Pollen Street Secured Le... Dividends - PSSL

Pollen Street Secured Le... Dividends - PSSL

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Stock Name Stock Symbol Market Stock Type
Pollen Street Secured Lending Plc PSSL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 862.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
862.00 862.00
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Industry Sector

Pollen Street Secured Le... PSSL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

spangle93: Amazing, another extension. Do you think the lawyers will exchange anniversary cards when the time comes? In accordance with Rule 2.6(c) of the Code, at the request of the Directors of PSSL (the "Board"), the Panel on Takeovers & Mergers (the "Panel") has consented to an extension of the relevant deadline, until 5:00 p.m. on 3 November 2020 to enable the parties to complete their ongoing discussions. By this time Waterfall must either announce a firm intention to make an offer for PSSL or announce that it does not intend to make an offer for PSSL, Waterfall has confirmed that it remains committed to pursuing the Possible Offer and is working to complete its due diligence process in respect of the Possible Offer as soon as practicable. As previously announced on 11 August 2020, the irrevocable undertaking to Waterfall from Invesco Asset Management Limited ("Invesco"), the Company's largest shareholder, was extended until 21 October 2020. Invesco has agreed a further extension of the irrevocable undertaking to 4 November 2020 (the key terms of the revised irrevocable undertaking are set out in the appendix to this announcement)
spangle93: Here is the longer statement by PSSL hTTps://www.investegate.co.uk/pollen-street-sec---pssl-/rns/new-aifm-and-delegated-portfolio-manager/202010010700066938A/ Excerpt The Board is pleased to announce, following its earlier announcement on 14 August 2020, that it has now formalised the appointment of Waterfall as the replacement investment manager. An Investment Management Agreement has now been signed with the new Alternative Investment Fund Manager ("AIFM"), Mirabella Financial Services LLP ("Mirabella") and new Delegated Portfolio Manager, Waterfall, effective from 1 October 2020. ... As part of the transition, the Board has entered into a termination agreement with PSC by which the existing IMA with PSC will terminate on 1 October 2020. PSSL has agreed to pay to PSC a sum representing the approximate balance of the unpaid base management fee, including the unexpired notice period, payable to PSC. As announced on 14 August 2020, the Board believes that Waterfall's appointment materially increases the likelihood that a firm all cash offer will be brought to the table for shareholders to consider. As previously stated, if a recommendable offer is not forthcoming the Board is likely to recommend to shareholders that the Company pursues an orderly run-off with capital to be returned to shareholders in as timely a manner as possible during the process. Any change to the Company's investment policy will be conditional upon the approval of shareholders. Further announcements will be made in due course. Simon King, Chairman, commented: "The Board is pleased to effect the change of Investment Manager, something which the Board unanimously and firmly believes is in the best interests of shareholders. This follows a period of intensive and rigorous preparatory work undertaken by Waterfall and its legal advisers."
yieldsearch: next "deadline" soon on the 6 October. Initial notice was issued on the 25.02.2020. One would expect that during a period of 224 days, a company would be able to ascertain the value of the target company and be able to firm up on its bid. Let's hope so. The existing asset manager is on its way out, so in all logic probably not making extremely smart investment for PSSL (any benefit would go to the next asset manager). Cant blame them for that. The cash balance has grown to £141m at the end of August(factsheet 31 July 2020). that cash balance is earning basically zero, and the shareholder are expecting a dividend of 6+%. How on earth can this work? Why the board has not decided to start a tender offer or just distribute cash back as form of an exceptional dividend (191p per shares)? multiple statements suggesting that liquidation is the most likely outcome, well why keeping cash then?? And clearly waterfall could reduce their bid on a proforma basis The new asset manager (likely Waterfal) cannot really make any decision, well because the existing asset manager is still in place, and also really because they are busy firming their bid on the company. One could argue that there are some conflict of interest (telling the board this asset is weak so i can bid it lower?). So all in all a complete disgrace
spangle93: There's your dividend announcement, chopp1 Since your 18 Aug post, I tried to contact the company on that matter without reply. However, previous 2Q's have been ex-div on 15-AUg and paid in Sept so I'm not sure if by delaying the dividend, they are trying to skip a quarter. Maybe I'm reading too much into it
