Vpc Specialty Lending In... Share Discussion Threads

[robe7] 08/12/2023 15:57

Yes Chucko a good time to buy me thinks - unfortunately for me I'm fully invested here already but I may get another chance although!

[chucko1] 08/12/2023 15:21

The NAV announcement this morning was not much different from the most recent, so that is hardly an explanation. Might as well make the most of it and take the opportunity to add. I was intending adding (or not) as and when more portfolio information was released including results of asset sales and any impairments on debt, but market events have overtaken this!

[robe7] 08/12/2023 14:32

Looks like a large trader has traded around the Dividend but he would have got punished looking at the price before div and after

[badtime] 08/12/2023 14:29

Bit of weakness today

[jong] 30/11/2023 12:13

XD today. 2p per share payable on Thursday 21 December.

[robe7] 21/11/2023 11:52

Due to go Ex divy at end of month - could be that but a little strange anyway

[solarno lopez] 15/11/2023 17:15

Has someone got wind of the suggested payout ?

[solarno lopez] 15/11/2023 08:45

A little perky today !

[chucko1] 23/10/2023 17:23

Yup, and I do not disagree. He is a little more aggressive than I, but as he says, visibility on some aspects of the assets is not great. And I await the wind down narrative/updates that will become more common each month within the monthly reports. These may provide clues on both direction of travel and liquidation value of non-lending assets.

Nevertheless, I have calculated a conservative 14% or so IRR, and the one indicated from the Oakbloke is 16.5% ish. Very ish, but I do like the current cheapness of VSL. On top of all this is the backstory - things like the management and seemingly conservative accounting. I do not expect any shocks even if the fees they pay themselves are hardly "light". Oakbloke does not appear to have included the incentive formula payable to the managers, but in the big scheme of things, this is small.

[mondex] 23/10/2023 14:34

Thumbs up from the oak bloke website

hxxps://theoakbloke.substack.com/p/is-vsl-a-risky-bet? tm_source=profile&utm_medium=reader2

[robe7] 06/10/2023 22:42

I'm going to buy some more of these ! Its a far far better deal than buying bonds - 11% div per year - cannot see discount widening much from here at least not 11% a year.

[spectoacc] 30/9/2023 15:29

Decent, but struggle to see it as much more than that, when the timeline is so uncertain.

I'd love it at 50p tho ;) Suspect we all would.

[twistednik] 30/9/2023 06:20

Realisations do not necessarily follow in a linear curve. No doubt there will b a tail which holds significant value but which is harder to realise. I note that given more subdued m&a & higher interest rates, a swift wind down would b optimistic I like the 'tone' and acknowledgment of being fair and treating shareholders equally Given the current yield and discount to NAV (most of which is debt and therefore shouldn't b materially below par unless impaired), as well as asset backing of the Porfolio, it's a decent special situation.

[chucko1] 29/9/2023 09:02

Only $21mn of realisations, and on a total asset base of $472mn or so, that is 4.5% and so by simple extrapolation (unreasonable) implies 5.5 years to fully liquidate.

Hardly surprising given the only recent move into wind down, and I expect this pace to be accelerating rapidly from here. Yes, all done, it would appear, at NAV or thereabouts, so even that small slice of liquidations increases the value (ceteris paribus) per share of the remainder. Some equity exposure sold and some financing repaid, so even that small 4.5% is not immaterial.

One thing which stuck out in the half year was the repetition of the time it would take to hand back capital, and there was an implication that certain shareholders were not especially happy with the announced schedule (including lack of certainty). My own view on this is that this has helped depress the current share price. I would also add that those moaning about this time frame are hands that I will gladly purchase more shares from cheaply, and there will likely be ample opportunity to do so at even greater risk/reward than I see now, assuming moderate progress on realisations.

For those looking for certainty in this wind down, the management are absolutely correct in both their repeated statements and tone. There is no other way, in my opinion, than the centre of gravity of their efforts being value maximisation, rather than speed.

These are the sorts of opportunities one dreams of. Such an opportunity being largely made up of decent value and imbeciles.

[cwa1] 29/9/2023 07:32

In terms of returning capital to Shareholders, we are conscious that our Shareholder register features both institutional and retail investors. With that in mind, we will seek to ensure as far as possible that no Shareholder group is disadvantaged in how capital is returned over time.

Although Shareholders should place only limited reliance on this information, it is the Board's current estimate that the first distribution will occur at the end of 2023 or in early 2024 and that distributions will continue thereafter with a substantial proportion of the portfolio being realised within the next three years. Based on existing market conditions, potential cash flows and on the assumption of continued strong portfolio performance, the Company currently expects to continue paying dividends at the current rate for at least a year and potentially longer. The Company will communicate the expected timing of distributions as the portfolio is realised, through Monthly Reports and via direct Shareholder communication as required.

[waterloo01] 29/9/2023 07:15

Encouraging report. Divi maintained at current levels for at least a year and some realizations at or above NAV (NAV 94p)

[fred177] 11/9/2023 07:35

THis seems to have a continually declining NAV any views ?

[jong] 07/9/2023 09:40

XD today. 2p per share payable on Thur 28th Sept.

[mondex] 01/9/2023 17:56

Question: The NAV is currently around 93p. What do people think we will recover in toto when they liquidate the trust?

[waterloo01] 24/8/2023 16:27

Still chucking out 2p quarterly interest return. Ex 7th Sep

[brucie5] 22/8/2023 09:22

I notice similar happening at Bglf. Any comparative observations?

[redhill9] 09/8/2023 10:23

The Company's gross revenue return for the month was 1.31% (1.26p). The average interest rate on the portfolio was 15.74%.

That 15.74% interest rate is presumably based on the assets' mv so is much higher at share price level. On that basis, the longer the encashment of assets takes the better?

[rambutan2] 08/8/2023 14:51

Upping provisions a tad: