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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
  -0.60 -0.7% 85.40 85.40 86.60 87.00 85.00 87.00 197,077 16:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 46.7 27.1 8.1 10.5 265

Vpc Specialty Lending In... Share Discussion Threads

Showing 501 to 525 of 775 messages
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
DateSubjectAuthorDiscuss
02/7/2020
18:46
I haven't checked in detail but I think you'll find that his holding has (mostly) gone up because of all the recent buybacks. VPC have bought back over 5% of shares recently meaning his 18.12% would have increased by almost 1% without any buying activity on his part. Even so, he has bought some and now owns 19.4%.
redhill9
02/7/2020
18:11
"Perhaps inadvertently", on purpose.
eeza
02/7/2020
17:48
As the buy back continues and Richard Levy continues to buy an offer becomes more likely when/if a key threshold is crossed perhaps inadvertently.
a0002577
30/6/2020
10:08
Liberum; No impact expected from administration of Elevate Credit's UK subsidiary Mkt Cap £198m | Prem/(disc) -23.2% | Div yield 11.7% Event The UK subsidiary of Elevate Credit has been placed into administration. The subsidiary, Elevate Credit International Ltd, represents less than 5% of Elevate's overall business. VSL's exposure to the UK subsidiary was 1.2% of NAV at 31 May 2020 (£3.2m). VSL does not expect any impact on NAV as the investment is secured on a pool of loans and also benefits from a guarantee from the Elevate US parent company. Liberum view Elevate Credit International provided consumer loans in the UK under the brand Sunny Loans. The decision to put the company into administration has occurred because of increased regulatory pressure in the UK and the impact of Covid-19. In Elevate's statement yesterday, the US parent outlined that its only remaining exposure to the UK subsidiary will be its guarantee to repay the outstanding debt of £10.2m. At 31 May, the UK subsidiary had £11m in cash with loans receivable of £11m also (net of the allowance for loan losses).
davebowler
29/6/2020
16:18
Don't panic! RNS from VPC re: sub of Elevate going into administration. Earlier today the UK subsidiary of Elevate (NYSE: ELVT) was placed into administration by its board of directors. This subsidiary represents less than 5% of Elevate's overall business. The direct investment exposure of the UK subsidiary of Elevate in the Company as at 31 May 2020 was 1.2% of NAV. The Company's investment is fully secured by Elevate UK assets and benefits from a guarantee from the Elevate US parent company. We expect no impact on NAV or future performance as a result of this announcement.
redhill9
25/6/2020
07:24
Result as expected, plus: "The Board notes the significant minority votes (more than 20%) against the resolutions for the re-election of both Kevin Ingram and Richard Levy. As a result a Board committee of two independent directors will be making contact with shareholders who voted against the resolutions to understand their reasons and the Company will publish the results of this review and the actions taken within four months. In addition, the Company released an announcement on 23 June 2020 confirming that, following the appointment of an additional independent non-executive director, Mr Levy will be retiring from the Board."
spectoacc
24/6/2020
19:16
I listened tO a bit then got stuck on the phone. They said 87% of proxies received support carrying on. No idea if that’s votes and I think they may have been making a small shareholders support us point, so that may not be the result however the board and management sounded like they had won and staude and LIM the activists sounded like they had lost. No official results out yet probably early tomorrow morning.They talked about less buy backs and re investing the cash they have accumulated.
nil of
24/6/2020
18:22
Did anyone listen into the AGM who could provide any feedback? I tried to get a dial-in but they never sent it to me (although I only asked this morning)!
rthak
24/6/2020
11:47
Nil of, I understand now your logic about buying votes through buybacks but I have to say I find it very difficult to believe anything like that has happened. Sorry, I'm not really into such conspiracy theories. If a large shareholder had or was intending to vote against continuation why would they sell at c.69p last week on an individual approach from VPC when liquidation, which is what they implicitly want by voting against, would earn them far more over the next year or so?
redhill9
24/6/2020
11:14
Nil of - not sure about the dividend cut. To the extent they are getting rapid amortisation, they can use some proceeds to repurchase shares (the best route for now), or redeploy as and when. They did say they had many avenues to redeploy, so I don’t think they would mess up the timing so that they were income-stretched. Or for a short time, simply make up the income shortfall from capital, which they would not be short of.
chucko1
24/6/2020
11:06
The vote is a simple majority ie first past the post. So if Staude have say 10% they aren’t 10% of this vote they are 10 divided by the total number of votes cast. If only only 50% of shareholders vote they will have a 20% weight.If managment can identify blocks which have or are likely to vote against them they can buy them and put a line through how they have voted. There was a big block sometime last week probably after most custodians cut offs but the company can always put those shares in treasury and cancel how they had voted even after the cut off.So the more stock they buy from shareholders that were for wind up they more impact their own 20% has.A company sees the numbers of how the voting is going so can act accordingly. Now in votes where its clearly one way or the other there is a limit but when its close bet on managment as a rule. Boards have discretion to disregard proxies without justification and allow people to change their mind and support the board after any cut off if they wish. So the victory guy could see he had been voted off so resigned last night.Standard procedure.That doesn’t give much information on the wind up resolution other than I think it must be close, but would tend to lean towards managment getting it through. Cutting the dividend, not dramatically but to some extent I see coming because they have received lots of loan amortization payments over this period and reduced debt and even after dividend savings on bought back shares simply have less net income per share with less capital employed.My screaming sell was over dramatic. If it passes the vote i see it drifting off a bit and in wind down a quick Uptick but not so dramatic either way
nil of
24/6/2020
10:12
That resignation may have been necessary as the one thing that Staude wouldn't budge on following VPC's significantly improved continuation "conditions" announced on 10 June. I'm expecting the vote to be comfortably in favour, but I know nothing of what has been going on behind the scenes. I hope the vote goes in favour of continuation as the future dividend yield is so high but post #501 by chucko1 also sets out the potential very well if VPC is wound up. Incidentally Nil of, you've been talking of VPC buying votes with the recent buybacks - I've no idea how you think that works? How would buying back shares affect the votes of remaining shareholders, other than slightly increasing their % holdings but that would apply also to Staude's shareholding and anyone else inclined to vote against.... Also, if VPC were only buying back shares ahead of the vote then why have they continued in recent days when the votes have already been cast? And why do you think winning the continuation vote would lead to VPC cutting the dividend?
