Almost a third of PSSL shareholders vote against chairman’s re-election

Almost a third of shareholders (31.83 per cent), opposed the re-election of the Pollen Street Secured Lending (PSSL) board chairman Simon King at its recent annual meeting (AGM), suggesting some opposition ahead of the upcoming Waterfall acquisition.

Earlier this month shareholders of the investment trust indicated that they would back the closure of the fund should a proposed takeover by Waterfall Asset Management fail.

Last month the deadline for Waterfall to make an offer over the trust was extended for a fourth time until 16 June to allow discussions to continue.

Waterfall first made an offer for PSSL in February, which sparked a war of words between the PSSL board and the investment manager Pollen Street Capital (PSC).

The board terminated its management agreement after accusing PSC of withholding due diligence information.

Then in early March PSC defended itself against this criticism of its governance and warned that the trust’s board risks endangering shareholder value.

PSSL’s board then threatened its investment manager with legal action, if it does not produce the due diligence documents needed to progress a possible takeover offer.

A few days later PSC called for shareholders to consider appointing their own representatives on the board to protect the investment trust from damage.

Just over two thirds (68.17 per cent) of shareholders voted in favour of the re-election of Simon King at the PSSL AGM.