Polar Capital Global Health Tst PLC Dividend Declaration (8018T)
July 22 2020 - 11:10AM
UK Regulatory
TIDMPCGH TIDMPGHZ
RNS Number : 8018T
Polar Capital Global Health Tst PLC
22 July 2020
Polar Capital Global Healthcare Trust plc ("the Company")
Legal Entity Identifier: 549300YV7J2TWLE7PV84
22 July 2020
First Interim Dividend
The Board has declared an interim dividend of 1.0p per ordinary
share payable to shareholders on the register as at 7 August
2020.
The dividend will be paid on 28 August 2020 and the shares will
trade ex-dividend from 6 August 2020.
In June 2017, as part of a restructuring the Company changed
from having an income and growth strategy to a growth strategy and
indicated that this would result in lower dividends in the future.
Since this time, the Company has continued to pay two dividends per
year at a rate of approximately 2.0 pence per share per year.
The Board believes that it is important not to constrain the
Portfolio Managers in their stock selection within the Healthcare
Sector and, in seeking growth opportunities, they recognise that
this may include the selection of many holdings which are not
currently income paying stocks. Whilst dividend levels in the
Healthcare Sector as a whole have remained remarkably resilient
throughout the COVID-19 crisis, the shift in holdings since the
restructuring of the Company has reduced the level of income
received, as was envisaged in 2017.
As a result of this, the income level of the Company is lower
than it has been in previous years, a situation which could
persist. Consequently, the Board is hereby notifying shareholders
that the Company intends to continue paying dividends in accordance
with the current dividend policy, but at a reduced rate to reflect
the reduced level of income now being received from the portfolio,
utilising available revenue reserves where necessary to smooth
payments. Should the Company's income increase in the future due to
a change in holdings, then the Board would consider increasing the
level of dividends accordingly.
Dividends will continue to be paid bi-annually in February and
August in line with the dividend policy, as approved at the AGM
held in February 2020.
The Board and the Investment Managers continue to believe
Healthcare to be an attractive sector offering sustainable growth
opportunities, particularly at a time of increased and continued
economic uncertainty.
For further information, please contact:
Lisa Arnold Alex Collins / Michael John Regnier-Wilson
Chairman Bateman ('Reg')
Polar Capital Corporate / Sales Head of Investment
Global Healthcare Panmure Gordon Trust Sales
Trust Plc Corporate Broker Polar Capital LLP
Tel. 020 7227 Tel. 020 7886 2767 / Tel. 020 7227 2725
2700 2719
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END
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