21st Feb 2020 15:13
(Alliance News) - Honeycomb Investment Trust PLC said Friday that two major shareholders in the company have proposed to sell up to GBP111.0 million in shares.
The two unnamed shareholders have proposed the sale of up to 13.1 million shares at a price of 850 pence per share. The sale price reflects a 8.1% discount to Honeycomb's closing price on Thursday at 925.00p.
Shares in Honeycomb Investment Trust were down 0.1% at 924.00 pence on Friday in London.
As part of the sale, Honeycomb and its investment manager Pollen Street Capital Ltd will authorise one major shareholder to sell its remaining 6.0 million shares in the trust.
The shares to be sold represents 35% of Honeycomb's entire issued share capital, but Honeycomb will not receive any proceeds as it is not a party to the sale.
By Dayo Laniyan; [email protected]
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