Honeycomb completes acquisition of Pollen Street Capital
Honeycomb Investment Trust has officially completed its acquisition of Pollen Street Capital.
Lindsay McMurray, co-founder and managing director of Pollen Street Capital, has been appointed to the board of Honeycomb as chief executive officer.
Pollen Street’s chief financial officer Julian Dale has taken up the post of chief financial officer at Honeycomb, and he will join McMurray on the Honeycomb board.
“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,” McMurray said.
Read more: Honeycomb confirms Pollen Street merger to complete within weeks
“Pollen Street has continued to build momentum, with assets under management increasing to £3.2bn at 30 June 2022 from £3bn 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 chairman Robert Sharpe added that the deal has been “strongly supported by shareholders” since it was first mooted in February 2022.
“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,” Sharpe said.
“Completion of the combination allows us to accelerate that growth and unlock significant value for shareholders through a compelling model of income and growth.”
As a result of the deal, 29,472,663 shares have been admitted to the official list of the Financial Conduct Authority (FCA) and to trading on the London Stock Exchange’s main market, under the ticker HONY. These shares will be issued to Pollen Street shareholders later today.
Honeycomb has also completed the extension and upsize of its debt facilities to provide long-term debt visibility and a lower blended margin.
The FCA approved the prospectus on the deal earlier this week, allowing the acquisition to be completed.
Honeycomb announced its plans to acquire Pollen Street Capital in February, in an all-share deal that values the investment manager at £285m.
The aim is to create a combined group with assets under management of up to £5bn over the next few years.
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