Topps Tiles shares slipped on Wednesday after the flooring specialists reported slowing sales amid difficult market conditions.
The group said it is outperforming a weak home improvement market but has moved to cut costs, announcing the closure of 23 underperforming stores as it prioritises margin over top-line growth.
But this wasn’t enough to spark enthusiasm for the stock, which was down 3% at the time of writing.
Group revenue for the 26 weeks to 28 March came in at £142.7 million, marginally down year-on-year, though that reflects disruption at trade brand CTD following a lengthy CMA process rather than any underlying weakness.
Strip CTD out, and the core Topps Tiles business grew revenue by 2.1%. This compares to a wider market that contracted by around 2.5% over the same period.
To help cut costs, Topps said 23 sites will be shut across the financial year, with the company expecting sales to transfer elsewhere in the estate rather than simply disappear. The savings are expected to land mainly in the second half and should both support this year’s numbers and deliver a structural improvement in profitability going forward.
CTD itself is recovering. Housebuilder volumes have been rebuilding since the end of FY25, and CTD stores posted like-for-like growth of 1.0% in the half. The business remains on track to return to profit for the full year.
“Topps continues to outperform a softer market,” said Chief Executive Alex Jensen.
“In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half. These actions are designed to support year on year profit growth and provide a stronger financial platform for 2027 and beyond.”
Global stocks surged higher on Wednesday as investors reacted to signals from Donald Trump that the war in the Middle East would end.
Trump has given a 2-3 week timeline for ceasing military operations in Iran. As we all know, anything the US President says should be taken with a tanker of salt, but his assertion that he doesn’t need a deal with Iran to end the war makes his timeline more realistic than it otherwise might have been.
The prospect of an end to constant missile strikes and even the reopening of the Strait of Hormuz sparked a risk-on rally on stocks, aided by Brent falling below $100.
The FTSE 100 was trading 1.5% higher at 10,344 at the time of writing.
“There’s been a roar of recovery on equity markets as investors cling to high hopes of an end to the war with Iran in weeks,” said Susannah Streeter, chief investment strategist, Wealth Club.
“President Trump is blinking furiously faced with painfully high energy costs, which risk derailing Republicans’ chances at the midterm elections, and is signalling a rapid wrap-up to the conflict.”
The major story for equity bulls is that an end to the war reduces the likelihood of sentiment-killing interest rate hikes by major central banks.
You would have expected the FTSE 100’s housebuilders to surge on today’s news, but the sector faced unwanted news from Berkeley Group Holdings, which has warned of the impact of the war on trading.
“Berkeley has a longstanding reputation for being adroit at calling the ups and downs of the property market, particularly under the leadership of its late founder Tony Pidgley,” said AJ Bell investment director Russ Mould.
“In that context, the moves the company has announced today will make others sit up and take notice.
“New land acquisitions are on hold. Berkeley plans to prioritise profitability and maintaining balance sheet strength as it looks to navigate what it clearly expects to be a difficult period for the industry.”
Berkeley Group shares were down 16% at the time of writing.
Copper miner Antofagasta was back at the top of the FTSE 100 index as the group again proved itself as one of London’s leading risk-on proxies. Anglo American also rose on Wednesday, adding 5%.
Rolls-Royce shares joined the party on Wednesday, gaining around 6% on hopes that disruption to air travel would continue to fall. This sentiment was also felt by IAG, whose shares added 5%.
Banks were higher, as were most of the FTSE 100’s financial contingent.
Oil prices falling below $100 are good for almost everybody, apart from those involved in extracting, refining, and trading it. Signs that the war was near a conclusion made the recent rallies in BP and Shell look vulnerable, and the pair fell on Wednesday. Shell was down 3%.
Last Thursday we highlighted the shares of AG Barr (LON:BAG), the Scots-based soft drinks maker famous for its IRN-BRU brand.
That was ahead of yesterday’s Finals for the year to end-January.
The then £697m-capitalised group’s shares were trading at a lowly 628p.
They had previously been up to 715.32p in the last month or so, before falling back to a recent Low of 608p, scored early in March.
After some profit-taking the shares closed the day up 6.65% at 658p, some 41p better on the day, capitalising the business at £730m.
The Final Results
The&nbs...
