At Cobham motorway services a storm brews for a £1bn alternative lending fund

By Daniel Lanyon on Thursday 2 July 2020

Alternative Lending

The Pollen Street Secured Lending fund has seen nearly a third of shareholders vote against its chairman Simon King.

At Cobham motorway services a storm brews for a £1bn alternative lending fund
Image source: Google

Nearly a third of shareholders casting votes in the £1bn Pollen Street Secured Lending fund’s AGM this week have voted against its chairman Simon King's re-election. 

Pollen Street Secured Lending, formerly P2P Global Investments, is an investment trust deploying money to non-banks and fintech lenders. Originally managed by MW Eaglewood, it was taken over by alternative credit specialist Pollen Street Capital in 2017 and renamed in the firm’s image.

Pollen Street Capital was, however, sacked this year in an ongoing dispute over its future. A take over by US asset management giant Waterfall - a significant buyer of Funding Circle loans - has been an ongoing non-starter for several months but has been put forward for the fourth time.

Chairman Simon King received 31 per cent of votes cast against his re-election although a large number of shareholders didn’t vote in the AGM, which has held in Cobham motorway services, off the M25, for reasons related to COVID-19. 

Pollen Street Secured Lending said as a result of AGM that they are launching a consultation with shareholders.

“The Company notes that a significant number of votes were cast against resolution 4. The Company will engage with shareholders shortly and, in accordance with the UK Corporate Governance Code 2018, expects to provide an update on this consultation process within six months”

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