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P2P Global manager merging with Pollen Street Capital – MW Eaglewood is to be absorbed by Pollen Street Capital.
Following an extensive process, P2P Global says it has concluded its review of its investment management arrangements. A joint proposal was submitted by the existing investment manager, MW Eaglewood Europe LLP, and Pollen Street Capital Limited and this proposal has been chosen by the Board.
The proposal includes implementing a revised, more flexible investment strategy. The key points to be implemented, subject to relevant approvals, are:
Taken together, the Board is confident that the new investment management arrangements, when fully implemented, will improve the performance of the Company. The company’s existing share buyback policy will however remain in place.
As part of the process, MW Eaglewood has informed the Board that it has agreed in principle to merge its operations with Pollen Street in a share for share exchange, with Pollen Street becoming the majority shareholder of the combined investment management group. The merger is expected to be completed later this year subject to regulatory approvals and would create an entity with assets under management of c.GBP2bn.
The existing Investment Management Contract will be preserved. Both MW Eaglewood and Pollen Street have emphasised to the Board the close relationships and synergies that this new combined group will have. The Board is firmly of the view that the Company will in turn benefit from the capabilities, people, expertise, technology and relationships of both firms.
Pollen Street is an independent manager which was founded in 2013 and is focused on the financial and business services sector with a strong track record in building speciality finance businesses. Pollen Street currently manages Honeycomb Investment Trust plc.
In reaching its conclusion on its review of the investment management arrangements, the Board has taken into account views received from shareholders during the process, as well as benefiting from various services provided by J.P. Morgan Cazenove in its capacity as corporate broker.
MW Eaglewood has agreed to contribute towards the costs of the investment management arrangement review, such that it is expected that there will be no impact on the net asset value of the Company as a consequence of the review process.
P2P : P2P Global manager merging with Pollen Street Capital
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