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Share Name Share Symbol Market Type Share ISIN Share Description
Vpc Specialty Lending Investments Plc LSE:VSL London Ordinary Share GB00BVG6X439 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.80 -0.92% 86.00 85.60 86.80 87.60 85.40 86.00 255,745 16:35:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 46.7 27.1 8.1 10.6 266

Vpc Specialty Lending In... Share Discussion Threads

Showing 426 to 448 of 775 messages
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DateSubjectAuthorDiscuss
28/5/2020
22:33
And another clip of 475k shares bought back this afternoon. From the trades it looks like there is another large buyer in the market as well...
rthak
28/5/2020
10:22
As long as NAV is to be believed, can they achieve a 40% plus return anywhere else? Surely the best investment for them is to buy their own shares and in size until they reach a point that the return in investments they make is lower than the discount to NAV.Rthak
rthak
28/5/2020
10:07
They can make more money coming out of this crisis (whenever that really turns out to be), than was naturally available prior. chucko1, that was the message I took from the Q1 newsletter at the beginning of May. Agreed though that there are still challenges ahead and the worst impact of the virus is probably yet to be felt, but at the current share price a lot of the risk seems to be factored in. In view of the comments in the newsletter about high value opportunities for reinvestment I've been a little surprised at the extent of the buybacks this week as I thought they may have been directing surplus cash elsewhere (although maybe they're doing both). Admittedly they are banking the large NAV discount on every share they buy back but that is a one-off gain whereas if the re-investment opportunities are so attractive they can be recycled for as long as available. However, we have to assume they will have considered that and done their sums!
redhill9
28/5/2020
09:31
"Given the short duration of the portfolio the underlying loans continue to season rapidly and de-risk the portfolio." Redhill, noted, and the seasoning MUST be combined with no further loan loss reserve increases, otherwise you just get selection bias. In this market, the combination of the two is really powerful as they can now sit there and pick off the juicier opportunities that will arise. They can make more money coming out of this crisis (whenever that really turns out to be), than was naturally available prior. The running yield is around 13%, but a 5yr IRR might turn out to be rather higher given the discount and the likely high reinvestment rates. That said, still a potentially difficult Texas portfolio to manage their way through - with a double whammy of a bashed up oil sector and C-19 to peak there in the larger cities.
chucko1
28/5/2020
09:09
In light of April being an encouragingly steady month, the following point from the Monthly Commentary section is, for me, important as it demonstrates the flexibility VPC has in managing it's exposure: Given the short duration of the portfolio the underlying loans continue to season rapidly and de-risk the portfolio.
redhill9
28/5/2020
08:50
Stifel; VPC Specialty Finance – April NAV +0.91%, portfolio continues to perform NAV: The Company generated a total NAV return of 0.91% for April 2020. The revenue return was 0.85% and the capital return was 0.06% for the month. Reserves: IFRS 9 reserves for expected credit losses (ECL) were flat on the month (-0.01%) as credit continued to perform well despite the continuing COVID-19 pandemic. The Company's ECL reserve as at 30 April 2020 represented 4.39% of the gross balance sheet investments, which is up slightly from 4.33% as at 31 March 2020 driven primarily by a reduction in the gross exposure from proceeds received during the month. The ECL reserve level is unrealised and based on realised losses seen on similar asset classes during the 2008 Financial Crisis. The ECL is calculated based on loss given default assumptions on the balance sheets deals and the modelling reflects a 100% likelihood of a stress scenario. As of this release, it has had no defaults since the onset of the pandemic, and will continue to reassess the reserve each month based on the underlying performance of the portfolio. (Analyst: Sachin Saggar)
davebowler
28/5/2020
07:27
89.7p NAV, increased over the month, and: "As of this release we have had no defaults since the onset of the pandemic, and we will continue to reassess the reserve each month based on the underlying performance of the portfolio. " Not saying the loss reserve won't be needed, but hasn't been needed so far.
spectoacc
27/5/2020
19:51
Good spot. Looks like they took a few off a seller (405k). All going to help - and all NAV-accretive.
spectoacc
27/5/2020
18:28
And another 425,000 today.
