Business
Proposed Placing of shares
Proposed Placing of shares.
About this update from Pollen Street Group Limited
[{"type":"text","content":"\n \nRNS Number : 9619X Honeycomb Investment Trust PLC 11 May 2016 \n\nNOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.\nThis announcement is an advertisement only and does not constitute a prospectus. Investors who wish to subscribe for or purchase shares in the Company are reminded that any such subscription or purchase should only be made on the basis of the information contained in the Company's prospectus, dated 18 December 2015, and not on the information contained in this announcement. This is a financial promotion and is not intended to be investment advice.\n11 May 2016\nHoneycomb Investment Trust plc\nProposed placing of up to 5 million ordinary shares\nHoneycomb Investment Trust plc (the \"Company\") today announces its intention to proceed with a placing of up to 5 million ordinary shares in the Company (\"Placing Shares\") at an issue price of £10 per share, pursuant to the terms and conditions of the placing programme set out in the Company's prospectus (the \"Prospectus\") dated 18 December 2015 (the \"Placing\"). The Prospectus has been submitted to the National Storage Mechanism and is available at http://www.morningstar.co.uk/uk/NSM.\nThe issue price represents a 1.5 per cent. premium to the Company's estimated net asset value per share of £9.853 as at 31 March 2016.\nFollowing completion of the acquisition of a portfolio of consumer loans announced on 7 April 2016 (the \"Announcement\"), the Company had deployed approximately £85.4 million of the net proceeds of the IPO. The majority of the net proceeds of the Placing will be used to acquire the second portfolio referred to in the Announcement. \nThe Placing Shares will rank pari passu with the Company's existing ordinary shares and be entitled to a dividend for the quarter to 31 March 2016, which is expected to be declared this month.\nLiberum Capital Limited (\"Liberum\") is acting as sole bookrunner in relation to the Placing. The Placing is expected to close at 2.00 p.m. tomorrow, Thursday 12 May, but may close earlier ...