Honeycomb Investment Trust PLC Monthly Update - June 2022 (6687U)
03 Agosto 2022 - 3:00AM
UK Regulatory
TIDMHONY
RNS Number : 6687U
Honeycomb Investment Trust PLC
03 August 2022
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03 August 2022
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb")
announces that the Investment Manager's monthly factsheet for 30
June 2022 is now available on its website at
http://www.honeycombplc.com .
Net Asset Value per Share
The Company announces that its unaudited Net Asset Value ("NAV")
per share as at 30 June 2022 on a cum-income basis was 1,019.7
pence, based on a NAV of GBP354.2 million, and on an ex-income
basis was 1,019.3 pence, based on a NAV of GBP354.1 million. The
NAVs have been calculated by Apex Fund Services (UK) Ltd.
Honeycomb delivered a NAV return of 0.69% for the month, which
is equivalent to 8.4% per annum. NAV return was driven by strong
risk adjusted yield of 9.2%. Net Investment Assets remained broadly
stable in the month at GBP583m with cash received from the recent
Oplo Mortgage Portfolio sale being re-invested.
Pollen Street Credit had another active quarter for deployment
completing a number of new transactions and facility upsizes. These
include a GBP65m senior facility to Ark, a Swedish lender focused
on providing financing to European technology businesses with each
loan benefiting from a 70% principal guarantee from the European
Infrastructure Fund; a GBP65m senior facility to TIER, the leading
micro-mobility business in Europe; a GBP50m senior facility to
Splend a vehicle leasing and financing business focused on the
ridesharing and delivery driver markets in the UK and Australia; a
EUR50m facility to Earlsfort, a residential development finance
lender in Ireland; and we upsized our senior facility to iwoca by
GBP25m, financing their UK SME portfolio. Honeycomb participated in
a number of these transactions.
The pipeline of new opportunities is strong with over GBP400m of
transactions in documentation or late stage DD across a range of
end subsectors including insurance run off, SME asset backed and
probate finance. The broader European pipeline is standing at over
GBP2bn and is well diversified across subsectors and asset
classes.
The broader macro environment remains uncertain with a number of
risks and concerns with the impact of inflation and higher interest
rates the most immediate threat albeit offset somewhat by
continuing high levels of employment and rising nominal wages. We
are monitoring the performance of the underlying assets closely and
we are still seeing very consistent and good performance. We are
factoring in the impact of higher prices and interest rates when
underwriting and structuring and are also seeing opportunities in
sectors with low correlation to the macro. The uncertain
environment is also presenting opportunities and we are taking the
opportunity to increase returns on new transactions alongside
continuing to ensure prudent LTVs such that our investments are
able to withstand significant stresses without impairment.
At the General Meeting of the Company held on 1 June 2022,
shareholders approved the Company's proposed combination with
Pollen Street Capital Holdings Limited ("Pollen Street") (the
"Combination"). The Company and Pollen Street are finalising the
remaining conditions precedent to complete the Combination within
the coming weeks. The key timing dependency for completion is the
receipt of remaining change in control approvals from certain
regulators with oversight of firms within the Pollen Street Group,
and the funds it manages or advises. Pollen Street and the Company
have filed all documentation requested by those regulators, and the
Financial Conduct Authority and Prudential Regulation Authority
approved the change in control on 1 August. The Company will update
shareholders when the remaining approvals have been received and
completion can proceed.
For further information about this announcement please
contact:
Pollen Street Capital - Investment Manager
Matthew Potter / Julian Dale: +44 (0)20 3728 6750
Barclays Bank PLC - Joint Broker
Neal West / Dion Di Miceli / Chris Madderson / Stuart Muress:
+44 (0) 20 7623 2323
Liberum Capital Limited - Joint Broker
Chris Clarke: +44 (0)20 3100 2000
Cenkos Securities plc - Joint Broker
Justin Zawoda-Martin: +44 (0)20 7397 8900
Link Company Matters Limited - Corporate Secretary
hitcosec@linkgroup.co.uk
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END
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