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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 576 to 600 of 775 messages
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
DateSubjectAuthorDiscuss
14/10/2020
12:52
2m buys in 3 trades.
waterloo01
12/10/2020
18:50
Yup - I spent 2 years moving 9 accounts. Had a Junior ISA for my daughter who turned 18 when they changed from BS to BSI. It would have been easier to have pulled my teeth out.
chucko1
12/10/2020
15:09
I also moved all but the one ISA account. Quite useless generally.
waterloo01
12/10/2020
15:01
Good luck with that. IME of a few years ago, Barclays were spectacularly hopeless and eventually I just had to move my account...
cwa1
12/10/2020
14:49
Spot on. Barclays don't have the KID. Asked them to chase
waterloo01
12/10/2020
14:47
It might be to do with KID. If they don't have an update on a particular fund or Investment Trust, they stop you buying. This is because their 3rd party provider of these things along with Barclays Smart (laughable) Investors are totally useless. Clear?
chucko1
12/10/2020
14:40
Wonder why my Barclays ISA won't let me buy? Will have to call them.
waterloo01
12/10/2020
14:37
You can buy or sell in an ISA
cwa1
12/10/2020
14:05
Another large buy 2m. Out of interest anyone know the status re ISA's. I hold a number in an ISA but have noticed I can't buy more but can sell. Can do either in regular account?
waterloo01
05/10/2020
16:43
Director/associate buy
johnroger
01/10/2020
09:56
The August monthly report is again encouraging with NAV of 90.08p and the comment that all interest due for August had been received. It was the additional comment regarding the investment in September in Victory Acquisition Corp that caught the eye (more details in the link in post above by rambutan2). It could mean the capital invested is "dead" money for up to two years if nothing happens but alternatively investment in a Fintech company could be exciting.
redhill9
30/9/2020
22:05
A SPACtacular monthly update: htTps://vpcspecialtylending.com/wp-content/uploads/2020/09/VSL-Monthly-Report-August-2020-vFINAL.pdf https://uk.advfn.com/stock-market/NASDAQ/VIHAU/share-news/VPC-Impact-Acquisition-Holdings-Announces-Closing/83336697
rambutan2
29/9/2020
12:01
Liberum; Event VPC Specialty Lending Investments' NAV per share at 30 June 2020 was 89.8p (previously reported), representing a 0.5% NAV return in H1 2020. The July monthly report has since been published and the NAV total return for the seven months to July is 1.8%. During H1 2020, the overall performance comprised 6.3% of revenue returns and a capital loss of -5.9%. The capital loss was primarily a result of writedowns on equity investments (-3.1%) and an increase in Expected Credit Loss provisions (-2.7%). The ECL provisions which now represent 4.6% of portfolio acquisition cost. The portfolio comprises 19 balance sheet investments (83% of NAV) with a weighted average coupon of 11.3%. The remainder of the company's assets comprise equity investments in 26 companies (11% of NAV) and cash (6% of NAV). The manager continues to report robust credit performance from the balance sheet investments. Collection performance has exceeded the downside expectations on almost all of the balance sheet loans. Cash levels are also high within the SPV structures due to reduced origination and the short duration profile of the loan portfolios. The portfolio companies are taking a cautious approach to new origination given the underwriting challenges in the current market. In the US consumer portfolio, payment performance is ahead of expectations and the proportion of deferred loans is declining. After completing a deferment, 65-75% of borrowers are agreeing regular repayment schedules, with less than 10% defaulting on loans. Liberum view During a turbulent period, portfolio performance has remained relatively robust with all contracted balance sheet loan payments received to date. The portfolio companies have made a number of prepayments, enabling a reduction in gearing from 0.59x at 31 March to 0.43x at 31 July. Cash levels have also built up within the SPV structures. Government support schemes have resulted in significantly better credit performance than would have been expected at the onset of the crisis. We expect the underlying loan pools will experience further stresses as support schemes are withdrawn but VSL 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. The current 29% discount is one of the widest of the performing direct lending funds and appears relatively attractive given the structural protection within the loans. The board has attributed the recent share price weakness to selling pressure from some shareholders who voted against continuation. We note the consistent level of buyback activity by the company in recent months to attempt to address the situation. In total, VSL has acquired 9.1% of the shares in issue at 31 December 2019.
davebowler
29/9/2020
11:27
I think VSL are effectively telling the seller that they will pick up the whole lot as and when they have sufficient cash flows to enable this. They could have done this already had they not repaid part of the borrowing facility they have, but why rush and not have (or endanger) the risk profile consistent with the wild uncertainty (which is largely out of their control)? They are doing the right thing.
chucko1
29/9/2020
10:27
Thanks both. The comments on the seller were certainly interesting, in the absence of RNS's. Been picking up a few in other a/c's this morning.
spectoacc
29/9/2020
10:06
Good post chucko1, as always. The key words that jumped out to me in the announcement were regarding the current 2p per quarter dividend: "This continues to represent the long-term dividend target for the Company. A very confident statement for a company whose yield on that dividend is c.12.8% at the current share price Regarding the discount to NAV it has always struck me since I first invested in VPC that this discount isn't compatible with that of,say, a propco where the NAV itself may be suspect due to valuation distortions or time lag. With VPC the NAV is much more "current" due to the nature of it's assets being mostly cash based, and consequently much more easily realisable at that value (as I think you intimate with your IRR comment if the company stopped investing.) With the prospect of a continuing 8p annual dividend and the NAV seemingly resilient, the current share price looks, to me, a bit silly.
redhill9
29/9/2020
09:45
So, now a 31 month average life and better than expected collections. Crucial stuff, because they have a meaningful degree of first loss protection and in March/April, any sensible-minded investor would have been concerned as to whether or not this degree of protection was sufficient. But the folk running this company are well schooled in credit structuring. They knew straight away that the risk was sudden and considerable and moved to a position of maximum defence. Nothing was reinvested - in normal times, unacceptable as generating a covered 8p dividend requires constant redeployment, especially in (what was) a 2% yield environment. In the meantime, there was the confounding issue of the continuation - I have to say that I cannot for the life of me understand why 13.4% of the votes were against the motion, but it is what it is. And the Chairman made it really clear in his statement that some of the votes against were now constantly selling their shares, and VSL are constantly buying them. And that this contributes to the weak share price. But this is brilliant. Because, as time goes by (and a kiss is just a kiss), the ratio of cash (or reduction in leverage - take your pick) that forms part of the discount increases, and so the discount, which should compensate for additional risk, does no such thing. It far exceeds the level of risk and so were the company to never invest another penny, I calculate that there is an IRR of 18% to be earned by continuing shareholders. So I have added recently, and may do so a fair bit more. This is an irony, as the continuation means that such an IRR cannot be a certainty. Perhaps this is what the 13.4% wanted - a runoff and a certainty for their own portfolio reasons (one can only speculate). However, although continuation indicates a lower IRR, it will be for longer and that is the point of a good investment in most peoples' minds. Do you want a low-risk 18% 31 month bond or a 12-13% 10 year bond. Well, if you thought you could reinvest at the end of 31 months at a further high rate, good luck to you. But as I have written here before, I expect that a narrowing of the discount to 10% over a couple of years will result in an annual return of circa 15% and then around 10-11% thereafter. Good enough for me, especially with the people and structure they appear to have in place. There were some other interesting bits in there, such as the undue markdown of the equity investments as a result of using proxy pricing. Also, the constant reference to the share price and discount by the Chairman. Anyone would think it mattered to him! No mention of a release of credit reserve - this is normal. Once you have taken it, you leave it for a lot longer than it might be needed as flip-flopping on credit reserves looks awful. You release it when you most do not need it, as otherwise it raises questions. Sometimes, you have to release it as the specific underlying credit gets repaid. But in this case, it is of a general nature across multiple assets.
