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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pollen Street Group Limited | POLN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 760.00 | 12:29:52 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 760.00 | 754.00 | 760.00 | 760.00 | 760.00 |
| Industry Sector |
|---|
| PHARMACEUTICALS & BIOTECHNOLOGY |
| Top Posts |
|---|
Posted at 19/9/2024 12:57 by rambutan2 I noticed that this was now a top 5 position in the Amati Sm Cs fund. So shareholder register gradually broadening.Daily trading volume gradually improving, albeit from minimal. Sensible buyback policy, seems happy to pick up any spare stock around the 700p mark. Current mkt conditions across Europe are providing a good hunting ground for smll/mid PE with dry powder ie us, according to all my sources. And private credit remains in strong demand from insti investors. |
Posted at 08/3/2024 07:05 by spectoacc Is this POLN buying MTW, or POLN funds buying MTW? Either way, can't say I'm too keen:"Information on Bidco and Pollen Street Capital · Bidco is a limited company registered in Guernsey and was incorporated on 27 February 2024. Bidco was formed for the purposes of the Acquisition and is a wholly-owned indirect subsidiary of investment funds advised and managed by Pollen Street Capital. Bidco has not traded since its date of incorporation. · Pollen Street Capital is one of the leading specialist private equity investors in the financial and business services market in Europe. Pollen Street Capital works with entrepreneurial management teams to build businesses that deliver market-leading products and services to their customers, in order to create long-term sustainable success." |
Posted at 24/2/2023 09:32 by cc2014 Hmm. Part of the challenge with this Trust is Pollen themselves.The directors of Pollen have screwed over Honeycomb and at some future point they will screw over investors in the merged vehicle. It's intrinsic to the way they operate. At the moment there is less risk of this due to the shareholdings but nevertheless I feel the need to knock off something for that. Then we have area of business Pollen and the old Honeycomb operate in. Which is high risk, which doesn't really matter if all you care about is your fee not your client. Some of the investments are shocking. Of course at the moment the interest is getting paid on the debt so returns are great but it's not going to take much for them to start going bad and then they'll get valued differently. My summary is that this looks like one of those investments where you will get great returns until the day it goes bad and on the day it goes bad you better get out quick. Except you won't be able to as there is so little liquidity on this share. At the wrong time the MM won't even take 1000 shares off you at the advertised bid. So, you'll have to get out before the market realises things have gone bad. So, I have to knock some more off for this. For me it doesn't stack up on a risk/reward basis, but I'll not be surprised if it hits something beginning with a 6 before it hits something begining with a 4. Just don't be in it when it starts falling and there's no liquidity. |
Posted at 23/2/2023 16:21 by rambutan2 Hi Catabrit, yes it chose to legally remain an investment trust, with the tax advantages etc that that offers. It is an AIC member. Its investor base remains IT investors. As long as this is the case it will, imho, trade off of the nav.See the header for its sector and fellow (discounted) direct lenders. |
Posted at 23/2/2023 09:22 by catabrit Yeah, no real surprises there. The tangible NAV is essentially the b/s, the old honeycomb stuff. The NAV reflects the price paid for Pollen Street’s AM biz. Whichever way you look at it, this is cheap. It’s rare for an alt to trade at book for long. The AM franchise is too strong to be ignored. Yes, Pollen isn’t global and thus isn’t anywhere close to being in big boy territory but perhaps that means investors will - eventually - pay a premium for its growth potential. Who knows? I continue to like it down here and think the catalyst will be greater familiarity and them eventually moving onto the main exchange. Meanwhile we get paid to wait as the underlying value grows. It would be nice to know the breakdown of fixed vs floating rate exposure. I will probably talk to IR soon as this is now one of my largest holdings. |