redhill9
24/6/2020
10:01
So it looks like the victory park ceo was voted off the board. He resigned rather than have to face the AGM today. That’s good for shareholders and a true independent will join at some point which is needed. Makes me think they may have squeezed through the continuation vote. It’s an online AGM for anyone interested at 2pm today
nil of
24/6/2020
08:48
The non independent director was forced to step down last night. The victory park Ceo. This vote is going to be close tough call.Maybe he needed too, to get get some shareholders support but they know the results of the vote last night. Read that anyway you like.They know they have lost or they know it was necessary to win support. Eyes down for the m25 service station AGM today.
nil of
23/6/2020
21:43
Only 25,000 shares today...I wonder if liquidity is drying up and we are due a push upwards...
rthak
22/6/2020
17:18
Only 140,000 bought today, are sellers drying up?
johnroger
22/6/2020
09:07
Your right, all I meant was that I don’t expect them to buy every share or even half the shares, in fact I think they may stop the buy backs after the vote this week which was really my point. I also agree that run off would be the best return but while the vote may be close I think they will get through it. I may be wrong on that but they start with 20% of the shares. They are not owned by management but a client they have discretion on voting has them. My worry is that they will get through the vote, stop buy backs and then maybe end up having to cut the dividend.
nil of
21/6/2020
19:43
Nil of, you dislike it so much I think you should short it. wskill was correct in what he wrote. If they repurchase shares at a discount, it makes the dividend more affordable. In fact, with the short WAL (1.5 years), and so long as there is not a spike in defaults, keep buying 91p of value at 70p until there are almost none left. And by that time, the repayment of all the loans would see about 154pps in cash (though only for the remaining 25% or so of shares that were not repurchased). So a riskless 120% return (though no more dividends, but who would care!). By that time, I think the market would have caught on! Absent of significant credit losses, this share has remarkable dynamics. In pure run-off, I estimate an IRR of about 28%. It was absurdly higher a couple of months back, so I can see the attraction to an activist fund. I would rather they kept going, assuming their comments about the loan portfolio quality hold up. The low price suggests some have doubts.
chucko1
21/6/2020
18:51
I think you have the decimal point Wrong with 30% nav increase, maybe 3%.
nil of
21/6/2020
17:12
Not really they save 12% dividend and the net asset value improves by 30% with the buybacks what is not to like about that.
wskill
20/6/2020
10:07
Screaming sell. They are buying votes and will stop after the vote next week, so price support disappears along with liquidity. They will have to cut the dividend and not because of defaults but because they haven’t been RE investing the cash as normal.Any defaults will just make that worse
nil of
20/6/2020
08:03
Index change day yesterday, so were some divergent closes, of which VSL was one. Fair points re reserves, thanks.
spectoacc
19/6/2020
17:43
Here we go again - another 1,671,690 shares purchased today at 68.895p Edit: quite a large purchase on a day when the share price appears to have gone down.
redhill9
19/6/2020
17:11
Redhill, losses can take a while to show up. Especially in the US where, supposedly, there is an ocean of liquidity. This is certainly the experience in the high yield market in the US in previous recessions, although VSL have modelled for this. But only as best they can as no one has experienced a pandemic before in the lifetime of traded credit markets, and one where ratings agencies existed. However, the key thing here is the managers are specialists in credit structuring as opposed to credit (that's for mere mortals - credit officers!). It is the understanding of market dynamics rather than individual creditworthiness that will be of most value here. As I previously stated, the key dynamic is the average life of the portfolio and that is clearly playing out every month as we see the collections. So long as we do not see a rapid pick-up in defaults which might indicate an unexpected deterioration of payments they only though were delayed. I would keep this reserve for perhaps a year and in my experience, this is typically what a bank would do. But yes, so far so excellent.
chucko1
19/6/2020
16:48
chuko1, I agree that it's best if they don't keep changing the reserves but I think the important point from the May report is that they don't seem to have needed any of the reserves set-up last month (though still early days of course) as they suggest everyone is paying what they should and on time, with no mention of any realised credit losses in May. No doubt they will continue with the current aggressive share buy back programme with the dual intentions of increasing NAV and reducing the discount but for me the key thing is that they ensure the dividend doesn't have to be reduced. By demonstrating they can maintain the current dividend during difficult times will have more effect on reducing the discount than any number of buy backs (imo).
redhill9
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
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