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On 6 August, Honeycomb Investment Trust announced that it had made a proposal to Pollen Street Secured Lending plc (PSSL) regarding a possible merger, with the resulting enlarged group being valued at £1.5bn. The possible merger would result in PSSL shareholders holding 65.3% of the enlarged group on a fully diluted basis.
Honeycomb went on to state it would seek confirmation from the FCA that the enlarged group is eligible for a transfer to the premium segment of the Main Market, noting the enhanced scale of the company would support inclusion in the FTSE 250 and attract a larger investor base. Honeycomb stated, ‘the combination is expected to result in compelling value creation for both sets of shareholders, with enhanced overall shareholder dividend potential relative to their respective standalone dividend prospects’.
However, the board of PSSL have since responded to the possible offer, affirming their desire to conti
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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