Honeycomb Investment Trust Finalizes Acquisition of Pollen Street Capital

Honeycomb confirmed recently that all the share combination (previously announced) between Honeycomb and Pollen Street Capital Holdings Limited, as announced by Honeycomb on 15 February 2022 has “successfully completed.”

Chairman Robert Sharpe said:

“I am delighted to share that the Combination of Honeycomb and Pollen Street has completed having been strongly supported by Shareholders. Since we announced the initial agreement in February, the rationale for the Combination has only been reinforced, as we’ve seen Pollen Street grow and deliver returns in the face of uncertain market conditions. Completion of the Combination allows us to accelerate that growth and unlock significant value for Shareholders through a compelling model of income and growth.”

Chief Executive Officer Lindsey McMurray said:

“For nearly 10 years, Pollen Street has proven its capacity for growth and deliberate investment in strategies that have consistently provided exceptional returns to investors. Pollen Street has continued to build momentum, with assets under management increasing to £3.2 billion at 30 June 2022 from £3.0 billion at 31 December 2021. Completion of the Combination means that the Combined Group now has the capacity to expand existing strategies, and to build out new
strategies to drive growth. With Honeycomb’s capital and Pollen Street’s expertise, the Combined Group will provide outstanding returns for existing Shareholders and present an exceptional opportunity for prospective investors.”

Honeycomb further “confirms that 29,472,663 ordinary shares have been admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange‘s main market for listed securities at 08.00am today under the ticker ‘HONY’, and will be issued to the Pollen Street Shareholders (as more fully described in the prospectus published on 26 September 2022 (the “Prospectus”)) later today.”

The ISIN number “is GB00BYZV3G25 and the SEDOL is BYZV3G2.”

As more fully described in the circular published in connection with the Combination on 10 May 2022, Honeycomb “intends to put forward a proposal to Shareholders for the establishment of a new class of 8 per cent. cumulative preference shares following Completion.”

These shares would “have recourse to the capital and income deriving from a representative portfolio of Credit Assets (comprising a representative proportion of the Portfolio) with a net asset value of up to £50 million.”

Honeycomb will “provide further detail on this proposal in due course.”

With effect from Completion, “each of Lindsey McMurray and Julian Dale have been appointed to the Board of Honeycomb as Chief Executive Officer and Chief Financial Officer respectively, as detailed in the Combination Circular and Prospectus.” The relevant information in “respect of Lindsey McMurray and Julian Dale for the purposes of Listing Rule 9.6.13R is set out in the Prospectus.” There are “no other matters in respect of Lindsey McMurray and Julian Dale requiring disclosure under Listing Rule 9.6.13R.” Honeycomb has, in addition to the above, also “completed the extension and upsize of its debt facilities to provide long term debt visibility and a lower blended margin, as previously indicated.”

Immediately following Admission, Honeycomb “has 68,922,582 ordinary shares of £0.01 each in issue of which 4,712,985 ordinary shares are currently held by Honeycomb as treasury shares, and therefore the total voting rights are 64,209,597.”

This figure may be “used by Shareholders as the denominator for the calculations by which they may determine whether or not they are required to notify their interest in, or a change in their interest in, the share capital of Honeycomb under the FCA’s Disclosure and Transparency Rules.”

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