Pollen Street Share Discussion Threads

[spectoacc] 12/12/2024 10:50

Still a keen holder here too, good luck.

[tonytyke2] 12/12/2024 10:25

Quiet on here after a decent update this morning imo. Low PE in the 9's, High div yield in the 7's with decent further ongoing growth expected imo. Stocko rank now 98.Added further this a.m.

[catabrit] 12/11/2024 16:53

There is such little price discovery here.

[spectoacc] 21/10/2024 14:50

Must have been a serious falling-out.

Got my divi via HL a day later than expected, but that's HL these days - an overnight interest profit for them on every dividend across entire AUM.

Now if it was Barclays Stockbrokers or Halifax Sharedealing.. Or IG, who sometimes need watching closely if you're to get your dividend at all.

HL in PE ownership will be interesting - hopefully not "Morrisons" interesting - they've notably failed to invest in their systems, & should have stuck to their knitting.

[mpage] 21/10/2024 14:48

In this instance it was HL (don't judge - I am a dinosaur) - but never had a problem with them before. The FD left immediately with payment in lieu of notice (i.e. it's not gardening leave) and has already disappeared from the co website.

[spectoacc] 21/10/2024 13:51

What platform? They're usually the ones at fault.

[mpage] 21/10/2024 13:44

My div payment arrived a couple of days late and then only after I got the platform to chase it. First time this has ever happened to me in 30 years of investing.

I wonder whether there is a connection between this and why the new FD had to go?

[spectoacc] 21/10/2024 06:31

By mutual agreement on Friday, so was sudden. Yet no hurry to replace her, and saying the finance function is well covered.

I'd like to know more.

[34adsaddsa] 21/10/2024 06:19

CFO out. She was there less than four months. I wonder what happened.

[spectoacc] 15/10/2024 13:28

Landed 5 minutes ago, had forgot it was due - can't beat a chunky divi.

[tonytyke2] 15/10/2024 12:01

Everyone got their dividend payment?

[rambutan2] 09/10/2024 14:50

Yesterday's IMC presentation from the no-nonsense gals:

[rambutan2] 19/9/2024 12:57

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.

[masurenguy] 05/9/2024 12:16

Cheers CWA1.

[cwa1] 05/9/2024 09:36

The Board is pleased to confirm an interim dividend for the period ending 30 June 2024 of 26.5 pence per share reflecting the Group's guidance that the Group will pay a dividend of no lower than £33 million in respect of 2024 and that the Group will grow dividends progressively thereafter. This represents a cash outlay of £16.5 million. In H1 2023, two quarterly dividends of 16.0 pence per share were declared, representing a cash outlay of £15.8 million. The record date for the interim dividend will be 13 September 2024 and the payment date 11 October 2024. The ex-dividend date will be 12 September 2024. Following the Reorganisation, dividends will be payable half yearly, with the final dividend for the year being paid after approval by Shareholders at the AGM.

[masurenguy] 05/9/2024 08:50

Can anyone please tell me when the XD date is for the 26.5p interim dividend. Cheers.

[catabrit] 04/9/2024 12:23

It is not as cheap as it was but netting out the b/s you are paying a sub 5x EBITDA multiple for the core fund management biz which is clearly wrong. It should be 15x. Fair value is about 900-1,000p which will continue to compound.

I continue to hold this and would love to add on weakness but with the buyback, I highly doubt I will get the chance. But with wider market jitters, you just never know. We shall see!

[tonytyke2] 04/9/2024 11:19

Looks a good update again today, prospective PE in the 9's and a div yield of around 7.5%. Currently excellent value imo and Iooks to have good growth prospects.Now looking to release funds elsewhere in my portfolio to add here.

[cousinit] 18/7/2024 14:02

Should be less than half way through the £30m

[spectoacc] 18/7/2024 11:59

Has the buy back finished? Seems to have gone quiet.

[cousinit] 18/7/2024 10:05

I have bought back in on this pull back

[34adsaddsa] 17/6/2024 13:40

"It was a quiet month on the dealing front, with one new stock added to the JIC Portfolio. On 8 May, I added a 2.5 per cent position in Pollen Street Group (POLN) at 680p. Pollen Street is an alternative asset manager focusing on private equity and credit strategies. As an asset manager, it raises capital from third parties and manages the funds. It also co-invests in these funds. It was formerly an investment fund but has changed its corporate structure to a holding company. The holding company is cash-rich. Hence, it has co-invested in the various funds under its management. It is also committed to attractive shareholder returns through buybacks and dividends. It currently yields 7.5 per cent and is committed to growing the dividend progressively in future. It is also undertaking a share buyback of £30mn (equivalent to a further shareholder return of 6.9 per cent). It has committed to returning surplus capital to shareholders through buybacks of between 2 and 5 per cent of outstanding share capital per year.

Growth over the next few years could be substantial. On 31 March, the assets under management stood at £4.4bn. It is targeting £10bn over the next few years. If it achieves that, the fee income should grow faster than costs, contributing to significant profit growth. Through her 18.7 per cent shareholding, founder and chief executive Lindsey McMurray is highly incentivised to drive asset and profit growth – our interests are aligned. I don't know whether this is the next Intermediate Capital (ICG). Still, 15 years ago, Intermediate Capital had a similar market capitalisation of £430m – now it's a member of the FTSE 100, valued at £6.7bn. If Pollen Street gets halfway there, I'll be happy. It’s an interesting one because due to its change in structure, it does not seem to be closely followed. I look forward to the next news from the company, which should be a Q2 update."

[spectoacc] 17/6/2024 12:57

Can't go bust taking a profit, well done, but you'll be kicking yourself when it's £15 ;)

(Based on hitting/exceeding AUM targets, and a rising divi).

POLN got a small nod in the IC from John Rossier (I think?). Can't say I'm a fan of gurus, but didn't disagree with his analysis, which was basically "..If it achieves half of what ICP did..".

[cousinit] 17/6/2024 11:01

I've now largely been taken out here at just over 750

[rambutan2] 14/6/2024 14:58

So, not quite all smooth going at the Agm, although that does seem to be increasingly the way these days. Which is a good thing, on the whole, imo.