Posted at 21/12/2022 10:58 by catabrit Hi CC. I understand the point you're making. In my experience, the 'interpretation' of the ebbs and flows of the share price says more about the 'minds' of us investors rather than the fundamentals underpinning the shares themselves. Most of the time, it's just totally random. If something shoots-up, there must be a buyout on the way! Or a contract win! If it drops, the opposite. I also don't think the speed of the decline is that alarming - it has been heading south since the merger announcement basically. And perhaps rightly so. A lack of insider buying is also a potential red flag but let's not forget the multi-million pound insider buys amongst numerous US tech executives this year, all of whom are massively underwater. There wasn't much to be gleaned from that signal. Interestingly, some of my most successful investments have had no insider buys at the time of my purchase but perhaps that's because they - like the management team here - already owned a substantial amount of stock. People don't want to trim round the edges of an already concentrated net worth - even if it's a bargain.I guess the point I am trying to make is, net net I don't know if there is much weight we can put on the fluctuations in the SP, nor the lack of insider buying. Sometimes it's useful. Sometimes it's not. On the research point, I likewise tend to find that most people just see what they want to see. The longs will see the roses, and the shorts will see the weeds. I don't yet have a firm view on the underlying loans but I will dig in and potentially revert and try my best at impartiality (a key trait of mine). Rambutan2 - concur on the lack of scale vs the mega alts and it's clear that the industry is consolidating and that the bigger players will get bigger. Re the property loan point, UK real estate happens to be my expertise as I bought and sold circa £1bn of assets in a former life. I agree that this is an area that deserves caution in the new regime but it also represents a fertile hunting ground for those willing to extend credit as a lot of the competition tends to fall away. Those that remain get to command significantly better terms, more protection and much higher fees. So, both good and bad. Good for new business. Bad for the existing book. I likewise concur about the poor comms since the merger announcement. It's a bit of a mess and not particularly clear and requires digging. That said, since this is no longer a trust per se and more of an operating biz with a b/s, regular NAV updates shouldn't be expected and should fall in line with quarterly or half yearly reporting. I would be amazed if NAV wasn't under a bit of pressure considering the wider backdrop. I will check in with my industry contacts to see what's happened since October. Sterling stabilising and Rishi stepping in as PM have probably restored a bit of credibility and investor confidence albeit I still think investor nervousness about real estate remains. Thanks both for your valid input. Lets keep the dialogue going. |
Posted at 06/12/2022 09:06 by cc2014 The problem for me with Pollen is that I find they too "sharp" or "excessively ruthless" or just fundamentally more interested in their own pockets to the detriment of their investors.When things are going well investors tend to ignore this because returns are good even if Pollen are taking too much. When things turn more difficult well it's a different story. It's clear that in retrospect the Honeycomb shareholders have done badly out of the merger. Certainly the shares are now worth around 40% less than they were before the merger was proposed. It kind of follows that somewhere along the line the Honeycomb shareholders got screwed by Pollen, perhaps due to the wrong ratio in the merger or perhaps some Pollen shareholders were looking for an exit and the merger gave them the liquidity. It was strange all along. Merging a debt IT with an asset manager never made any sense to me. I dunno. It's hard to work out the underlying value especially with the asset manager industry under pressure. I do not know whether we are approaching a bottom or not but I do know buying this in the Santa rally may not look a great idea if the general market comes back under pressure in the New Year. GLA |
Posted at 06/12/2022 08:12 by cousinit The communication here for private investors is very poor. As others have said, it's not straightforward to get a handle on the current position. It seems to fall between two stools, neither of which are in vogue. Not convinced it's Lindsell Train just yet... |
Posted at 30/11/2022 21:26 by rambutan2 Got me stumped. But is rather misleading investors who are still looking at a completely outdated nav. |
Posted at 31/10/2022 22:13 by rambutan2 Honeycomb announces, following the completion of the all share combination between Honeycomb and Pollen Street Capital Holdings Limited, that it has changed its name to Pollen Street plc. The change of name, which took effect yesterday, 6 October 2022, has been approved by the Board of Directors in accordance with Honeycomb’s Articles of Association. Honeycomb’s shares will trade under the new name on the London Stock Exchange from 8.00 a.m. London time on 10 October 2022. The Company's trading instrument display mnemonic ("TIDM") will also change from HONY to POLN with effect from 8.00 a.m. London time on 10 October 2022. |
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