Honeycomb Investment Trust plc (LSE:HONY) said its merger with Pollen Street Capital should be completed soon.
After shareholders approved the company’s proposed combination with its investment manager on 1 June, the company said it and Pollen Street "are finalising the remaining conditions precedent to complete the combination within the coming weeks".
All documentation requested by regulators has been filed, it said, with the Financial Conduct Authority and Prudential Regulation Authority having approved the change in control on 1 August.
The company said it will update shareholders when the remaining approvals have been received from regulators that oversee firms within the Pollen Street Group and the funds it manages or advises, which will allow completion of the deal.
Honeycomb said it delivered a net asset value (NAV) return of 0.69% for the month of June, or 8.4% on an annualised basis. The NAV per share at the end of June standing at 1,019.7p, meaning the shares traded at a discount of 12.7%.
Risk-adjusted yield improved further to 9.2% from 9.1%, with active deployment during the second 2022 across a broad and diversified range of sub sectors, it said.
Manager Pollen Street Credit was said to have completed a number of new transactions and facility upsizes, including a senior facility to Swedish technology lender Ark, a senior facility to micro-mobility specialist TIER, another to ridesharing and delivery driver vehicle leasing and financing business Splend.
Portfolio performance was said to remain "consistent and in line with expectations" and the origination pipeline is strong, with over £400mln of transactions reported in documentation or late stage due-diligence across a range of end subsectors and "attractive yield opportunities on new facilities and new investment opportunities in sectors with low correlation to the macro environment".
The broader European pipeline was reported to stand at over £2bn and is well diversified across subsectors and asset classes