Filtronic has landed a fresh contract with a major European defense prime, extending its relationship with the customer into an entirely new business unit.
The initial contract is worth £0.4 million and is scheduled for delivery in FY2027, covering the design, development, and supply of a new wide-bandwidth solution.
Filtronic said the deal is a sign that confidence in the company’s RF technology is growing within some of Europe’s largest defense organisations.
While the headline contract value is modest, there are signs of potential follow-on business from the deal.
The work will be produced at Filtronic’s newly opened facility in Sedgefield, a purpose-built, secure and automated microelectronics site designed specifically for high-volume manufacture of complex RF modules for demanding defense applications.
“This latest award from an existing major European defence customer demonstrates continued confidence in our technology and ability to deliver high-quality programmes,” said Nat Edington, Chief Executive Officer.
“The Company is increasingly well positioned to address long-term demand for complex, high-performance wideband solutions, reinforcing Filtronic’s strategic position in the expanding defence sector.”
Filtronic recently announced an $8 m deal with a US firm for its Amplifier technology as the flow of new orders continues.
Berkeley Group has issued a strategy and trading update, warning that recent global instability has snuffed out the early signs of a market recovery it had begun to see at the start of the year.
The builder is starting to feel the pressure of a housing market slowdown and has provided an update on plans to address the changing face of the UK property market.
But the FTSE 100 housebuilder still expects to deliver pre-tax profit of £450 million for the year ending April 2026, in line with guidance set two years ago, which makes the 16% drop in shares on Wednesday seem a little harsh.
The group has also taken a medium-term approach to guidance and is now targeting cumulative pre-tax profit of £1.4 billion over the four years to FY30.
From a strategic perspective, Berkeley is leaning hard into its existing landbank rather than chasing new sites. With over 50,000 homes already in its portfolio across London and the South-East, the company believes it can add £2 billion in value through planning optimization alone, without acquiring a single new plot.
The group’s build-to-rent arm, Berkeley Living, continues to progress. Its first six buildings are on track for completion in FY28, representing around £400 million of investment at cost. Early lettings at Foundry Yard, its debut BTR building at Alexander Gate, are reportedly ahead of expectations.
Berkeley is also pushing down costs, having already trimmed operating expenses by 25% in real terms from £178 million to £150 million, while cutting land creditors from £900 million to around £470 million.
On shareholder returns, £336 million of the £2 billion Berkeley 2035 target has been distributed. With the share price trading below net asset value per share the board is prioritising buybacks as the most efficient way to return capital.
In this episode, we sit down with Alexander Selegenev, Executive Director of TMT Investments, the AIM-listed venture capital firm focused on high-growth technology companies across AI, software, and fintech.
Alexander opens with an introduction to TMT’s business and investment philosophy, then walks us through the firm’s strategy and thesis in detail.
We explore how TMT balances genuine excitement about artificial intelligence with the valuation discipline required to generate returns for shareholders.
We dig into the numbers, asking why deployed capital fell sharply in 2025 compared to the prior year, and what that tells us about how the team is reading the current opportunity set. Alexander then takes us through the portfolio’s core holdings, including the standout story of Scale AI, which delivered a 138% uplift in just eight months following Meta’s investment, and what originally attracted TMT to the business.
We also look at Bolt, now EBIT positive and active in more than 800 cities globally, and discuss how close the ride-hailing giant might be to an IPO or significant exit event. On the other side of the ledger, Alexander addresses the write-downs seen over the past year and the factors behind them.
Alexander provides insight into their thinking around balancing special dividends with share buybacks and what success looks like for TMT Investments.
RC Fornax has had a tough start to life as a publicly traded company, with poor sales and management issues driving shares down by 75% since its IPO in early 2025. But today’s update shows the firm may be heading in the right direction.
The defence engineering consultancy has reported a sharp pickup in order intake, with the company now guiding for more than £5.1 million in sales under purchase order or subject to contract for the current financial year.
This compares to around £4 million in revenue in 2025.
The AIM-quoted company said it secured around £1.9 million in orders during its second quarter, covering December through February, despite the usual seasonal lull over the Christmas period.
March has continued in the same vein, with roughly £1.4 million in new orders in the month alone, including three new purchase orders, two new public-sector opportunities, and six extensions to existing contracts.
