Honeycomb Investment Trust, an investor in credit assets originated by non-bank lending platforms and other originators of specialist lending assets, offered to acquire with Pollen Street Secured Lending, a British investment trust. PSSL shareholders would be entitled to receive 0.9335 new HIT ordinary shares in exchange for each PSSL ordinary share. The merger would result in PSSL shareholders owning c. 65.3% of the combined entity on a fully diluted basis. As part of the proposed deal, PSSL shareholders would also be entitled to receive the dividends, if any, declared by PSSL in respect of the 2nd and 3rd quarter of 2020. Following the completion of the combination, HIT would conduct a $262m share buyback via a tender offer structure to satisfy certain investors, at a price no lower than 10 per cent discount to the NAV per share of the combined group. HIT believes the business combination brings such benefits as scale, diversity, liquidity, synergies, financial impacts, active discount management policy, and better positioning.