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there was a lot of dilution at time of merger, they haven't reported a NAV per share for months' discount is not what it appears
#Honeycombe, not Honeystreet.
Hmm. They make the right noises and Liberum like them but the sp and yield suggest great scepticism going into a recession. Let's see what 2023 brings.
You need to look at what Honeystreet invested in to answer that question. See page 15 below:
https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/?type=sl.ra.full&id=555afc79-d847-4f8d-af2d-6c070e473336&user=WPxtVr07ym%2fSTBdsKMPbJKqiNXVyF8mhMZmaO%2fDp46fxEdo5Fq7Y6wUGkQfqPez7&r=1
I've got a belated acknowledgement. They will be in touch. Hopefully.
The joke is the email address is ‘investor relations’
Not answering emails doesn't help either. Some investment trusts have got back to me within an hour.
1st 63p dividend Equals 11.9% at the present price.
2nd 50% discount
3rd 40% gearing.
1 and 2 make it tempting. The 3rd make it worrying specially as we are going into a recession. More importantly I still don't quite know what there investing in?
Anyone?
As I am still struggling
Yes I emailed without response too. Somebody must know what's happening. What happens to this mighty yield going forward?
Well oh how the mighty have fallen! Honeycomb used to aim for a 5% discount and adjust using buybacks since this great merger it has now gone out to 50% with a £4 fall in the share price and silence from the managers - won’t even reply to investor queries - shocking management
I. have sent. several e-mails. requesting. explanations. or requests. for information but they NEVER. reply.
I have sold out - at a. substantial loss - but I need companies who're transparent. and. have interest in their retail shareholders
A quick check shows all the next dividend is streamed as interest.
I see it is private equity but is that it? I have been to there company site but can't quite grasp where the dividend is coming from? Are they lending to them?
AIC says there down as streaming at least some of there dividends as interest.
I am looking for dividends which are classed as interest so I can fit them in the £5,000 starter savings tax allowance.
Help there site is ****e when explaining there investment strategy.
There is something to that...but on the divi front about 14M shares are subject to a partial divi waiver, until 2024. The projected increase in total dividend distribution won't cover that (AIUI) so another reduction baked in.
Looks more like 50p annual div when that kicks in. Major shareholders would have twigged this - so what was the real motivation for the deal from a shareholder perspective? Avoidance of a fate like Ranger Direct Lending ?
Quite. true, but if. you . were. investing. today the yield. would be over 9% and POLN has. some very. successful. companies in its· portfolio and, one day, when. the market has settled. and he. economy. begins to grow. I think. we all see some upside in the. share price. After all, the major shareholders mostly all agreed to. support the merger. so they must have seen. some value in it. Just hold, enjoy the dividends.
This share has been a disaster for many long term holders, this much vaunted linking of the two has brought a falling divi and a share price in free fall - back in the day they ‘aimed’ to keep the discount at 5%…. Currently over 33%
Some, including me, may have missed that the combination of Honeycomb and Pollen Street was to result in a dividend cut.
Taken from Quoted Data - "Our thinking on this has changed. First, and please accept our apologies, we missed the dividend cut – dividends will go from 80p to 63p in 2022 and 64p in 2023. We now think that dissenting shareholders should be offered an exit opportunity"