Smith Square Partners is advising Alternative Credit Investments plc in relation to a recommended cash offer from Waterfall Asset Management LLC

Alternative Credit Investments plc is closed-ended investment company and a constituent of the FTSE 250 index. The company’s principal activity is investing in small size private credit assets across SME, consumer (secured and unsecured), real estate and trade finance asset classes through strategic partnerships which encompass marketplace lending platforms, balance sheet lenders and other non-bank loan originators.

On 3 November 2020, the board of directors of Alternative Credit Investments plc (“ACI”), formerly known as Pollen Street Secured Lending plc, and Waterfall EIT UK Limited (a newly formed company owned by funds managed by Waterfall Asset Management, LLC., “Waterfall”) announced that they had reached an agreement on the terms of a recommended cash offer to be made by Waterfall for the entire issued ordinary share capital of Alternative Credit Investments plc (the “Acquisition”).
Under the terms of the Acquisition, each ACI Shareholder will be entitled to receive 870 pence in cash per ACI Share, valuing the entire issued and to be issued ordinary share capital of ACI at approximately £639.2 million. ACI Shareholders will also be entitled to receive an interim dividend of up to 12 pence per ACI Share if declared and paid by the ACI Board in respect of the period ended 30 September 2020.
It is intended that the Acquisition be implemented by way of a Court-sanctioned scheme of arrangement and is currently expected to complete during the first quarter of 2021, subject to the satisfaction or waiver of certain conditions.

Smith Square Partners

Advised in the sale of

Alternative Credit Investments plc (formerly known as Pollen Street Secured Lending plc)


Waterfall Asset Management LLC

Financial Services

MidCap Alliance