That follows what the company described as its strongest ever quarter in the opening three months of FY26. Management points to a combination of improved market conditions and internal operational changes as the drivers, noting that it has already secured more recurring purchase orders this year through extensions and new wins than it did throughout FY25.
“The progress we are seeing represents a clear step change in the scale and consistency of our commercial performance. We are now delivering materially higher levels of orders on a recurring basis, with this improved run rate providing a stronger foundation for revenue visibility. Importantly, this momentum is not only supporting our expectations for the current year but is also establishing a more meaningful platform as we look ahead,” said Paul Reeves, Chief Executive Officer of RC Fornax.
“We are particularly encouraged by the strength of performance in the recent period, which delivered a robust level of order intake despite seasonal factors, and by the strong momentum we are seeing at the start of the current period.”
Building products supplier BRCK Group (LON: BRCK) has received an unsolicited bid approach from Atlas Holdings LLC and after initial contact and exchange of information a 65p/share indicative offer was made. The share price has not been that level since June 2025. That offer was rejected by the board. Atlas will be provided with additional information to see whether it can come up with a better offer. The share price jumped 26.3% to 51.8p.
Defence sector services provider RC Fornax (LON: RCFX) has won £1.4m in orders so far in the third quarter. Cavendish has maintained its full year forecast loss of £2m. The share price recovered 12.45 to 8.15p.
GreenRoc Strategic Materials (LON: GROC) says it has “achieved an independent ESG rating of BB following its latest annual submission to Digbee ESG”. The corporate ESG rating improved to BBB. The share price improved 13.1% to 4.75p.
CleanTech Lithium (LON: CTL) has published the pre-feasibility study for the Laguna Verde lithium brine project in Chile. This shows a NPV10 of $699m over a 25-year period. This assumes extracting 15,000t per year of battery-grade lithium carbonate. The operating cost is assumed to be $5,768/t and a sale price of $22,500/t. Upfront capex is $748m. First production would be 2031. The share price rose 10.1% to 9.25p.
FALLERS
Trading was restored in Ironveld (LON: IRON) shares following the publication of full year results to June 2025 and interims to December 2025. Cash was £75,000 at the end of 2025. The company is exploring funding operations. It hopes to generate cash when Daemaneng restarts operations and is producing DMS-grade magnetite. The share price slumped 44.8% to 0.024p.
Wellheads and connectors Plexus Holdings (LON: POS) reported a reduction in interim revenues from £2.9m to £1.2m because of delays in projects, particularly in the North Sea due to tax uncertainty and inability to offset decommissioning costs. Activity is likely to remain subdued in the second half with the assumption that work will recover in 2026-27. A full year loss is forecast before a return to profit in 2026-27. The share price lost 37% to 2.9p.
Digital finance hub Tap Global Group (LON: TAP) interim revenues fell from £1.8m to £1.7m. There was also £210,000 of income from settlement with crypto currency exchange Bitfinex. Cash was £433,000 at the end of 2025. The share price slipped 35.7% to 1.125p.
Beowulf Mining (LON: BEM) needs to secure additional cash in the near term. Heads of terms have been signed for the sale of Kosovo-based Vardar. This will help to finance the Kallak iron ore project PFS. Investors are being sought for Grafintec and this could raise €5m. The share price declined by one-quarter to 4.5p.
Bezant Resources (LON: BZT) has raised £2.07m at 0.065p/share. This will fund the acquisition of a further 20% of the Hope and Gorob copper gold project, taking the stake to 90%, and improve productivity at the processing plant. The share price dipped 20.6% to 0.0675p.
The FTSE 100 surged again on Tuesday after Donald Trump suggested he would end the war without reopening the Strait of Hormuz.
London-listed stocks jumped on the news, with the FTSE 100 trading above 10,200 in early trade. Oil prices slipped on the news, but Brent still remained above $110 per barrel.
Donald Trump’s comments suggest there could be an end to the war without the US securing some of its previously stated aims. There are signs that both sides could walk away claiming victory.
But Trump’s unpredictability makes any market positioning risky as he’s liable to post something to the contrary before long.
That could be why stocks rallied on Tuesday, but oil remained steady. Energy traders seemed unprepared to wind down their long positions with tensions still high in the region amid ongoing attacks.
