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viewPolar Capital Global Healthcare Trust PLC

Polar Cap Glb Health - Dividend Declaration

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

Chairman

Polar Capital Global Healthcare Trust Plc

Tel. 020 7227 2700

Alex Collins / Michael Bateman

Corporate / Sales

Panmure Gordon

Corporate Broker

Tel. 020 7886 2767 / 2719

John Regnier-Wilson ('Reg')

Head of Investment Trust Sales

Polar Capital LLP

Tel. 020 7227 2725

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Polar Capital Global Healthcare Trust PLC

Price: 229.13

Market: LSE
Market Cap: £277.87 m
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