what is happening to Pollen Street?
Share price is plunging but I can't find any news to explain why this might be, unless a delayed market reaction to change in investment approach
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I have been thinking about this one, so did some research. There are several issues that worry me, however. The main problem seems to be the significant increase in the number of shares following the merger of the investment management company - up from 35m to 64m. The last NAV (1026p) was at 31 July - i.e. before the merger and so based on the original number of shares. Why such a long delay before an updated one? The dividend is stated to be relatively constant in cash terms, but again now spread over a much larger number of shares. 50% of the new shares qualify for dividends in 2022 and 2023, then the rest qualify in 2024, leading to more dilution. These details are expressed in a rather opaque manner. All in all, it has put me off - but I could be missing something!