Honeycomb Funding Belief has formally accomplished its acquisition of Pollen Road Capital.
Lindsay McMurray, co-founder and managing director of Pollen Road Capital, has been appointed to the board of Honeycomb as chief govt officer.
Pollen Road’s chief monetary officer Julian Dale has taken up the publish of chief monetary officer at Honeycomb, and he’ll be part of McMurray on the Honeycomb board.
“For almost 10 years, Pollen Road has confirmed its capability for development and deliberate funding in methods which have persistently offered distinctive returns to buyers,” McMurray mentioned.
Learn extra: Honeycomb confirms Pollen Road merger to finish inside weeks
“Pollen Road has continued to construct momentum, with belongings underneath administration growing to £3.2bn at 30 June 2022 from £3bn at 31 December 2021.
“Completion of the mix signifies that the mixed group now has the capability to broaden current methods, and to construct out new methods to drive development.
“With Honeycomb’s capital and Pollen Road’s experience, the mixed group will present excellent returns for current shareholders and current an distinctive alternative for potential buyers.”
Honeycomb chairman Robert Sharpe added that the deal has been “strongly supported by shareholders” because it was first mooted in February 2022.
“Since we introduced the preliminary settlement in February, the rationale for the mix has solely been strengthened, as we’ve seen Pollen Road develop and ship returns within the face of unsure market situations,” Sharpe mentioned.
“Completion of the mix permits us to speed up that development and unlock important worth for shareholders via a compelling mannequin of revenue and development.”
Because of the deal, 29,472,663 shares have been admitted to the official checklist of the Monetary Conduct Authority (FCA) and to buying and selling on the London Inventory Trade’s primary market, underneath the ticker HONY. These shares will likely be issued to Pollen Road shareholders later immediately.
Honeycomb has additionally accomplished the extension and upsize of its debt services to offer long-term debt visibility and a decrease blended margin.
The FCA permitted the prospectus on the deal earlier this week, permitting the acquisition to be accomplished.
Honeycomb introduced its plans to purchase Pollen Road Capital in February, in an all-share deal that values the funding supervisor at £285m.
The intention is to create a mixed group with belongings underneath administration of as much as £5bn over the following few years.
Learn extra: Pollen Road channels 90pc of finance outdoors of London
