Waterfall given until 19 May to mull PSSL investment trust takeover

Waterfall Asset Management has received a second extension as it considers a possible offer to take over the Pollen Street Secured Lending (PSSL) investment trust.

A potential offer for the alternative finance focused fund was raised in February with a decision initially due in March.

This was delayed by coronavirus and a new deadline was initially set for 5pm today (21 April) but Waterfall has now been given until 19 May to make a decision.

The PSSL board has previously said it would back the takeover but it has caused a rift with current management Pollen Street Capital (PSC), which has been accused of continuing to withhold due diligence information.

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“The terms of any offer remain subject to discussion and to the completion of due diligence by Waterfall,” PSSL said in a stock market update.

“The board has not yet been able to provide due diligence information requested by Waterfall and, whilst some progress has been made, the board is disappointed by the speed of progress, but continues to work with its advisers to be in a position to furnish sufficient due diligence information.

“Waterfall has confirmed that it remains committed to pursuing the possible offer and the board is continuing to make every effort to progress it in the interests of shareholders.

“There can be no certainty that a firm offer will be made, nor as to the price or the terms on which any offer might be made. The Board is reviewing all of its options in the event that the possible offer does not proceed.”

PSC has consistently denied obstructing due diligence and has queried why Waterfall requires so much information.