Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
stock market
March 2 2020

Pollen Street Secured Lending manager refutes criticism of governance

Michael Lloyd Industry News, News, Top 3 Invesco, Lindsey McMurray, Pollen Street Capital, Pollen Street Secured Lending, Waterfall Asset Management

Pollen Street Capital (PSC) has defended itself against criticism of its governance from Pollen Street Secured Lending (PSSL) and has warned that the trust’s board risks endangering shareholder value.

The investment manager has refuted allegations from Pollen Street Secured Lending (PSSL) that it had not provided the requested due diligence documents, after Waterfall Asset Management made an offer to acquire the company.

In January, Waterfall Asset Management made a possible cash offer of 900p per PSSL share, backed by Invesco, PSSL’s largest shareholder.

Last week the board of the alternative finance-focused investment trust, formerly known as P2P Global Investments, said that it would support the offer but accused Pollen Street of not providing the requested documents, to help with due diligence for a proposed sale of the fund.

Read more: Pollen Street backtracks on investment trust dividend increase

Read more: Invesco follows Woodford in altfin sell-off amid rising outflows

PSC said that it considers that it has acted reasonably and in good faith to meet PSSL’s requirements, including placing more than 2,000 documents requested in the diligence request into a data room.

“Pollen Street Capital has acted with the upmost integrity throughout this process and has sought to fulfil its fiduciary duty as investment manager to always protect the interests of shareholders,” said Lindsey McMurray, managing partner of Pollen Street Capital.

“Despite numerous attempts to provide expert advice and propose a practical approach since learning of the Waterfall proposal, the board has refused to engage with us constructively and now risks endangering shareholder value.

“We are committed and ready to assist PSSL however we can for the benefit of all shareholders.”

Read more: What does the future hold for the world’s first P2P lending investment trust?

Landbay refreshes buy-to-let product range One in four SME owners in financial difficulty dip into their own savings

Related Posts

Dog at school

Industry News, News, Top 3

Five key takeaways from the fintech review

Closed sign

Industry News, News, Property, Top 3

The House Crowd goes into administration

investing

Industry News, News, Top 3

Government urged to modify EIS to promote lending

Popular posts:

  • The House Crowd goes into administration
  • RateSetter to stop investment withdrawals from 26 March
  • UK Finance calls for global fintech cooperation
  • Metro Bank plans to offer RateSetter lending through…
  • Octopus Choice has permanently closed
  • RateSetter confident of growing Metro Bank’s…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by