Pollen Street Share Discussion Threads

[fred177] 30/11/2022 21:52

Looking at the history of RNS announcements they stopped monthly NAV in August as you say very odd or very contrived ? Thanks for your insight

[rambutan2] 30/11/2022 21:26

Got me stumped. But is rather misleading investors who are still looking at a completely outdated nav.

[fred177] 28/11/2022 17:53

They've issued a Q 3 trading update but still no mention of NAV per share ?

[fred177] 17/11/2022 16:43

starting to move the way you said - thanks

[rambutan2] 16/11/2022 22:13

They've moved to a quarterly, but yes the 30/09 nav is surely due - and awaited by me with much interest...

[fred177] 16/11/2022 10:32

Thanks, This doesn't yet appear on their website, and news on NAV per share ?

[rambutan2] 15/11/2022 19:55

The reduction commences:

The Directors of Pollen Street plc have declared an interim dividend of 16.00 pence per eligible ordinary share (as set out below) for the three-month period to 30 September 2022.

The dividend will be paid on 23 December 2022 to holders of ordinary shares on the register as of 2 December 2022. Former shareholders of Pollen Street Capital Holdings Limited ("PSCHL"), who received ordinary shares as consideration for the Company's completed acquisition of PSCHL (the "Combination"), have waived ordinary dividends payable to them in both 2022 and 2023 on approximately 50.0 per cent. of such consideration shares, pursuant to the terms of the Combination. As a result, the interim dividend will be paid on 49,473,264 ordinary shares. Further information is available in the prospectus dated 26 September 2022, which is available on the Company's website. The ex-dividend date is 1 December 2022.

[fred177] 02/11/2022 09:38

Bailed this morning at 6.90 will watch with interest

[fred177] 01/11/2022 20:28

Thanks yes didn’t realise the implications of the merger

[rambutan2] 01/11/2022 20:12

fred, yes! And likely 13p (or less) the following year. A 46% share dilution came with the merger.

I'm suspecting that you've not done your research, and for this one you really do need to. It is no longer a steady hi yielding, safe-ish investment trust. It is an operating company held within the investment trust structure. So potential longer term growth and upside, but also plenty of downside if things don't go according to plan. And we are in a different world to when the plan was first sold to investors.

I'm also thinking that the share price could continue to slide as from my (not totally reliable) workings, the next nav could be as low as 560p - Pollen added plenty of goodwill and £4m cash - but that doesn't help the nav. And as this is remaining an investment trust, it will be valued off of the nav. If I'm correct, then at 700p it's on a circa 30% premium. Surely much too high in the current circumstances.

[fred177] 01/11/2022 09:50

Rambutan2 Is the quarterly dividend reducing from 20p to 16p? ive just bought in here this morning for yield paid £7.07, in their interims they sdaid they were looking to increase dividend payout from £28 mill 2020 to £32 mill by 2024

[rambutan2] 31/10/2022 23:03

Re div:

"As a result of the Pollen Street Dividend Waiver, it is anticipated that the dividend per share paid on all shares in the Company that are not subject to such waiver (the “Participating Shares”) will be 64 pence per share on an annualised basis for the third quarter 2022 dividend to the third quarter 2023 dividend."

And according to my maths, the following year it's a minimum of 52p, but paid semi annually, as all the issued shares now qualify for the div.

[rambutan2] 31/10/2022 22:13

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.

[rambutan2] 31/10/2022 22:02

The pitch:
"For nearly 10 years, Pollen Street has proven its capacity for growth and deliberate investment in strategies that have consistently provided exceptional returns to investors. Pollen Street has continued to build momentum, with assets under management increasing to £3.2 billion at 30 June 2022 from £3.0 billion at 31 December 2021. Completion of the Combination means that the Combined Group now has the capacity to expand existing strategies, and to build out new strategies to drive growth. With Honeycomb's capital and Pollen Street's expertise, the Combined Group will provide outstanding returns for existing Shareholders and present an exceptional opportunity for prospective investors."

Old HONY thread from time of merger rns:


Interview re HONY ie the credit side of the business, from June 21:


Nov 2023 Prospectus:


CEO: [e-mail]

Total voting rights are 63,015,499 as at 14/06/24

Y/e 2023 results presentation: