Proposed Share Trade and Share Buy-Back
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM),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.
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