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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vpc Specialty Lending Investments Plc | VSL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 30.25 | 08:00:24 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 30.25 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 27/11/2024 09:59 by brucie5 Hello again Craigso!Would anyone care to tell me why, in detail, at 50% discount and dividend @26% and assets being gradually returned to investors, this is not in bargain territory, whatever the trajectory thus far? I'm assuming the incompetence/acciden Reason I ask is that I hold, but am reluctant to add. But why not? |
Posted at 14/11/2024 09:01 by cc2014 I think the problem is pretty simple as we've agreed before Specto.QE and government policy has supported zombie companies since 2008ish. With the reversal of that stimulus the zombie companies are getting found out. Regrettably there are very of them, Homebase being yesterday's example. We are entering the phase now where these companies can't survive even with rolling the debt as they are loss making plus we are no longer playing "pass the parcel" as ready buyers for anything regardless of the weakness of the balance sheet have disappeared. I'm afraid the poor fund managers who bought anything at the top of the market a few years ago are getting found out. And so are investors who were unable to sift the good from the bad. It's a necessary thing to get back to a properly functioning economy |
Posted at 13/11/2024 20:33 by nicholasblake @marksp2011 The loans were never bank quality and maturity was an intention rather than a thou shall not pass event. Add in FunTech investors all pulling out of the sector at same time and not probably a lot the managers could do when their debtors say they can’t pay and ask for an extension. |
Posted at 13/11/2024 14:59 by craigso I wish that I was reading the Quarterly Report as an outsider, rather than an investor sitting on substantial losses. But it may well be that today's sell-off is way overdone.Besides what I mentioned earlier about FX, 80% of the decrease in NAV is coming from the equity investment side. But VPC was already on a large discount because we already knew that the equity investments were rubbish. Is the debt side really 5-6p per share worse than yesterday? Especially when you add back the FX effect. I doubt it. Averaging down is certainly for the brave, but it might be worth a closer look. |
Posted at 13/11/2024 11:26 by wilwak It’s all pretty sickening. I know people who hold these as part of a retirement portfolio for the income stream. They actually seemed a respectable manager with a good track record. Clearly investors were mis-lead.It’s turning in to a complete farce and it’s impossible to guess what the next quarterly NAV will be but based on recent history it will likely be lower again. It would pain me to sell now at 35p but I am feeling tied up in some sort of scam. |
Posted at 13/11/2024 09:17 by chucko1 If you take each salient fact in turn from this quarter's update, then they were either bad, awful or truly dreadful.It's not the capital losses so much as the now appearing Expected Credit Losses. ECLs tend to trend, and the trend would only be upwards at this stage in the economic cycle. Exited the remaining moderate position entirely this morning right from the start. Somehow got 38.5p (and more) as other investors may have been bamboozled by the indecipherability of the newly-formatted update. Maybe it's me who's bamboozled and actually everything's fine after all. Ah - maybe not - they did write down the NAV by around 10% without really highlighting that awkward statistic. Well, who would? Mind you, if you want a laugh, it's worth recalling the activism of the two hedge funds who were the drivers behind this fiasco; once they had achieved what they wanted, they then wrote long letters to the Board complaining about the structure of the IM fees in winddown. They forgot to adequately analyse the performance upon which these fees would actually be payable. And you wonder why average HF performance is little better than US T-Bills??!! |
Posted at 02/7/2024 11:09 by cc2014 WeFox struggling again? This from yesterdayChrysalis Investments (CHRY) has warned of a further writedown to Wefox as investors discuss options to restructure the loss-making insurance fintech that is its second-largest holding at 14.4% of net assets. In an interim report released on Friday afternoon, chair Andrew Haining said since reports that Wefox was facing insolvency by the summer surfaced, investors had proposed a further injection of capital or potential disposals, which could further knock its carrying value ‘possibly by a material degree’. The holding was previously written down by a third, or £62m, in the first quarter. Chrysalis fund managers Richard Watts and Nick Williamson favour disposals by Wefox and are pushing for the use of independent investment banks to ensure any transactions benefit all Wefox shareholders. |
Posted at 07/6/2024 18:19 by wilwak Yes, the income being generated is now well down. There’s no guarantee that 2p per quarter revenue dividends will continue.All the talk was that VPC were a sizeable respected manager but this is all a complete fiasco. There’s no exit route for investors given the huge discount so we’re all tied in and hoping for NAV+ eventually. I’d like to see a buyback policy even if it’s at 15% discount to NAV. That should benefit ‘holders’ |
Posted at 30/4/2024 07:24 by wilwak Chucko. I totally agree that it’s very unlikely that it is actually ‘Ponzi’ given the managers reputation but the regular drops in monthly NAV does raise questions and bring the word to mind.Fear and uncertainty usually create the best investment opportunities so I’m definitely keeping an eye on it. If the price drops a little lower I may well be back in again. I think that a ‘plain English’ statement explaining exactly what’s been going on over the last few months may help to steady the ship. There must be a lot of small investors panicking right now. I too am hoping for a more ‘level’ monthly NAV report going forward. |
Posted at 13/9/2022 09:44 by jeff h VPC Specialty Lending faces investor demand for 100% exitsVPC Specialty Lending (VSL), the high-yielding backer of loan platforms, has come under renewed pressure from shareholders to do more about its yawning share price discount. Metage Capital and Staude Capital, which last year teamed up with Asset Value Investors (AVI) for a battle over discount controls at hedge fund Third Point Investors (TPOU), have called for the £210m VSL to offer investors a chance to take all their money out at asset value every five years. The five-yearly 100% exit opportunity would replace the 25% tender offer the 10% dividend yielder has said will take place if its shares trade more than 5% below net asset value in the three months before next year’s annual general meeting. Shares in the investment trust, which two years ago won a Citywire award for best-performing specialist debt fund, currently trail at a 28% discount to NAV, which Metage and Staude say means shareholders do not receive the full return of the company’s stable credit portfolio. VSL shares jumped 6% yesterday in response to an open letter published by Metage and Staude, who have been shareholders in the company since 2016 and 2017 respectively. Before this, the stock had fallen 11% this year but provided a total shareholder return of nearly 60% over five years, less than the 70% return generated by the underlying portfolio of loans and shares in peer-to-peer lending platforms. The activist investors, who hold around 3% of VSL, according to Refinitiv data, say they have had discussions with other shareholders, which include Schroders, Premier Miton, AXA and Newton. These revealed investors’ concern that VSL’s 2p quarterly dividends were not covered by earnings and that further share buybacks by the board to reduce the discount would lead to ‘creeping control’ by the fund manager, Victory Park Capital. The Chicago-based credit specialist owns 20%, according to Refinitiv. Giving shareholders a five-year exit would make the fund manager’s dominance on the register less of a concern, say the rebels, who have proposed the fund be split into realisation and continuation pools to divide investors who want out from those who want to remain invested. They believe the board, chaired by Graeme Proudfoot, will outline its thoughts on the planned tender offer having engaged with their proposal and consulted with other shareholders. Given the different ideas being discussed, they called for an informal meeting of investors to thrash out the best way forward. ‘This will avoid unnecessarily incurring the cost of drafting formal documentation without having widespread support amongst shareholders,’ they said. |
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