Slaughter and May is advising Honeycomb on its recommended all-share combination with Pollen Street Capital

Slaughter and May is advising Honeycomb Investment Trust plc on its recommended all-share combination with Pollen Street Capital.

The combined group, which will be listed on the London Stock Exchange, will offer Honeycomb shareholders the opportunity to benefit from a combination with Pollen Street, an alternative investment management company investing in credit and private equity strategies focusing on the financial and business services sectors. Honeycomb, a closed-ended investment trust providing investors with access to asset-backed lending opportunities, has been externally managed by a member of the Pollen Street group since 2016.

Under the terms of the combination, Pollen Street shareholders will be entitled to receive new shares equivalent to 45.53% of the enlarged share capital of the combined group. As part of the combination, Honeycomb intends to transfer its listing category to that of a premium listing for a commercial company.

The combination, which is a class 1 transaction for Honeycomb, is conditional on various matters, including approval by Honeycomb shareholders and regulatory clearances. It is expected to close in Q2 2022.

Corporate Finance

Adam Waring / Trainee, Joseph Millard / Trainee, Angus Higgins / Trainee, James Wong / Trainee, Nick Bailey / Trainee

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