Honeycomb raises £105m from oversubscribed share placing
HONEYCOMB Investment Trust has raised £105m from an oversubscribed share placing, which it will use to capitalise on new business opportunities.
The alternative finance-focused investment fund said on Wednesday that it had successfully completed its placing of 10 million shares, issued at £10.50 per share.
The fundraising is the first round of a larger share issuance programme that Honeycomb announced last week.
Lindsey McMurray, managing partner of Pollen Street Capital, which manages the trust, said last week that the placing programme would be used to capitalise on “a significant pipeline of new business opportunities”.
“The company is pursuing the placing programme in order to capitalise on these opportunities and to seek to continue to generate positive returns for investors, and believes that the proceeds received from the first placing will enable it to build on existing relationships and foster new ones within the markets in which it operates,” she said.
It emerged last week that Pollen Street Capital is to take a controlling stake in MW Eaglewood, which manages P2P Global Investments. The deal will create one of Europe’s largest alternative finance-focused investment managers, with assets of around £2bn.
The deal is expected to be completed later this year subject to regulatory approvals.
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