The board of the Pollen Street Secured Lending (PSSL) investment trust has said it is close to identifying a preferred successor for its investment manager.
It comes as the deadline for a potential takeover offer for the alternative finance focused-fund by Waterfall Asset Management was extended for a fifth time until 11 August.
A decision on an offer was originally due on 24 March but has since been moved due to the coronavirus pandemic to 21 April, 19 May, 16 June and 14 July.
Waterfall has said it is still committed to pursuing an offer.
The board issued notice to terminate its investment management agreement with Pollen Street Capital (PSC) when the offer was first mooted in February.
PSC was accused of not providing adequate due diligence documents, which it denies.
The board has in the meantime been searching for a successor.
“The board has progressed discussions with a number of potential replacement investment managers and is approaching the final stages of identifying a preferred successor to be appointed in due course,” a stockmarket update said today (14 July).
“A further announcement is expected to be made during August.”