Pollen Street Secured Lending unveils new name
The Pollen Street Secured Lending investment trust has rebranded as Alternative Credit Investments.
The move follows the appointment of Waterfall Asset Management as manager of the investment trust, replacing Pollen Street Capital (PSC).
The fund’s board had issued a termination notice in February to PSC amid claims that it was refusing to co-operate with a proposed takeover bid from Waterfall Asset Management.
PSC denies these claims but Waterfall was named as a preferred successor in August and has now been drafted in to run the fund despite the initial termination notice running until February 2021.
Waterfall is still considering making a cash offer to take over the whole fund, with the latest deadline to make a decision approaching on 4 November.
If no offer materialises, the board has previously said it would recommend shareholders back a wind-down of the fund.
It is the second name change for the investment trust, which was called P2P Global Investments when it first launched in 2014 before rebranding to PSSL last year, reflecting a shift from backing marketplace loans to secured assets.
The investment trust is currently trading at a discount to net asset value of 8.7 per cent.
Read more: What is going on at Pollen Street Secured Lending?