redhill9
26/5/2020
18:51
288,500 shares purchased today as buybacks. They certainly seem confident about cashflow.
redhill9
22/5/2020
17:39
Another 1.5m shares bought. Seems like buybacks are back on the agenda.
rthak
22/5/2020
11:14
Thanks johnwig, good to know you're paying attention :-}
redhill9
22/5/2020
11:05
chucko1, thanks, yes I was coming to that conclusion too that the ex-div had been offset by an underlying increase. Presumably the reference to "additional exit opportunities" has tickled some interest. The prospect of a tender buyback at NAV (if that's what they are actually suggesting) would in my view be far more effective in reducing the discount than the current approach of buying back in the market which only nibbles at the problem.
redhill9
22/5/2020
10:33
Redhill, forget a negative impact, it went up 3.5p with a 2p dividend. That was a rally of around 10%.
chucko1
22/5/2020
10:04
Appears to have gone ex-div with no impact on sp? Can buy around yesterday's closing price of 61.5p but can't get a quote to sell at moment.
redhill9
22/5/2020
09:06
1m at 60p today's only trade.
spectoacc
21/5/2020
18:32
Exit opportunities presumably means occasional tender offer for shares at a price closer to nav of 90p
waterloo01
21/5/2020
18:13
Interesting RNS announcement - VPC is back to buying to buying it's own shares. The Company announces that it has purchased the following number of its ordinary shares of 1 pence each in the capital of the Company (the "Shares"): Date of purchase: 21 May 2020 Number of Shares purchased: 104,000 Shares Highest price paid per Share: 58.80 pence Lowest price paid per Share: 57.40 pence Average price paid per Share: 58.44 pence
redhill9
21/5/2020
08:49
Stifel- Continuation Vote. The board says it is focused on continuing the positive momentum from the last two years through the continuation vote and beyond. It is acutely aware of the continued discount of the Ordinary Share price to NAV and is determined to continue to use the variety of tools at our disposal to mitigate this. Accordingly, following discussions with a wide range of shareholders, if the continuation vote is passed, it has been resolved to offer shareholders additional exit opportunities. These exit opportunities will be triggered if targets based on: (i) the performance of both the share price relative to the NAV per share; and (ii) the NAV (Cum Income) Return (calculated as set out in the Company’s annual report and accounts) are not achieved. Finals to 31/12/20. During the year ended 31 December 2019, the Company:  generated a revenue return of 9.83% and a total NAV (Cum Income) return of 11.34% for the Ordinary Shares;  declared quarterly dividends of 2.00 pence per Ordinary Share for each quarter of 2019;  invested 87% of the of the Company's NAV in balance sheet investments as at 31 December 2019 compared to 85% as at 31 December 2018; and  continued the share buyback programme, purchasing 47,808,578 shares during the year at an average price of 73.31 pence per Ordinary Share, representing 12.5% of the Ordinary Shares issued by the Company.
davebowler
21/5/2020
08:37
A keen buyer on XD day, have lightened some of those bought the other week.
spectoacc
20/5/2020
13:35
And more immediately... To ensure proper disclosures are included relating to the potential impact of the coronavirus pandemic, the annual report and accounts will now be published during the week of 18 May 2020.
rambutan2
20/5/2020
12:57
I wouldn't anticipate VPC think the continuation vote may go against continuing as by my reading of their announcement Staude seem content for that to happen but just want a change to the distribution strategy. There are two comments in the Staude announcement that make me think they'd prefer continuation to liquidation: While we have a positive view on the manager and the recent NAV performance it has delivered.... and Informed by our conversations with a wide number of VSL shareholders, it is our belief that for the Company to have a successful, long-term future, the following changes are needed: ยง Periodic opportunities for shareholders to realise part of their investment at NAV........ That's not to say VPC shouldn't be presenting their own case for continuation under whatever basis they think most appropriate but I'd guess they think keeping silent will probably be enough. The share price continues to hold steady and (from my notes) goes ex-div tomorrow. From past dates, I expect the April newsletter and NAV will be available first week of June?
redhill9
19/5/2020
09:39
They would appear to be ignoring Staude on this issue. However, as just an 18% shareholder, Staude has limited clout in this context.
masurenguy
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