LONDON (Alliance News) - Honeycomb Investment Trust said it plans to place up to 5.0 million shares at a price of 1,000 pence each, to raise funds it will put towards buying a second portfolio of consumer loans.
Shares in Honeycomb were untraded Wednesday afternoon. They last closed at 1,000 pence.
This price represents a 1.5% premium to its estimated net asset value per share of 9,853 pence as at March 31, it said.
Last month the trust agreed to buy a portfolio of consumer loans from GE Money Consumer Lending for around GBP54 million, and under that agreement said it planned to buy a second portfolio within three months. Honeycomb said the funds raised in the placing will be used for this second portfolio.
Liberum Capital Ltd is acting as sole bookrunner for the placing.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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