Vpc Specialty Lending In... Share Discussion Threads

[spectoacc] 30/10/2019 16:31

A lot of random blocks, hard to tell what they are, hopefully whatever overhang has been causing it to fall, now cleared? But guessing - can see 1.7m, 1.7m, 3m, 5m, 5m, 5m, 1m, 1m, 1m.

[ph1ts] 30/10/2019 16:16

28,500,000 today, mostly sells???

[spectoacc] 28/10/2019 08:29

Still shooting the lights out (relatively!), but guessing the next one in a month will reflect the stronger £.

Still - doing everything they're supposed to, happy to be holding in size.

[spectoacc] 05/9/2019 19:33

Ha ha it's a fair point - I've enough TBH, I guess I like editing my spreadsheet with a few risers to counter the fallers.. But you make a vaild point.

[a0002577] 05/9/2019 17:34

Good evening, SpecToAcc, May I ask why it is welcome rise? Are you intending to sell? Personally I would rather it fell and then I can buy more for less.

[spectoacc] 05/9/2019 17:08

An unexpected but welcome rise today.

[davebowler] 27/8/2019 09:57

One interesting trust still in this platform lending space is VPC Specialty Lending Investments (LSE:VSL). The trust is trading on an interesting discount of almost 17% following some technical pressures (Neil Woodford selling his substantial stake) and, we believe, the market not fully recognising the change in its portfolio.

It is now out of peer-to-peer lending, but lends to the platforms, backed by the assets on their books (i.e. their loans). This "lender to lender" approach is approached in a highly diligent and conservative fashion, with monthly reviews of the assets of the platforms it lends to and the ability to demand more cash or seize control of the assets should there be a shortfall. The trust's dividend yield is 10.4%, and with a continuation vote due in June looks like a value opportunity. We will be publishing a full note in the coming weeks

[ph1ts] 06/8/2019 08:26

Victory Park Capital Amends Credit Facility with Oakam Limited

A capital raise will enable the digital micro-lender to satisfy outstanding liabilities and re-launch consumer lending

The Company and Victory Park Capital (the "Investment Manager" or "VPC") are pleased to announce that VPC has reached an amended financing agreement with Oakam Limited ("Oakam"), a UK-based digital micro-lender and existing portfolio company.

The Oakam Management Team, together with new investors through its funding vehicle, Akrod Limited ("Akrod"), has raised GBP6.0 million to satisfy the unsecured creditors, support the Company's borrowing base and provide growth capital.

Oakam exited administration on 28 June 2019, following the approval of its Company Voluntary Arrangement with unsecured creditors, and subsequent confirmation from the Financial Conduct Authority to re-engage in consumer lending. The majority of Akrod's equity investment will be used to support future growth initiatives to better serve underbanked consumers, while enhancing the Company's collateral.

This probably goes some way to explain the S.P. recovery over the last week.

[ph1ts] 31/7/2019 09:36

wskill - Agreed. I was worried that it seemed too good to be true, and things usually turn out that way!

[spectoacc] 31/7/2019 07:38

Wow - look at that monthly NAV return! Much of it from the 15m Woodford buyback, fantastic, but nearly half from very strong income:

"During the month of June 2019:

v The NAV (Cum Income) return of the Company is 2.39%;

v The Company generated its highest recorded gross revenue return of 1.23% (excluding the impact of one-time fees) and a net revenue return of 0.93%;

v The Company generated capital returns of 1.46%;

v The Company repurchased 15,009,212 shares at an average price of 68.35 pence per share, which comprised of 1.03% of the NAV (Cum Income) return; and

v The trailing twelve-month NAV (Cum Income) return for the Company is 10.46%. "

[wskill] 31/7/2019 07:24

Very pleased with my investment in VSL 10% income and now capital growth as well ,cannot fault management they buy back shares when its seen to be below net asset value and have a large holding themselves well done to them I say, and the icing on the cake is the trackers will be buying back into VSL now.

[spectoacc] 30/7/2019 08:04

LSE muppets:

RNS Number : 0959H

FTSE Russell

29 July 2019


VPC Specialty Lending Investments (UK) - Reinstatement to the FTSE UK Index Series

29 July 2019
Further to the receipt of queries regarding the exclusion of VPC Specialty Lending Investments
PLC from the FTSE All Share Index at the June 2019 index review, FTSE has reanalysed the liquidity
data used to conduct the annual Median Liquidity Test for the company. In conducting this
analysis, FTSE Russell has confirmed with CBOE that 20,322 shares in the company which were
transacted on CBOE OTC after the close on 1 November 2018 and reported on 2 November 2018
had been omitted from the liquidity data used by FTSE Russell for 1 November 2018. Had these
transactions been included in the annual liquidity test on 1 November 2018, VPC Specialty
Lending Investments PLC would have passed the median liquidity test and therefore would not
have been removed from the FTSE All Share index.
Consequently, as provided for in the Recalculation Policy and Guidelines - Equity Indexes,
VPC Speciality Lending Investments PLC will be reinstated to the FTSE All Share Index with
effect from the open of Thursday 1 August 2019. This change will be reflected in 5-day Tracker
Files from tonight, 29 July 2019.
Index Effective From
Start of Trading
FTSE SmallCap Index 01 August 2019
FTSE All-Share Index 01 August 2019
------------------
FTSE All-Share ex Multinationals Index 01 August 2019
------------------
FTSE All-Small Index 01 August 2019

[davebowler] 01/7/2019 10:29

Mention here as 'Income Bargain'

[a0002577] 28/6/2019 11:26

This is the key phrase

"we believe the share price discount to NAV should narrow from 20.7% given the performance of the fund, the removal of the overhang from the Woodford stake and the company's motivation to address and issues ahead of next year's continuation vote."

and is very encouraging

[davebowler] 28/6/2019 09:03

Liberum;
VPC Specialty Lending Investments

Attractive value

Mkt Cap £232m | Prem/(disc) -20.7% | Div yield 11.2%

Event

VPC Specialty Lending Investments generated a 0.6% NAV return in May 2019 and 3.4% to date in 2019. Returns were reduced by the catch-up component of the performance fee (0.26% impact in May and 0.79% to date in 2019).

Over the past 12 months,VSL has generated a total return of 9.6%. The portfolio has produced a gross revenue return of 14.7% before operating expenses and fees. This was reduced by -1.8% of capital losses (mainly relating to FX hedging costs) and fees and expenses of c.3%.

The gearing ratio continues to climb and has risen from 35% of NAV to 44% of NAV in June. The company also bought back almost 15 million shares in June at a c.25% discount to NAV. The expected NAV increase from this share acquisition is 0.9%.

Liberum view

VSL has maintained the strong underlying performance of the portfolioin 2019. The performance in to date in 2019 is slightly lower than the run-rate in 2018 but this is due to the catch-up nature of the performance fee. The company previously guided that the NAV volatility from this should reduce after Q1. VPC's performance fee accrual is different to peers P2P Global Investments and Honeycomb Investment Trust. All three of these funds have a 5% preferred return hurdle to meet before the performance fee can be paid. P2P Global and Honeycomb accrue for the performance fee on the basis of expected performance over the year. VPC does not consider future performance when accruing performance fees and only accrues an expense once the hurdle has been reached. As a result, VPC's monthly returns would be expected to be higher in the early part of a calculation period and with potential for some volatility later on once the hurdle is reached.

We note the increase in gearing from 16% at the start of the year to 44% currently. This is well below the maximum allowable level (150%) but we believe investors would prefer a lower level of debt given the high-yielding nature of the portfolio. Nevertheless, we believe the share price discount to NAV should narrow from 20.7% given the performance of the fund, the removal of the overhang from the Woodford stake and the company's motivation to address and issues ahead of next year's continuation vote.

[a0002577] 09/6/2019 10:08

Thanks, langostino: makes it a raging buy then?

[langostino] 07/6/2019 20:16

Demoted from the FTSE All-Share due to illiquidity in the stock - according to Ciyywire

[spectoacc] 07/6/2019 15:23

It's Invesco, just reported - fascinating. from 29% to 28%. An awful lot can be said about that..

[apollocreed1] 07/6/2019 14:02

I see the the director Richard Levy keeps topping up his regular holding so I'm pretty confident there is no bad news in the pipeline. However, it may be that the cost of the hedge to Sterling gets more expensive the weaker the pound gets, and that may impact future NAV.

[spectoacc] 07/6/2019 12:56

Yes - he has none at all, including (I assume) in any mandates he had, since they'd also have been listed under WIM.

[a0002577] 07/6/2019 12:11

So these appear to be the top two holdings from

Invesco Asset Management Ltd. 101,916,335 28.3%
Woodford Investment Mngmt Ltd. 65,947,500 18.3%

are these out of date? Cos he appears to have dumped the lot on 30th April

[spectoacc] 07/6/2019 11:39

Possible it's the overhang of the overhang - Weiss & LIM took some of it, but not clear where the rest went.

[a0002577] 07/6/2019 11:37

Thanks : So if there was serious trouble wouldn't we expect an RNS? If there wasn't then we would still like an RNS saying the board can see no reason for the drop in share price

[spectoacc] 07/6/2019 11:34

No, Woody dumped the lot (& P2P) - don't know why the fall.