Trading Statement
04/05/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230504:nRSD3226Ya&default-theme=true
RNS Number : 3226Y Pollen Street PLC 04 May 2023
FOR IMMEDIATE RELEASE
4 May 2023
Pollen Street plc Q1 Trading Update
Pollen Street plc ("Pollen Street" or the "Group") today issues its trading
update for the period ended 31 March 2023.
Highlights
· Overall AUM remained at £3.4 billion with fundraising activity
focussed on Private Equity V, which is progressing well
· Average Fee-Paying AuM 1 (#_ftn1) has continued to build to
£2.5 billion for Q1 2023, up from £2.3 billion for 2022
· The Investment Company performance over Q1 2023 was particularly
strong with a Net Investment Return 2 (#_ftn2) of 9.0 per cent per annum
· The tangible net asset value of the Group as of 31 March 2023 was
£347 million, equivalent to £5.40 per share
· The Q1 2023 dividend has been announced at 16p per share in line
with targets previously issued
Asset Manager
Pollen Street's focus over Q1 has been preparing for the final close of Credit
III and the first close of Private Equity V. As such AuM 3 (#_ftn3) on an
investor commitment basis has remained stable at £3.4 billion as of 31 March
2023.
Fee-Paying AuM tracks deployment in our credit funds, which is the basis that
fees are charged. Average Fee-Paying AuM increased to £2.5 billion for Q1
2023. This is up from £2.3 billion for 2022, reflecting the momentum in
deployment in the credit funds.
Investment Company
The Investment Company has continued its strong performance over Q1 2023,
benefiting from the senior secured strategy, with minimal impairments and bad
debts. The Net Investment Return was 9.0 per cent per annum for Q1 2023, up
from 8.2 per cent per annum in H2 2022. The step-up was driven mainly by
early repayment fees on one deal. The underlying Net Investment Return
excluding the effect of this was 8.3 per cent. The capital returned was
redeployed quickly with a net debt-to-equity ratio of 63 per cent at 31 March
2022, which is within the target range of 50 per cent to 75 per cent.
Net Asset Value
The net asset value of the Group as of 31 March 2023 was £578 million, which
is equivalent to £9.00 per share. The tangible net asset value was £347
million, equivalent to £5.40 per share.
About Pollen Street plc
Pollen Street is an alternative asset manager dedicated to investing with the
financial and business services sectors across both Private Equity and Private
Credit strategies. The business was founded in 2013 and has consistently
delivered top tier returns alongside growing AuM.
Pollen Street benefits from a complementary set of asset management activities
focused on managing third-party AuM (the "Asset Manager") and on-balance sheet
investments (the "Investment Company").
The Investment Company portfolio is well-diversified and focused on senior
asset-based direct lending investments. These investments target stable
high-income returns together with strong capital preservation. The portfolio
consists of both direct investments and investments in funds managed by Pollen
Street.
POLN is listed on the London Stock Exchange (ticker symbol: POLN). Further
details are available at www.pollencap.com (http://www.pollencap.com) .
For further information about this announcement please contact:
Barclays Bank plc - Joint Broker
Neal West / Stuart Muress / Dion Di Miceli
+44 (0)20 7623 2323
Liberum Capital Limited - Joint Broker
Chris Clarke / Edward Mansfield
+44 (0)20 3100 2000
FGS Global
Chris Sibbald
Chris.Sibbald@fgsglobal.com
+44 (0)7855955531
Link Company Matters Limited - Corporate Secretary
polncosec@linkgroup.co.uk
ENDS
1 (#_ftnref1) Average Fee-Paying AuM is calculated as the average of the
opening and closing investor commitments for active fee-paying Private Equity
funds, invested cost for other fee-paying Private Equity funds, total assets
for the on-balance sheet assets and net invested amount for fee-paying Private
Credit funds
2 (#_ftnref2) Net Investment Asset Return is calculated as the ratio of the
income from the Investment Company segment to the Net Investment Assets,
expressed as a percentage
3 (#_ftnref3) AuM on an investor commitment basis is calculated as investor
commitments for active Private Equity funds, invested cost for other Private
Equity funds, total assets for the on-balance sheet assets and investor
commitments for Private Credit funds
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END TSTEXLFBXELXBBE