Slaughter and May advised Honeycomb on its all share combination with Pollen Street
Slaughter and May advised Honeycomb Investment Trust plc (“Honeycomb”) on its recommended all-share combination with Pollen Street Capital, as announced to the market on 15 February 2022 (the “Combination”). After satisfying certain conditions, the Combination completed on 30 September 2022 (“Completion”).
Honeycomb, a closed-ended investment trust providing investors with access to asset-backed lending opportunities, has been externally managed by Pollen Street Capital Limited (a wholly owned subsidiary of the Pollen Street Group) since 2015. Pursuant to the terms of the Combination, Pollen Street Shareholders received new shares in Honeycomb representing approximately 45.90 per cent. of Honeycomb’s share capital at Completion.
Commenting on Completion, Robert Sharpe, Chairman of Honeycomb, 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.”
Lindsey McMurray, the Chief Executive Officer of Honeycomb from Completion, 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.”
Following Completion, Honeycomb changed its name to Pollen Street plc on 6 October 2022 and subsequently updated its trading instrument display mnemonic (TIDM) to POLN with effect from 10 October 2022.