Investment trust Pollen Street Secured Lending reveals US takeover approach and sacks fund manager
US firm Waterfall Asset Management wants to buy Pollen Street Secured Lending for 900p per share in a £675m bid
Investment trust Pollen Street Secured Lending (PSSL) sacked its fund manager at the same time as it revealed a takeover approach.
US firm Waterfall Asset Management wants to buy PSSL for 900p per share in a £675million bid, which is backed by major shareholder Invesco.
But the offer stoked a row between PSSL’s board and the fund, Pollen Street Capital, which runs its operations on a day-to-day basis.
The board sacked Pollen Street Capital with 12 months’ notice, accusing its boss Lindsey McMurray of ‘serious, repeated’ breaches of duty.
Among its claims are that she withheld information about PSSL’s books that the board wanted to give to Waterfall to help with takeover talks.
Pollen Street Capital said it was ‘disappointed’ by the decision.