The dispute between Pollen Street Secured Lending, a £600m investment trust, and the private equity firm that manages its portfolio escalated further last week, as the manager called on other shareholders to elect new candidates to the trust’s board.

The feud between the two dates to January, when PSSL received a 900p-a-share takeover bid from Waterfall Asset Management, a competitor to the trust’s manager, Pollen Street Capital. The conflict went public at the end of February, when PSSL served notice on PSC that it would terminate its £13.9m-a-year management contract, and placed “operational restrictions” on the firm – curtailing its ability to make new investments or sell existing ones.