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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
  0.40 0.47% 86.00 85.40 86.40 86.40 85.40 86.00 111,208 16:35:09
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 526 to 547 of 775 messages
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
DateSubjectAuthorDiscuss
01/8/2020
11:14
JoeStalin has been shagging goats again
sefton1
30/7/2020
21:04
Yes, need to wait a few more months to be able to get a real handle on how they are faring. hTtps://vpcspecialtylending.com/wp-content/uploads/2020/07/VSL-Monthly-Report-June-2020-2.pdf
rambutan2
30/7/2020
16:19
Decided to buy back in at just under 66.6p having cleared 81% profit on HWSL last week and an extra 10% on some additional AEWU this week. Hopefully impairments can be limited to circa 18% and maintain around 10% yield over the medium term.
2wild
30/7/2020
15:23
I agree that they can be nimble with cash pouring in. But a troubled loan is a troubled loan, and you can only be nimble there in terms of mitigation or workout. Loan portfolios are very difficult to reposition without taking large write-downs, so it's more a question of accrual of capital. But yes, the short duration is such a positive and any cash coming in has huge redeployment value. So a few percent overall losses would still be quite reasonable - not that they think that that will be the final reckoning. Were they to suffer losses as low as 5%, the additional loan margins now available would balance that within 2 years. Which means the previous NAV of circa 92p would eventually be restored. With a current 12.5% yield, that's a really good total return. Consequently, I have sold none.
chucko1
30/7/2020
14:51
The portfolio mix of predominantly short term assets should give VPC management the ability to be reasonably nimble footed. One would hope that by now, 4 months into the pandemic, they have made significant steps towards re-positioning the portfolio as far as they can to reflect the new level of risk in their business. This was intimated in their first quarter update when they talked about de-risking and new opportunities resulting from the coronavirus disruption and three months later they should have progressed these thoughts further. Hopefully this should be evident from the Q2 update. I agree Q3 will be even more interesting but lets see what they've got to say for Q2 first!
redhill9
30/7/2020
12:28
A solid and reassuring update. Looking back to last year the Q2 update wasn't published until 13 August with the Q2 dividend declared on 21 August. These dates are relatively later than the Q1 dates this year but whenever declared the Q2 dividend looks (to me) certain to be maintained at 2p maintaining the yield of over 12% at the current share price Does that current share price suggest the market is overestimating the risk here? The Q2 report should provide far more detailed information on experience YTD and make for interesting reading .
redhill9
30/7/2020
10:04
Liberum; Event VPC Specialty Lending Investments' NAV per share at 30 June 2020 was 89.8p, reflecting a total return of 1.1% in the month (+0.5% to date in 2020). The monthly net income return was 1.2% and we calculate share buybacks added 0.6% to NAV during the month. These gains were offset by valuation adjustments on equity positions (-0.6%) IFRS 9 loss reserves were stable in the month. The credit performance of the portfolio was in line with expectations for the month. All interest payments have been received to date. Liberum view Portfolio performance to date in 2020 has remained relatively robust. We expect the underlying loan pools will experience further stresses over the remainder of the year but VPC does have a layer of protection through first loss equity positions. 93% of the loans also benefit from a guarantee from the portfolio company in addition to the loan collateral. We would also expect a growing level of cash within the SPV structures as the loans are amortising and relatively short duration.
davebowler
30/7/2020
08:42
Another decent NAV RNS out this morning (last bit only due to formatting): "During the month of June 2020: v The Company generated a total NAV return of 1.08% for June 2020. The revenue return was 1.17% and the capital return was -0.09% for the month; v The continuation vote passed with 87% of the shares voting in favour of the resolution; and v IFRS 9 reserves for expected credit losses remained consistent as the Company's credit continued to perform well despite the continuing COVID-19 pandemic."
spectoacc
26/7/2020
14:29
Two more to filter it seems.
redhill9
26/7/2020
12:32
I must have caught it from the back of your throat. How thoughtless of you!
joestalin
25/7/2020
13:32
Steer clear of JoeStalin as he has syphilis and chlamydia
sefton1
25/7/2020
13:27
I am sorry about sefton1 You will have to excuse him, he has piles.
joestalin
25/7/2020
11:01
Where does all the buy back money come from? Does the company have large amount of uninvested cash? Or does it borrow to buy back?
riskvsreward
25/7/2020
10:38
Nil of, my assumption too that the buybacks are a positive indicator but I'm waiting expectantly for the Q2 quarterly letter with updates on experience and any change in loss provisions.
redhill9
25/7/2020
10:28
There has been some deteriorating numbers in some of the other lending funds so the market is assuming the same for Vsl, but all the loan books are completely different and Vsl looks like it has better asset cover. Almost impossible to know how the different loan books are performing until they tell you but if they are buying back shares in good size that has to be positive. They wouldn’t do it if they new non performing loans were increasing.
nil of
24/7/2020
18:09
Another 923k shares bought today. They seem now to only be buying large chunks once a week rather than much smaller numbers daily as they were in June, so now either a single seller or a broker accumulating for them? Interesting that although they have bought 2.7m shares since 10 July the price has been drifting down - what would it have done without the buying?
redhill9
23/7/2020
20:08
"On the subject of shares held in Treasury, why is the number significant unless they want to raise equity? Surely it is the number of shares currently in the market that is of interest?" Yes, definitely - I guess the point is just it shows they've seen substantial better value in their own shares, rather than investing it, despite the notionally very high yields. .
spectoacc
23/7/2020
18:00
And the Q2 Quarterly Letter should be due in a couple of weeks - the Q1 version was published 7 May. The commentary should make interesting reading. Regarding buybacks, since the latest spree started on 21 May they have bought 17.65m shares at cost of £11.8m with average price of 67.0p and representing 5.8% of the market shares at the beginning of that period. Broadly (i.e. without knowing June 30 NAV) I calculate that has contributed 1.39p to NAV over the period (some of which obviously within the 31 May NAV already published). On the subject of shares held in Treasury, why is the number significant unless they want to raise equity? Surely it is the number of shares currently in the market that is of interest?
redhill9
23/7/2020
16:02
2nd July, 3rd July, 10th July, 17th July for last buybacks - not sure what parameters are making them pick such random dates. 62k shares, 46k, 820k, 949k respectively. As @Johnroger points out, there's a lot now held in Treasury, but can't say the effect on the price been that great. Last NAV 18th June so we're due one soon (28th May the month before).
spectoacc
20/7/2020
14:17
Not small numbers either - hopefully a good sign of where they see value.
spectoacc
17/7/2020
18:23
Company started buying in its shares again. Now almost 25% held in treasury.
johnroger
02/7/2020
18:59
It’s just another client of the manager, like vsl, but the manger can vote those shares how he wants, he has discretion over the votes.Nobody is about to bid for vsl.
nil of
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