chucko1
29/9/2020
09:06
Stifel- Performance. The Company delivered a revenue return of 6.34%, a capital return of -5.86%, and a total return of 0.48%. The declared quarterly dividends for the first half of the year totalled 4p per share and were fully covered by the revenue return generated by the Company. This continues to represent the long-term dividend target for the Company. Portfolio. The investment portfolio consisted of 83% balance sheet loans, 11% equity investments and 6% cash. The revenue returns continued to be in line with expectations, even during the COVID-19 pandemic, as all contractual cash payments during the period were received. However, the Company's capital returns were negatively impacted by unrealised valuation adjustments and increased expected credit loss reserves. Balance sheet loans. The balance sheet loan portfolio comprised 19 Portfolio Companies with a weighted average coupon rate (excluding gearing) of 11.26% and the weighted average remaining life of the balance sheet investments was 31 months. Most of the balance sheet investments are delayed draw, floating rate senior secured loans that have equity subordination. The balance sheet investments are backed by underlying collateral consisting of consumer loans, small business loans and other types of collateral. The total expected credit losses as at 30 June 2020, which also includes reserves on the residual marketplace loans, was £15,605,793, up from £9,631,612 as at 31 December 2019 as a result of updating the modelling to reflect a 100% likelihood of a stress scenario. The modelling of the stress scenario was the result of a stringent analysis performed by the Investment Manager with a conservative set of assumptions. The reserve as at 30 June 2020 represented 4.6% of the cost before the expected credit losses. Equity portfolio. The equity portfolio comprised 26 investments in Portfolio Companies. Many of the investments were acquired in conjunction with funding the Group's balance sheet loan investments. The equity investments are made up of common stock, preferred stock, warrants and convertible debt. During the period, the Company's returns reflected unrealised reductions in the valuations of the equity portfolio. This is because we use public market comparables to estimate fair market value, and this method resulted in deeper reductions in value due to general market deterioration resulting from the COVID-19 pandemic. (Analyst: Sachin Saggar)
davebowler
29/9/2020
07:39
This morning's report reads well to me - divi covered, no further deterioration - will await @Chucko1's analysis tho :) "As of the date of this report, the existing balance sheet debt portfolio has remained resilient to the macroeconomic stress resulting from the COVID-19 pandemic and have continued to perform, as outlined in the Investment Manager's Report. We believe that the Company's investments are well positioned to sustain any continued volatility or deterioration in the credit environment as the effects of the immediate fiscal stimulus in the U.S. start to be reduced and the long term impacts of the crisis unfold."
spectoacc
18/9/2020
19:50
Richard Neil Levy 56,256,107 19.6% Premier Fund Managers Ltd. 22,165,000 7.73% Newton Investment Management Ltd. 18,812,979 6.56% Schroder & Co. Ltd. 17,051,320 5.95% AXA Investment Managers UK Ltd. 16,638,016 5.80% Brooks Macdonald Asset Management Ltd. 16,263,384 5.67% Invesco Asset Management Ltd. 15,445,303 5.39% Quilter Investors Ltd. 9,418,198 3.29% LIM Advisors Ltd. 8,736,344 3.05% Majedie Asset Management Ltd. 8,494,050 2.96% Latest holdings I could find
johnroger
17/9/2020
17:51
Despite the company buying back shares almost every day this month - over 1m so far - there seems to be steady downward pressure on the share price to offset the purchases. Could it be Staude offloading perhaps?
redhill9
15/9/2020
22:24
Strangely, there are many AT trades which hammer away at the share price during the day - VSL sit on the bid and take up the whole lot. Today, they bought a few at 64p which makes one wonder who programs these computers as I am sure VSL would equally have paid 64.6p. Of course they would - the average today was 64.7p or so. Just as in the case of the REITs, I am glad to say there are some buffoons trading this.
chucko1
15/9/2020
19:04
And it’s dividend payday on Thursday. All looking good.
ramellous
15/9/2020
18:49
Only just realised the July update from VSL is available. All seems good to me. Their "Highlights" below but they also mention all income for July was collected in August, with 31 July NAV of 90.95p. Monthly Investment Highlights The Company generated a total NAV return of 1.30% for July 2020. The revenue return was 0.95% and the capital return was 0.35% for the month; The gross revenue return generated during the month continued to be in line with expectations; and The capital return was primarily driven by the unrealised gain on the Company’s Elevate (NYSE: ELVT) equity investment and the accretion from the share buyback programme.
redhill9
28/8/2020
17:30
Just announced another 100k buyback...... That makes a neat 1,000,000 for the month at a total cost of £646,000 which should be comfortably over £200k less than NAV. Out of interest, since late May when the current round of buybacks started, VPC have purchased 20.4m shares at cost of £13.6m representing almost 6.7% of their shares on the market at that time. Average price paid was 66.7p compared to average NAV of, say, 89p so c.£4.6m of NAV "released" to remaining shareholders.
redhill9
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
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