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EQS-News News vom 24.05.2017

Edison Investment Research Limited: Edison issues initiation on Polar Capital Global Healthcare Trust (PCGH)

EQS-News: Edison Investment Research Limited / Key word(s): Research Update

24-May-2017 / 11:15 GMT/BST


London, UK, 24 May 2017

Edison issues initiation on Polar Capital Global Healthcare Trust (PCGH)

Polar Capital Global Healthcare Growth & Income Trust (PCGH) was set up in 2010 with a fixed life of seven years. In advance of the expected wind-up at the early 2018 AGM, the trust is proposing a seven-year extension, changing the investment strategy to a growth mandate, and issuing zero dividend preference shares (ZDPs) to introduce gearing for the first time. It is also giving existing shareholders the opportunity to tender up to 100% of their investment at NAV minus costs (expected to be c 0.4%), as well as offering new shares to existing and new shareholders. The proposals are contingent on achieving at least £200m of assets following the tender offer and new share issue. The new, growth-focused strategy, renamed Polar Capital Global Healthcare Trust, will be c 90% invested in large-cap healthcare companies benefiting from industry consolidation, and c 10% in sub-$5bn stocks that are driving change through technological innovation.

PCGH currently trades at a 1.5% discount, arguably in light of the forthcoming tender at close to NAV. The board views the fixed life of the trust as an important factor in discount control, as shareholders have the certainty of a future exit. The current dividend yield of c 2% is expected to fall to c 1% under the new, growth-focused strategy.

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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Sarah Godfrey, +44 (0)20 3681 2519
Mel Jenner, +44 (0)20 3077 5720
investmenttrusts@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-investment-research

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End of Announcement - EQS News Service

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