spangle93: Heyup Chopp It's a bit hard to follow all that real stuff among the garbage RNSs. My 1Q was paid on 19th June OK Last year they announced "On 1 August 2019, the Directors declared an interim dividend of 12p per ordinary share for the three month period to 30 June 2019. The dividend will be covered by income of 12p, from Company’s revenue reserve. The dividend will be paid on 30September 2019 to shareholders on the register as of 16 August 2019. The ex-dividend date is 15 August 2019" So we'd be overdue a similar announcement, as you say The HONY offer on 6 Aug specifically notes to take account of the value of any dividend or other distribution which is announced, declared, made or paid by PSSL or HIT after the date of this announcement, other than the dividends, if any: i. declared by PSSL in respect of the three month period to 30 June 2020, provided that such dividend does not exceed 12.0 pence per PSSL ordinary share in aggregate and is covered by income for the period; Again it implies that none yet has been announced
chopp1: What’s happened to the Q2 dividend? Should have gone ex div by now, but PSSL board have been totally silent on it.
spangle93: Typo - No, although we'd be eligible for 2Q and 3Q interest HONY's offer has been made on the basis of an unaudited "NAV for NAV" combination. Based on HIT's and PSSL's unaudited NAV per share (post recent share buybacks) of 1,016.4p and 948.8p at 30 June 2020 respectively. Because HONY is on a greater discount, their shareholders clearly have more to gain. This would appear to be the key attraction " As previously stated, HIT would seek to operate an active discount management policy as well as proactively seeking to manage any investor specific liquidity demands. HIT is in active consultation with PSSL shareholders regarding the terms of the active discount management policy for the Enlarged Group. Following completion of the combination, the liquid assets of the Enlarged Group will be utilised to maximise total shareholder returns which will include, inter alia, significant periodic returns of capital to shareholders via the use of selective share buybacks and/or tender offers as well as potential strategic placements with new investors. HIT's commitment to a value accretive active share price discount management strategy was highlighted most recently by the share buyback announced on 10 August 2020. Following completion of the combination, HIT will conduct a £200 million buyback via a tender offer structure to recognise the desire of certain investors to realise cash. The price will be struck at an attractive premium to the prevailing trading levels, at a price no lower than 10 per cent discount to the NAV per share of the Enlarged Group.
yieldsearch: rns out from honeycomb (managed by same company, pollen street capital). potential merger of honeycomb with pssl, large size, economy of scale, more liquidity apparently. i thought that a large part of the PSSL shareholders wanted to cash out, so how could they be interested in shares on a larger group?
yieldsearch: Waterfall extended again and may be extended further... Price creeping up, not clear why.. In accordance with Rule 2.6(c) of the Code, at the request of the Directors of PSSL (the "Board"), the Panel on Takeovers & Mergers (the "Panel") has consented to an extension of the relevant deadline, until 5:00 p.m. on 11 August 2020 to enable the parties to continue their ongoing discussions. By this time Waterfall must either announce a firm intention to make an offer for PSSL or announce that it does not intend to make an offer for PSSL, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code
davebowler: Liberum:Pollen Street Secured Lending Manager recommends 25% dividend increaseMkt Cap £620m | Prem/(disc) -13.6% | Div yield 7.2%EventPollen Street Secured Lending's NAV at 31 December 2019 was 965p per share, which represents a return of 0.52% for the month. The company's NAV return in 2019 was 5.3% (assuming reinvestment of dividends). The performance of the continuing portfolio has remained strong with an annualised return of 8.4% in Q4 after impairments and servicing costs (H1 2019: 7.8%; Q3 2019: 8.0%). Annualised impairments in the quarter showed a slight improvement from H1 2019 (1.6% in Q4 vs 1.8% in H1 2019). Given the improvement in underlying performance, the manager has recommended a 25% increase in the quarterly dividend to 15p per share (7.2% annualised dividend yield).?Seven new structured facilities completed in Q4 2019, reinvesting proceeds from the Castlehaven portfolio sale. A portfolio of non-performing loans has been sold at a slight premium to carrying value. The run-off portfolio has been reduced to 7% of the portfolio (10% of portfolio at September 2019). The debt to equity ratio remains relatively low at 35% and the manager expects this to rise in 2020 to c.50%. Liberum viewThe dividend increase to the targeted 15p demonstrates the improvement in portfolio performance since the change in investment strategy at the end of 2017. The underlying income from the continuing portfolio has steadily improved since the start of 2018. This has been achieved with significantly lower leverage. The company's overall performance has shown some volatility as a result of writedowns relating to the legacy assets. The reduction of the run-off assets to 7% of the portfolio should minimise its potential future impact. We expect the dividend uplift will help to narrow the discount to NAV and we believe there is scope for further growth over the medium term as the drag from legacy and equity assets declines. 
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