Stocks, on the other hand, were quite happy to rally on the slightest hint of optimism on the suggestion that the conflict could be entering its final stages.
“The FTSE 100 consolidated Monday’s gains to stand firmly above the 10,000 mark as investors continue to weigh competing narratives over the Iran conflict,” said AJ Bell investment director Russ Mould.
US futures also rose on Tuesday, pointing to a stronger session in the cash market this afternoon.
London’s interest rate-sensitive stocks were among the best performers of the session.
Should the conflict end in the near term and the oil shock be prevented from causing a material impact on the global economy, there’s a whole raft of UK-listed stocks that will start to look attractive.
They include some of Tuesday’s top risers, including JD Sports, Barratt Developments, and the top riser at the time of writing, Antofagasta, which was 2.6% higher.
Housebuilders have been crushed during the Middle East war and could be among the sectors to recover if it looks like interest rates won’t have to be hiked to fight off inflation.
Persimmon added 0.8% as Barratts rose 2%.
Unilever shares were 0.7% higher after confirming late-stage talks on the potential sale of its foods business to McCormick for a reported mix of $15.7 billion in cash and McCormick shares, with Unilever owning 65% of the new entity.
“The market could be about to make its own version of Marie Rose sauce as a combination between Unilever’s food business, which encompasses Hellman’s mayonnaise, and McCormick, owner of French’s Ketchup, moves closer to fruition,” Russ Mould said.
“The presence of activist investor Nelson Peltz on the shareholder register since 2022 has led to consistent pressure on Unilever’s management to streamline the business.
“Having shed its ice cream division last year, this demerger of its food business is the first big strategic move under CEO Fernando Fernandez since he took the top job a year ago.”
The prospect of an end to the conflict is making the oil majors less attractive, with BP and Shell falling on Tuesday. BP was down 0.3%.
Written by Nick Brind, George Barrow & Tom Dorner, co-managers of the Polar Capital Global Financials Trust.
The global economy is entering a more complex phase. Interest rates are no longer anchored near zero. Governments are deploying fiscal policy more actively. Capital investment – in infrastructure, energy security, defence and digital capacity – is rising in strategic importance.
Financial companies sit at the centre of these shifts. They intermediate savings, allocate capital, underwrite risk and facilitate transactions. When the economic regime changes, the transmission mechanism runs directly through the financial system.
After a prolonged period defined by ultra-low interest rates and cautious balance sheet management, the financials sector today is operating in an environment in which capital generation and productivity gains may become more important drivers of returns.
The war in the Middle East is a reminder that this evolving economic backdrop is unlikely to be linear. It has contributed to higher energy prices and increased market volatility, reinforcing the importance of resilient balance sheets and disciplined capital allocation across the financial system.
We are liable to continue to see periods of uncertainty such as this and the impact it has on nearer-term growth and inflation. However, our focus is very much on the longer-term structural drivers, discussed below, that remain intact.
Normalised rates and capital discipline
For much of the previous decade, interest rates in developed markets were exceptionally low. That contributed to compressed margins in parts of the banking system and distorted the pricing of risk across asset classes.
A more normalised interest rate backdrop changes the equation. Banks are better able to earn appropriate spreads on deposits and loans. Insurers can reinvest premiums at more attractive yields. Savers once again receive compensation for capital. Risk is more explicitly priced.
This does not eliminate risk. Higher rates can expose weaker borrowers and create credit stress if growth slows. However, from a structural perspective, the financial system is operating in a more economically rational framework than during the zero-rate era.
At the same time, fiscal policy is becoming more active. Public investment initiatives require financing and private sector capital expenditure is responding to shifting geopolitical and supply chain realities. A well-capitalised and functioning financial system is essential to supporting that activity.
Regulatory recalibration
The financial system is entering this phase from a position of strength. Over the past decade, capital levels have risen materially and supervisory oversight has remained rigorous. Balance sheets are much more conservative and liquidity buffers higher than in previous cycles.
More recently, policymakers in parts of the US and Europe have begun to discuss whether elements of the regulatory framework can be simplified without compromising stability. In the US, proposals under discussion would allow large banks greater flexibility in returning capital to shareholders, supporting loan growth and improving capital efficiency. In Europe, there is growing focus on simplification and consolidation to enhance competitiveness.
