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There were no major objections listed at all and remember this site in within the Humber region which is aiming to be the worlds first net zero carbon industrial cluster by 2040
Draft, great research as always! Thx
Dibs, If you look at known viruses such as HIV where after all these years we still do not have a vaccine you could conclude that it is quite likely that the search for a vaccine for COVID19 will take much longer than the end of the year and maybe not at all
However, as soon as a vaccine is found it will take time to deploy globally and the people I would target first are those without temporary immunity hence a huge, ongoing antibody testing programme will be ongoing globally
In auction, not open
https://www.edie.net/news/6/First-funding-phase-approved-for-Humber-net-zero-industrial-cluster/
The £1.8bn Pollen Street Secured Lending investment trust will stop lending in the coming months in expectin of some volatility owing to the continued global spread of the coronavirus, according to a stock market update.
Pollen Street Capital, the manager of the portfolio says that it has not seen a material impact in payment performance yet but that a majority of the underlying consumer and SME payment dates are towards the end of the month meaning they have not yet occurred.
“We expect to see some short-term disruption through requests for forbearance and continue to monitor daily,” Pollen Street said.
Formerly named Peer-to-Peer Global Investments, the fund is invested across property, SME and consumer lending with a near equal split across the three areas.
“Given the uncertain economic environment the manager has adopted a prudent approach with the focus on the existing portfolio and ensuring cash collections remain robust and the appropriate strategies are put place,” it added.
Pollen Street says it is expecting to generate significant cash over the coming months as the loans amortise, repay but not re-investing the cash generated by the portfolio in new investments “for the foreseeable future”.
increased 3.4% to 4.28% on 29/4
CFEP sitting on the ask repeatedly selling so maybe the majority of locked in shares have been sold
With the government pledging to get the building industry moving I can see honeycomb possibly revisiting their previous deal plus Wellesley have made their intentions known
A deal will be done circa 70p minimum in the near future with someone
you’re here for the day looking for a trade - sometimes there are opportunities where a longer term approach pays far better
Exactly, they do have the money. In my opinion the directors are a bit aggrieved that the offer includes the management operations which under the Honeycomb offer was being taken by the directors for a small sum
Trying to buy to add but not playing ball so maybe we are on the move at last
Watch out for the large trades that have been appearing
Wellesley know the business well and already hold 10% - they will have canvassed other shareholders for support in my opinion
Simon Thompson Investors Chronicle 1/4/20
Honeycomb attempts to abort loan book purchase
Shareholders in specialist residential development finance company and asset manager Urban Exposure (UEX:33p) have voted in favour of the £113.8m (71.7p a share) disposal of the company’s loan book to Honeycomb Holdings, a subsidiary of Pollen Street Capital, a specialist finance lender. They have also approved the sale of its asset management company to the founders for £1.6m (1p a share).
The loan book sale was meant to complete today and the proceeds then distributed to shareholders by way of a first capital distribution of 72p a share on 7 May 2020, and a final distribution of 1p a share by April 2021. However, in light of current market conditions, Honeycomb no longer wants to proceed with the purchase on the terms it agreed in the share purchase agreement dated Tuesday, 10 March 2020 and has issued a notice of termination to Urban Exposure. Clearly, Urban Exposure’s shareholders want Honeycomb to fulfil its obligations, as do the directors who “consider that the termination is without merit and reserve their position to take all measures to enforce the company's rights under the purchase agreement”.
Honeycomb does have the right to terminate the acquisition between exchange and completion if there is a material adverse change in the financial condition of Urban Exposure’s loan book (defined as a reduction in NAV in excess of £10m), or if there is a material breach of the purchase agreement. There is a consideration adjustment mechanism incorporated into the purchase agreement under which Urban Exposure could have to reimburse Honeycomb (including by way of deduction from the consideration payable) up to £10m (6.3p a share) in the event of a deterioration in the loan portfolio due to a default on any of Urban Exposure’s loans.
Bearing this in mind, it’s unlikely that Urban Exposure’s loan portfolio has deteriorated ‘markedly’ since the parties announced the purchase agreement only a few weeks ago, suggesting that the company is in a far stronger position than the market gives it credit to enforce Honeycomb to complete the purchase.
So, having previously advised voting in favour of the disposals, and after taking into account that Urban Exposure’s loan book is worth more than double its market capitalisation of £52m, I would strongly advise holding on and awaiting further developments. Hold.
rebalance their portfolios against set risk criteria, just basic housekeeping