Honeycomb Investment Trust (HONY) has published a prospectus in relation to a share issuance programme of up to 40 million new Ordinary Shares and/or C Shares, including a first placing of Ordinary Shares. The Company says that it has fully deployed the net proceeds of the IPO placing and the placings of Ordinary Shares undertaken in May and December 2016.
Under the First Placing, HONY is proposing to issue up to 10mnew Ordinary Shares at an issue price of £10.50 per Ordinary Share. This Initial Issue Price represents a 5.8% discount to the last closing price of £11.15 per share on 24 May 2017 and a premium to the Net Asset Value per share of the Company. HONY says that any new shares issued will not receive the dividend declared on 28 April 2017 in respect of the three month period to 31 March 2017.
Lindsey McMurray, Managing Partner of Pollen Street Capital, says that, since its IPO in December 2015 HONY has performed strongly, quickly deploying the initial capital and the proceeds from two further raises, into high quality consumer and SME loan assets. HONY has made a good start to 2017 and has identified a significant pipeline of new business opportunities and is pursuing the Placing Programme in order to capitalise on these opportunities.
Honeycomb Investment Trust announces placing programme : HONY