Waterfall Asset Management has received an extension to consider its proposed takeover approach for the Pollen Street Secured Lending (PSSL) investment trust amid the coronavirus outbreak.
The board of PSSL had sought approval for an extension from the Panel on Takeovers & Mergers after Waterfall Asset Management was supposed to have made a decision on whether to make an offer by 5pm today (24 March).
The deadline has now been extended to 21 April 2020.
“Despite the current highly uncertain economic and market conditions due to the coronavirus pandemic and the potential impact this may have on PSSL’s portfolio, Waterfall remains committed to pursuing a possible cash offer and looks forward to receiving from PSSL the necessary information required to undertake due diligence,” Waterfall said.
“Waterfall has been supportive of the actions taken to date by the board of PSSL and will continue to support the attempts to retrieve PSSL information in order to allow the parties to advance the possible cash offer and provide an opportunity to PSSL’s shareholders to decide on the merits of the proposal, should a firm offer be announced.”
The proposed offer has caused a conflict between the PSSL board and its investment manager Pollen Street Capital, which has been accused of withholding due diligence information and has had its management agreement terminated.
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