Pollen Street Secured Lending plc (LSE:PSSL) announced on February 25, 2020 that it was in discussions with Waterfall Asset Management, LLC ("Waterfall") in relation to a possible cash offer by funds advised by Waterfall for the entire issued, and to be issued, share capital of PSSL (the "Possible Offer"). In accordance with Rule 2.4(c) of the City Code on Takeovers and Mergers (the "Code"), Waterfall was required, pursuant to Rule 2.6(a) of the Code, by 5:00 p.m. on July 14, 2020 (the "relevant deadline"), to either (i) announce a firm intention to make an offer for PSSL in accordance with Rule 2.7 of the Code or (ii) announce that it does not intend to make an offer for PSSL. In accordance with Rule 2.6(c) of the Code, at the request of the Directors of PSSL (the "Board"), the Panel on Takeovers & Mergers (the "Panel") has consented to an extension of the relevant deadline, until 5:00 p.m. on August 11, 2020 to enable the parties to continue their ongoing discussions. By this time Waterfall must either announce a firm intention to make an offer for PSSL or announce that it does not intend to make an offer for PSSL, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.