This is not a wholesale loosening of safeguards. Rather, it reflects recognition that regulatory regimes can accumulate complexity over time. For investors, improved capital efficiency – if delivered prudently – can support stronger returns on equity while preserving resilience.
A broad and differentiated sector
Financials are the second largest sector within global equity markets and encompass a wide range of business models.
Source: MSCI, 30 January 2026.
Banks are one component, but insurers, exchanges, trading platforms, asset managers and specialist lenders each have distinct earnings drivers. Life insurers benefit from demographic and savings trends. Exchanges and platforms can benefit from elevated market activity. Asset managers are leveraged to flows and equity markets. Emerging market lenders operate in economies where financial penetration continues to deepen.
These subsectors respond differently to interest rates, growth, inflation and volatility. The diversity of drivers within financials allows for differentiated sources of return across the cycle.
In certain regions, particularly Europe, valuations remain at discounts relative to broader equity markets despite improved profitability. While valuation alone is not a catalyst, it can provide a degree of support if earnings remain disciplined and capital allocation rational.
Productivity and technology
Technological advancement is another important structural factor. Artificial intelligence and advanced data analytics are reshaping many industries. Earlier this year, concerns about disruption contributed to volatility across parts of the financial sector.
However, financial services are inherently data-rich and process-intensive. Credit assessment, fraud detection, compliance monitoring and customer servicing are areas where automation can enhance efficiency and accuracy. Several institutions have cited tangible productivity gains and medium-term return targets supported by technology adoption.
External research suggests that banking and insurance are among the sectors most exposed to productivity improvements from AI deployment. For well-capitalised incumbents, scale and data depth can be competitive advantages.
Rather than displacing established institutions, technology may reinforce the operating leverage of those able to implement it effectively.
Capital allocation and income
Financial companies are significant generators of cashflow. When capital buffers are comfortably above regulatory minimums, this can support dividends and, where appropriate, share buybacks.
The Polar Capital Global Financials Trust operates an enhanced dividend policy targeting a 4% annual distribution, paid quarterly. While dividends are not guaranteed and may be reduced in adverse market conditions, capital discipline remains central to our approach.
The Trust invests across the global financials universe, including banks, insurers, payment companies, exchanges and asset managers. Approximately 40% of the portfolio is currently invested in US and European banks, reflecting our view that many of these institutions combine strong balance sheets with improving capital efficiency and exposure to evolving macro conditions.
Active management is essential in a sector shaped by economic cycles, regulatory change and subsector rotation. Within the portfolio, we balance exposure to US banks benefiting from regulatory recalibration, European banks trading at valuation discounts, insurers positioned for long-term savings growth and platforms that can benefit from elevated market activity. This diversified positioning reflects our view that different parts of the sector will lead at different stages of the cycle.
Positioned for the next phase
The defining features of the previous era – ultra-low rates, subdued credit growth and continual regulatory tightening – are evolving. Today our investment world is characterised by stronger balance sheets, normalised interest rates, more active fiscal policy and regulatory recalibration.
Financials will not deliver returns in a straight line. Cyclical setbacks are inevitable, and periods of volatility should be expected. However, the sector’s central role in capital formation – combined with improved resilience, disciplined underwriting and more efficient capital allocation – suggests it is positioned differently for the phase ahead.
The graph below shows that financial companies are becoming more profitable, with their return on equity – a measure of how efficiently companies generate profits – has improved significantly.
Financials delivering stronger returns (%)
Source: Polar Capital, Bloomberg, 31 December 2025. Note: Return on Equity shown for the benchmark; MSCI All Country World Index Financials Index.
For the Trust, this aligns closely with how the portfolio is constructed. We focus on well-capitalised institutions with durable franchises, prudent risk cultures and the ability to generate attractive returns across the cycle. Our exposure to US and European banks reflects our view that capital efficiency and regulatory evolution can support sustainable profitability, while our holdings across insurers, exchanges and asset managers provide differentiated earnings drivers within the broader financial ecosystem.
