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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Pollen Street Secured Lending plc    P2P   GB00BLP57Y95

POLLEN STREET SECURED LENDING PLC

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Pollen Street Secured Lending : recommends Waterfall offer, ditches Shawbrook co-owner as manager

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02/25/2020 | 06:01am EDT

The board of credit investment trust Pollen Street Secured Lending (PSSL) is recommending a takeover offer by U.S. firm Waterfall Asset Management valuing it at around 675 million pounds ($875 million), it said on Tuesday.

The board of PSSL is also axing its investment management agreement with private equity firm Pollen Street Capital, co-owner of British challenger bank Shawbrook, due to governance issues, it said in a statement.

The possible 900 pence per share offer for PSSL, which invests in corporate loans and peer-to-peer debt, represents an 8.7% premium to Monday's closing share price.

Waterfall has received an irrevocable undertaking from Invesco, the investment trust's largest shareholder, to support the offer, the firms said.

PSSL's shares jumped on the news and were trading up 6.5% at 882 pence at 1016 GMT, at the top of the FTSE 250 index.

PSSL's board also said it was terminating the agreement of investment manager Lindsey McMurray, the CEO of Pollen Street Capital, "in light of what the board considers to be, and has been advised are serious, repeated and ongoing breaches of the manager's obligations".

The PSSL board said the investment manager did not provide it with sufficient information for Waterfall to carry out due diligence and published information about the company's dividend without its approval.

Pollen Street Capital said in a statement it was "deeply disappointed" with the decision to terminate the agreement.

It said it was concerned about the amount of information which the PSSL board wanted to share with Waterfall and with the operational restrictions sought by the board following the Jan. 8 offer.

By Carolyn Cohn

Stocks mentioned in the article
ChangeLast1st jan.
INVESCO LTD. -5.02% 9.08 Delayed Quote.-49.50%
POLLEN STREET SECURED LENDING PLC -1.71% 688 Delayed Quote.-15.66%
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Financials (GBP)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
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P/E ratio 2020 -
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Capi. / Sales2020 -
Capitalization 519 M
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Mean consensus OUTPERFORM
Number of Analysts 2
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Last Close Price 7,00  
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Managers
NameTitle
Simon John King Chairman
Michael John Cassidy Senior Independent Non-Executive Director
Mahnaz Akbary-Safa Senior Independent Director
David Fisher Independent Non-Executive Director
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1st jan.Capitalization (M$)
POLLEN STREET SECURED LENDING PLC-15.66%646
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