Proposed Share Sale

RNS Number : 7877D

Honeycomb Investment Trust PLC

21 February 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

21 February 2020

Honeycomb Investment Trust plc
("Honeycomb" or the "Company")
Proposed Share Sale

Honeycomb announces that it has been advised that two major shareholders of the Company are proposing to sell, in aggregate, 13,053,229 ordinary shares of 1 penny each in the Company ("Ordinary Shares") at a price of 850 pence per Ordinary Share (the "Sale Shares") (the "Sale").

As part of the Sale, the Company and its investment manager, Pollen Street Capital Limited (the "Investment Manager"), intends to authorise a major shareholder to sell their remaining 6,043,595 Ordinary Shares pursuant to the irrevocable undertaking given by that shareholder to the Company and the Investment Manager on 27 January 2020 (as announced by the Company on that date).

The Sale Shares represent approximately 35.0 per cent. of the issued share capital of the Company (excluding treasury shares). The Company is not a party to the Sale and will not receive any proceeds from the Sale.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Liberum Capital Limited - Broker

Chris Clarke / Louis Davies: [phone]

Camarco - Investor Relations

Eddie Livingstone-Learmonth / Jake Thomas: [phone]

Link Company Matters Limited - Corporate Secretary

Paula O'Reilly: [phone]

Pollen Street Capital - Investment Manager

Chris Palmer / Steve Plowman: [phone]

This announcement and the information contained herein is for information purposes only and does not constitute or form part of any offer or an invitation to acquire or dispose of securities in the United States, Australia, Canada, Japan or South Africa or in any other jurisdiction in which such an offer or invitation is unlawful ("Restricted Jurisdictions"). Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into or from any Restricted Jurisdiction. Any failure to comply with this restriction may constitute a violation of securities laws in the relevant Restricted Jurisdiction.

In connection with any sale or purchase of Ordinary Shares pursuant to the proposed transactions described in this announcement, Liberum or any of their respective affiliates may take up a portion of the Ordinary Shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for its own accounts such Ordinary Shares and other securities of the Company or related investments in connection with the Sale or otherwise. Accordingly, references to the Ordinary Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by Liberum and any of their respective affiliates acting as investors for their own accounts. Liberum does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Liberum is authorised and regulated by the FCA. This announcement has been issued by the Company and is the sole responsibility of the Company. Liberum does not accept any responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by the Company or on Liberum's behalf, in connection with the Sale, and nothing in this announcement is or shall be relied upon as a promise or representation in this respect, whether as to the past or the future. Liberum accordingly disclaims to the fullest extent permitted by law all and any responsibility and liability, whether arising in tort, contract or otherwise, which it might otherwise have in respect of this announcement and any such statement.

 

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