In our view, the sector today combines three features that rarely coincide: structural resilience, improving capital dynamics and supportive macroeconomic conditions. That does not eliminate risk, but it does create a more constructive foundation than has existed for much of the past decade. The sector’s return on equity has improved materially over recent years, reflecting both stronger balance sheets and more disciplined capital allocation. For long-term investors willing to accept cyclical variability, we believe financials – and active exposure to them through a specialist strategy – offer a compelling opportunity as the economic regime continues to evolve.
The Company is an investment company with investment trust status and its shares are excluded from the Financial Conduct Authority’s (“FCA”) restrictions on the promotion of non-mainstream investment products. The Company conducts its affairs, and intends to continue to conduct its affairs, so that the exemption will apply.
The Company is an Alternative Investment Fund under the EU’s Alternative Investment Fund Managers Directive 2011/61/EU as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018.
The Investment Manager
Polar Capital LLP is the investment manager of the Company (the “Investment Manager”). The Investment Manager is authorised and regulated by the FCA and is a registered investment adviser with the United States’ Securities and Exchange Commission.
Key Risks
Investors’ capital is at risk and there is no guarantee the Company will achieve its objective.
Past performance is not a reliable guide to future performance.
The value of investments may go down as well as up.
Investors might get back less than they originally invested.
The value of an investment’s assets may be affected by a variety of uncertainties such as (but not limited to): (i) international political developments; (ii) market sentiment; and (iii) economic conditions.
The shares of the Company may trade at a discount or a premium to Net Asset Value.
The Company may use derivatives which carry the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions.
The Company invests in assets denominated in currencies other than the Company’s base currency and changes in exchange rates may have a negative impact on the value of the Company’s investments.
The Company invests in a concentrated number of companies based in one sector. This focused strategy can lead to significant losses. The Company may be less diversified than other investment companies.
The Company may invest in emerging markets where there is a greater risk of volatility than developed economies, for example due to political and economic uncertainties and restrictions on foreign investment. Emerging markets are typically less liquid than developed economies which may result in large price movements to the Company.
Important Information
Not an offer to buy or sell:
This document is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, and under no circumstances is it to be construed as a prospectus or an advertisement. This document does not constitute, and may not be used for the purposes of, an offer of the securities of, or any interests in, the Company by any person in any jurisdiction in which such offer or invitation is not authorised.
Information subject to change:
Any opinions expressed in this document may change.
Not Investment Advice:
This document does not contain information material to the investment objectives or financial needs of the recipient. This document is not advice on legal, taxation or investment matters. Prospective investors must rely on their own examination of the consequences of an investment in the Company. Investors are advised to consult their own professional advisors concerning the investment.
No reliance:
No reliance should be placed upon the contents of this document by any person for any purposes whatsoever. None of the Company, the Investment Manager or any of their respective affiliates accepts any responsibility for providing any investor with access to additional information, for revising or for correcting any inaccuracy in this document.
Performance and Holdings:
All data is as at the document date unless indicated otherwise. Company holdings and performance are likely to have changed since the report date. Company information is provided by the Investment Manager.
Benchmark
The Company is actively managed and uses the MSCI ACWI Financials Net TR Index as a performance target.. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Company invests. The performance of the Company is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found here.
Third-party Data
Some information contained in this document has been obtained from third party sources and has not been independently verified. Neither the Company nor any other party involved in compiling, computing or creating the data makes any warranties or representations with respect to such data, and all such parties expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained within this document.
Country Specific Disclaimers
United States
The information contained within this document does not constitute or form a part of any offer to sell or issue, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. The Company has not been and will not be registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”) and, as such, the holders of its shares will not be entitled to the benefits of the Investment Company Act. In addition, the offer and sale of the Securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). No Securities may be offered or sold or otherwise transacted within the United States or to, or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act). In connection with the transaction referred to in this document the shares of the Company will be offered and sold only outside the United States to, and for the account or benefit of non-U.S. Persons in “offshore- transactions” within the meaning of, and in reliance on the exemption from registration provided by Regulation S under the Securities Act. No money, securities or other consideration is being solicited and, if sent in response to the information contained in this document, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.
Further Information about the Company
Investment in the Company is an investment in the shares of the Company and not in the underlying investments of the Company. Further information about the Company and any risks can be found in the Company’s Key Information Document, the Annual Report and Financial Statements and the Investor Disclosure Document which are available on the Company’s website, found at: https://www.polarcapitalglobalfinancialstrust.com
