23rd Dec 2015 09:14
LONDON (Alliance News) - Honeycomb Investment Trust PLC started trading on the London Stock Exchange's Specialist Fund Market on Wednesday after raising GBP100.0 million to back the acquisition of consumer and small business loans.
The trust issued 10.0 million shares at 1,000.00 pence per share to raise the funds. Shares in the trust were up slightly, to 1,030.00p, early Wednesday.
The trust will focus on investing in consumer and small business loans and will do so through a partnership between its fund manager, Pollen Street Capital Ltd, and partners, including London-listed Shawbrook Group PLC.
"The consumer finance market is undergoing significant and rapid structural change; customer preferences are changing with an increasing willingness to engage directly with alternative providers, mainstream banks are focusing on their core activities and new lending models are evolving, enabled by data, analytics and technology," said Lindsey McMurray, managing partner of Pollen Street Capital.
"By combining direct and trusted third-party origination with specialist analytical skills, credit expertise, strong relationships and targeted equity stakes, we believe Honeycomb is well placed to capitalise on these trends to deliver highly attractive risk-adjusted returns to investors," McMurray added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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