Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Totally understand the frustration here. The yield reduces to around 7.5% at the current price so I will hold on for now.
I agree this is bad governance by the board as retail shareholders are being stuffed by directors who are only interested in their institutions. I mailed the company and suggested if they were so confident then why not allocate some cash to a tender as other Investment Trusts have done for material changes. You can find a link on the company website. I urge all those holding to raise this issue as it is important we are not lost in the mire. It seems someone from Liberum will be contacting me as a result. That promises to be an interesting conversation since I generally have little regard for their output.
A better move for Pollen St shareholders, I don’t know why Hony’s large shareholders have agreed. If I wanted to invest in an asset manager I’d buy LGEN or Phoenix etc, but that’s not why I invested in Hony.
Apparently the the above will reduce to 63p this year and 64p next year. I am very unhappy about this . I can’t understand how this is a good move for Honeycomb shareholders .
I sold 25% of a large holding on news on Tuesday am, and should have sold it all. Not because the new merged company is a bad prospect, but because it isn’t what I invested in. It changes the balance of my portfolio and therefore I will look at alternatives to replace what Hony was, not what it will be. Having said that the dividend is brilliant at this price and seems secure.
So why is the sp falling? Assuming the divi is safe this is a snip
Irrevocable undertaking received to combine Honeycomb Investment Trust with Pollen Street Capital. The new organisation will not qualify as an Investment Trust & will therefore have to create a new PLC, either a reassignment of HONY or create a new holding company.
Some very large trades going through, mostly Automatic and showing as sells but price makes them look more like buys. £480,000 and £200,000 plus.
Change: + 75.00p (7.85%)