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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% | 50.60 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 50.60 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 09/4/2024 07:39 by chucko1 Well, I am scratching my head a little! The leverage is stated as 0.27x in October and 0.15 x as of "now". The October update states the leverage as 0.25x then, and the January 2024 update cites 0.10x. So I cannot determine the definition they are employing for this release.Anyway, 5.12% of the 83.18p January NAV is 4.2588pps, and although that may appear to be small beer for a capital return, they have repaid half the debt (gearing facilities) and so we are likely to see some higher repayments in due course. From a value perspective, I am interested to observe the fall in share price upon this going ex-cap, and whether the theoretical increase in discount were the share price to fall by 4.25p offset by value investors (like myself) or ignored by those with more pressing concerns about whether or not to continue holding a liquidating IT. Much more to travel on this one. |
Posted at 20/2/2024 17:01 by chucko1 I only bought what I did having sold on the initial RNS. The later fuller description of what the heck December had been all about suggested they have been being almost ultra-conservative. But without explicit talking about the state of the eCommerce non-pure equity assets, and all comments being tangential at best, it's hard work gaining full confidence.But hence the low, low price. Remarkable that there was no explicit comment about how they have been repaying the credit facilities. It is as though they are thumbing their noses to the proletariat, or perhaps have grown to hate their investors. Dunno. |
Posted at 08/2/2024 11:45 by smidge21 For my part, the VSL structure was always vulnerable to events; running a liquid potential liability (the currency hedge) over illiquid assets is asking for trouble - which Truss delivered. Having to fund FX losses by transferring assets across programmes is needless hassle. Whether there is appetite across investors / the Manager for an unhedged programme is unclear.I have a call with the Manager to discuss contrasts between the Nov and Dec reports: the rise in expenses and the shift in the maturity profile. I want also to explore how much of the NAV write-down represents irrecoverable loss. Im curious to explore with the Manager, programme changes which could the IT being kept going More anon |
Posted at 08/2/2024 11:43 by brucie5 Thanks all.redhill98 Feb '24 - 11:35 - 1596 of 1596 0 0 0 Brucie5, I don't think "annuity" is in any way an accurate description of a share that is in liquidation mode and probably won't exist in 3-4 years. -------------------- Yes, my question was based on a wishful hypothetical, as one who cannot understand why discount to NAV should be of any/much concern to investors buying for income, such that the trust should actually need to be wound up, if dividend story is still basically intact. Surely, PIs have ample universe of growth of shares to choose from if pure "capital growth" is main priority? Whereas I WOULD be very unhappy if good income generating assets had now to be sold at fire-sale prices, simply because management have signalled that they will take anything to get rid. But perhaps this is not how it works? Very happy to be educated. |
Posted at 07/2/2024 11:12 by wilwak VPC are losing credibility with all this. I thought they were well respected.Big fall in NAV. Small investors suffer again. Little wonder shareholders are nervous. Let’s hope the worst is now behind us. I’d be happy with 80p capital return and some dividends in the meantime. Hoping. |
Posted at 18/1/2024 20:42 by wilwak cousinIT…̷Hopefully VPC are more professional in their handling of the wind down. |
Posted at 18/1/2024 09:27 by cc2014 As part of the orderly realisation process which the Company is undergoing, the board is currently exploring the potential mechanisms throughwhich such a proposed return of capital may be structured. The Company stated in the 2023 half-year report, that because VSL’s shareholder register includes both institutional and retail shareholders, the Company would look to distribute capital in a way that ensures as far as possible that no shareholder group is disadvantaged. When making that comment, the board had been advised that a route was potentially available to distribute capital on a strict pro-rata basis, and the Company has been pursuing that option. It does, however, require certain confirmations from HMRC for the board to be confident that investors will not be adversely affected. The Company is awaiting a definitive response from HMRC, which will allow VSL to publish details of the capital return Hmm. |
Posted at 29/9/2023 07:32 by cwa1 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. |
Posted at 12/6/2023 17:57 by wilwak Brucie. I think private small investors are happy with the high yield and big discount.However institutions often pester trusts with big discount to do something to reduce them. A wind-up is one solution especially if the manager themselves has lost the desire to carry on. The vote today has been carried by a huge majority so clearly lots of people think a wind-up is a good idea…….. I’m not sure what percentage of VSL is owned by VPC themselves? Maybe a lot? |
Posted at 13/9/2022 10:44 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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