Honeycomb Investment Trust PLC Proposed Share Trade and Share Buy-Back (0518B)
January 27 2020 - 11:08AM
UK Regulatory
TIDMHONY
RNS Number : 0518B
Honeycomb Investment Trust PLC
27 January 2020
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE
EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA,
AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL
27 January 2020
Honeycomb Investment Trust plc
("Honeycomb" or the "Company")
Proposed Share Trade and Share Buy-Back
Honeycomb announces that it has been informed that in response
to substantial investor demand, certain major shareholders of the
Company have indicated an intention to sell a significant
percentage of the Company's issued ordinary shares of 1 penny each
("Ordinary Shares") at a price of 850 pence per Ordinary Share.
The Company also announces that a major shareholder has
irrevocably undertaken to the Company and Pollen Street Capital
Limited (the "Investment Manager"), the Company's investment
manager, that, for a period of four weeks following this
announcement, it will not sell any of its Ordinary Shares in the
Company except at a price no lower than 850p per Ordinary Share
when instructed to do so by the Company or the Investment
Manager.
In addition, the Company announces that the board has authorised
an on-market buyback by the Company of up to 2.2 million Ordinary
Shares pursuant to the authority granted at Honeycomb's annual
general meeting on 6 June 2019 (the "Buyback"). Liberum Capital
Limited ("Liberum") has been appointed to effect the Buyback on the
Company's behalf.
The Company has 39,449,919 Ordinary Shares in issue and admitted
to trading on the Specialist Fund Segment of the London Stock
Exchange with no Ordinary Shares held in treasury. Ordinary Shares
purchased by the Company pursuant to the Buyback will be held in
treasury.
Shareholders should be aware that a purchase of Ordinary Shares
by the Company on any trading day may represent a significant
proportion of the daily trading volume in the Ordinary Shares and
could exceed 25 per cent. of the average daily trading volume of
the preceding 20 business days.
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: +44 (0)20 3100 2000
Camarco - Investor Relations
Ed Gascoigne-Pees: +44 (0)20 3757 4994
Link Company Matters Limited - Corporate Secretary
Paula O'Reilly: +44 (0)20 7954 9796
Pollen Street Capital - Investment Manager
Chris Palmer / Steve Plowman: +44 (0)20 3728 6750
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 (the "Sale"), 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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