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Travers Smith advises Liberum Capital on placings by Honeycomb Investment Trust plc and Aurora Investment Trust plc

Overview

Travers Smith LLP has acted for Liberum Capital Limited in its capacity as placing agent and sole bookrunner on the £50 million placing programme issue of ordinary shares by Honeycomb Investment Trust plc (the "Honeycomb Placing") and the placing of £8.1 million ordinary shares by Aurora Investment Trust plc (the "Aurora Placing").

The shares issued pursuant to the Honeycomb Placing were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange ("SFS") on 17 May 2016, and the shares issued pursuant to the Aurora Placing were admitted to the premium segment of the Official List on 29 March 2016.

Honeycomb Investment Trust plc was admitted to the SFS following a £100 million IPO in December 2015, with Pollen Street Capital appointed as Honeycomb's investment manager. The majority of the net proceeds of the Honeycomb Placing will be used to acquire a portfolio of consumer loans.

Aurora Investment Trust plc is admitted to the premium segment of the Official List and appointed Phoenix Asset Management Partners Limited as its new investment manager with effect from 28 January 2016. Aurora's intention is to utilise the equity raised to spread costs and provide secondary liquidity in its shares.

The Travers Smith team in each case was led by Investment Funds partner Will Normand, and included Investment Funds associates Stuart MacKenzie (for the Honeycomb Placing) and Thomas Kenny (for the Aurora Placing).