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POLN Pollen Street Plc

13.00 (2.28%)
07 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pollen Street Plc LSE:POLN London Ordinary Share GB00BYZV3G25 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  13.00 2.28% 583.00 42,463 16:35:05
Bid Price Offer Price High Price Low Price Open Price
568.00 598.00 574.00 570.00 572.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 63.69M 26.36M 0.4105 13.98 368.56M
Last Trade Time Trade Type Trade Size Trade Price Currency
14:32:24 AT 5 574.00 GBX

Pollen Street (POLN) Latest News

Pollen Street (POLN) Discussions and Chat

Pollen Street Forums and Chat

Date Time Title Posts
09/10/202310:44Pollen Street Capital 79

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Pollen Street (POLN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-07 14:32:24574.00528.70AT
2023-12-07 14:32:24574.001,3747,886.76AT
2023-12-07 13:55:13571.60123703.07O
2023-12-07 13:32:55571.0810,82561,818.98O
2023-12-07 13:19:55578.204,31924,972.46O

Pollen Street (POLN) Top Chat Posts

Top Posts
Posted at 07/12/2023 08:20 by Pollen Street Daily Update
Pollen Street Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker POLN. The last closing price for Pollen Street was 570p.
Pollen Street currently has 64,209,597 shares in issue. The market capitalisation of Pollen Street is £368,563,087.
Pollen Street has a price to earnings ratio (PE ratio) of 13.98.
This morning POLN shares opened at 572p
Posted at 24/4/2023 19:12 by topvest
Thanks - interesting comments. I just feel that the investment manager saw an opportunity to grab a chunk of the investment trust - that has happened, and could happen again through share buy-backs etc. if the dividend is cut at some point. I will keep watching but I am not convinced that shareholder value creation is at the top of their list. The B share scheme was a bit odd and would have created excess complexity. As for the net asset value, its very difficult to assess given the outsize goodwill number in the balance sheet. Of course Pollen Street now have to eliminate the fees on the investment trust which was a fairly sizeable part of their reenue pre-transaction. On reflection, its not one for me at the moment but happy to keep monitoring.

If you don't like the Tetragon example, then maybe they are following the Intermediate Capital approach...if it works like that then shareholder value creation will be good / outstanding. Watching the motives and actions of Pollen Street and the board for a year or two is the way to go for me.
Posted at 24/4/2023 11:48 by 34adsaddsa
"This certainly looks interesting, but I think they definitely paid a high price for the asset manager, and I'm starting to think this was a better deal for Pollen Street management than original holders."

They did and it was, that has been obvious for a while. It's unfortunate for people who have owned it throughout but it's irrelevant for people buying in subsequently.

"Is there a risk that Pollen Street is going to end up like Tetragon with management benefiting at the extent of other holders later on down the track.....I still prefer Foresight and Gresham where owners are better aligned with minority holders."

Pollen street management aren't majority holders and they own the same share class as everyone else. Tetragon has a crooked share structure which does screw over everyone except insiders. The withdrawal of the B class preferred share proposal due to lack of shareholder support is evidence of that lack of control.


I've never looked at Foresight or Gresham - I may do so and get back to you - but POLN keep repeating that they will get AUM up to £4-5B. If they can then the operating leverage mean revenues will pretty much drop straight to the bottom line and the current implied valuation of old Pollen Street means it looks cheap.

There's one other point: POLN's existing balance sheet investments average 2-3 years in duration from the beginning. They were therefore made in the ZIRP era. As those investments are repaid, the money will be re-invested in loans at significantly higher interest rates. A US investment manager recently said he was getting rates of 12-15% on what he regards as safe loans because rates have gone up so much and small banks have pulled back.

P.S. I didn't downvote you.
Posted at 23/4/2023 20:50 by topvest
This certainly looks interesting, but I think they definitely paid a high price for the asset manager, and I'm starting to think this was a better deal for Pollen Street management than original holders. Petershill had very high valuations when they came to market. It's now halved but valuations still look on the expensive side. Surely Pollen Street isn't worth more than say 5% of AUM (the average in fund management is 2%) at the very top end. On fee paying assets that's about £100m? Is there a risk that Pollen Street is going to end up like Tetragon with management benefiting at the extent of other holders later on down the track? Anyway, think I will just keep watching.
I still prefer Foresight and Gresham where owners are better aligned with minority holders. Those excellent managers which are growing and highly profitable are only valued at 4% of AUM.
Posted at 24/2/2023 14:35 by riverman77
I wouldn't compare this too much with the likes of KKR and Apollo - their AUM is multitudes higher than Pollen so operate on a completely different scale. They have built their track record and reputation over many years and their stock market valuation reflects that. Would take POLN many many years to get close to those sort of names and acheive their ratings.
Posted at 24/2/2023 12:55 by catabrit
Yeah, I think your suspicions are right CC. That I concur with. They got a great price for it and I agree that prior shareholders got screwed - at least in the short to medium term.
Posted at 24/2/2023 12:19 by cc2014
My suspicion which I wrote about at the time is that management were looking for an exit for their stock by way of the merger with HONY and if the share price was still £10 I think they would be selling in the market.

Anyways good luck.
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 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 20/12/2022 14:46 by cc2014
hmm. Well, nothing falls this far this fast unless someone knows something.

And even if it did fall this far this fast without good reason someone in the know would be picking the shares up cheap more aggressively.

I have learnt over the years that whilst it's perfectly possible to catch a falling knife like this and flip for a decent return, you better be quick if there really is trouble ahead.

I am very grateful that this BB exists sometimes. It forces me to go and do some research. I can't be bothered to type it all up but as a starter for ten.

POLN is lending up to £125m to Sancus (ticker LEND). LEND is a basket case. One look at the chart shows this. It's lost in excess of 95% of it's value and now has a market cap of £9m.

Now I'm sure POLN will have appropriate security and covenants against the loan but to me that's an inappropriate multiple regardless of the security (and I've seen enough of this type of arrangements that once they start falling apart nothing is quite as it should be. I'm not saying that will happen here of course)

There are further issues. POLN always did pay too much for Shawbrook imho, not that I'm complaining as IIRC I tripled my money on Shawbrook. The market seems to think so too.
Posted at 11/12/2022 04:54 by rambutan2
"Under the terms of the Combination, holders of Pollen Street shares will be entitled to receive 29,472,663 new Company shares for Pollen Street's entire issued share capital, equivalent to 45.53 per cent[2] of the enlarged share capital of the Company. Based on the closing price of 967.5 pence per Honeycomb share on 14 February 2022 (being the last business day prior to the date of this announcement), the Combination values Pollen Street's entire share capital at approximately £285m."

Current share price of 572p values those 29.5m shares at £169m.

Recent trading statement said aum was £3.3bn ie 1% = £33m.

So valuing the (Pollen Street) business at approx 5% of aum!

I think not.
Pollen Street share price data is direct from the London Stock Exchange

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