Honeycomb acquisition of Pollen Street to complete on Friday
Honeycomb Investment Trust’s acquisition of investment manager Pollen Street Capital is edging closer to completion, after the City regulator approved the prospectus on the deal.
The alternative finance-focused trust said that the Financial Conduct Authority (FCA) approved its prospectus today and it expects the acquisition to complete on 30 September.
The prospectus contains further information on the deal, as well as the application for admission of shares to the premium listing segment of the official list of the FCA and for trading on the main market of the London Stock Exchange.
29,472,663 shares will be issued to Pollen Street shareholders.
Honeycomb said it expects the shares to be admitted to the FCA list and the London Stock Exchange on 30 September, subject to approval of the FCA and the London Stock Exchange.
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Immediately following admission, Honeycomb will have 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 will be 64,209,597, the firm said.
Honeycomb announced its plans to acquire Pollen Street Capital in February, in an all-share deal that values the investment manager at £285m. Pollen Street’s shareholders will receive new company shares equivalent to 45.5 per cent of the enlarged company.
The aim is to create a combined group with assets under management of up to £5bn over the next few years.
The FCA and the Prudential Regulation Authority approved the change in control on 1 August.