
|
Admission effective and dealings
commence in New Ordinary Shares
|
8.00 a.m.
on 13 September
|
New Ordinary Shares credited to CREST
accounts
|
13
September
|
Issue of new share certificates in
respect of the New Ordinary Shares to be issued to those
shareholders who hold their Existing Ordinary Shares in
certificated form
|
by
27 September
|
For further information, please
contact:
Edward Gibson-Watt
Jonathan Wilkes-Green
|
Jumoke Kupoluyi
|
|
Stifel Nicolaus Europe
Limited
|
Polar Capital Secretarial
Services
|
Equiniti Limited
|
Corporate Broker
|
Company Secretary
|
Registrar
|
Telephone: 020 7710 7600
|
Telephone: 020 7227 2700
|
Telephone: 033 3207 5963
|