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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
  1.00 1.16% 87.00 85.20 87.00 87.00 87.00 87.00 5,859 08:00:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 46.7 27.1 8.1 10.7 270

Vpc Specialty Lending In... Share Discussion Threads

Showing 626 to 650 of 775 messages
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
DateSubjectAuthorDiscuss
01/12/2020
15:42
Before the 'crash' it was trading in the 80's, question is will the share price climb when it gets to a 10% dividend return? It could go higher to say a 8% return, but can't see it going much further, so top would be between 80p and £1.00 IMO and a decent hold even at £1.00 as long as they keep managing the portfolio
waterloo01
01/12/2020
15:26
I have found no reasons to care. Levy is doing fine with the portfolio as it currently stands. The new guy rocking up on he board is a steady hand. The market has no fears - this is pushing higher and should continue to do so until a serious seller appears. There isn't one for now.
chucko1
01/12/2020
08:33
Hi, do we care (did we know) about Levy stepping down from the Board? Thx
smidge21
30/11/2020
22:48
Yes, I have been swinging the bat rather on this one. I have actually sold 5% of my holding the past 2 days post it going ex-div. As it's up 5% or so during that time, I am simply standing still as I like it so much, I own a little too much of it having added another 50% when it fell from 71p to 63p a few weeks ago. And that was after a pretty good company update, and the market went a little mad (nothing unusual there). With that 5% I sold, there were plenty of ITs which have been smacked the past two days to purchase - so a relative 10-12% swing. I would sell another 5% if it went up by 3-4p, but all it means is that its value relative to other things is likely less compelling to justify having almost 25% of my liquid stock portfolio in it. So I must like it a heck of a lot given how often I bang on about risk management!
chucko1
30/11/2020
18:23
The longer I hold this share the more confident I get with it. Chocko1 - Agree with your sentiments 100%. I note that since Sep 2016 directors have bought a total of over £6m in shs. Levy accounts for most of them but Katzenellenbogen has put in £150k & Peggram £200k. There has not been 1 sell in that time. That gives me extra confidence. Topped up either side of ex divi date.
oniabsta
26/11/2020
18:09
Free 3% dividend today. Equivalent 10 years of returns on 10yr Gilts in a single day. Simplistic data-mining of course, but this looks like a 9% yielder to me - not an 11% yielder. If others agreed with me, it would be at 89p. Risk environment may determine how rapidly it thinks of getting there.
chucko1
26/11/2020
08:24
Good NED appointment also brings some comfort.
waterloo01
26/11/2020
08:18
Ex the 2p dividend today, paid 17/12
cwa1
25/11/2020
22:01
I very much agree: hTtps://vpcspecialtylending.com/wp-content/uploads/2020/11/VSL-Monthly-Report-October-1.pdf "The Company made its initial balance sheet investment in PerchHQ, LLC as VPC continues to close on new deals to provide investment opportunities for the Company..." hTtps://www.perchhq.com htTps://www.prnewswire.com/news-releases/perch-announces-123-5m-in-new-financing-to-acquire-top-performing-amazon-marketplace-products-and-companies-301154598.html
rambutan2
25/11/2020
16:18
What they did the past few months was epic: they encouraged early repayment and waived prepayment charges to this end. This costs them income in the short run, but it significantly de-risked the portfolio as they learned whether their default models were going to work. They now have a luxury of possibilities - this short term discomfort is an investment which will end up returning multiples of the "cost". This whole aspect of dividend cover is bordering on meaningless right now.
chucko1
25/11/2020
16:02
It does seem that they haven't been re-investing so much in income assets but instead now redirecting available cash into capital growth areas. I'm not too concerned about recent reduction in income as I'd guess they will be very reluctant to reduce the dividend bearing in mind the negative impact such a move could have on the share price and therefore the discount which they have committed to reducing over the next few years. If they really have reducing the discount as a key priority as they claim then I expect they will ensure they can maintain the dividend in the meantime. Happy to hold for both the high yield and potential capital gain. Also goes XD 2p this week.
redhill9
25/11/2020
12:38
Monthly income is after a performance fee from capital increase. The two recent big increases to NAV are due to these capital gains, especially the one just announced today. They state that their gross revenue is trending well, although there appears to be an acknowledgement that now is the time to redeploy their cash. NAV is 94+ now and I suspect they will again be covering their cash dividend as this deployment takes hold - and at now superior average rates. I suspect you are selling before the more interesting part of the total returns are realised.
chucko1
25/11/2020
08:33
NAV update from this morning:- https://www.londonstockexchange.com/news-article/VSL/net-asset-value-s/14767980
cwa1
24/11/2020
10:23
Liberum; Event VPC Speciality Lending Investments' NAV total return in the quarter to 30 September 2020 was 4.9% (previously reported), driven by a combination of income returns on balance sheet investments (+2.1%) and capital gains of 2.8%. YTD NAV total return is now 5.5% (assuming reinvestment of dividends). The positive capital movement were predominantly due to revaluations on equity investments (+1.6%) and also included the release of some of the expected credit loss (ECL) provisions that were booked in March. The manager has reported a robust outlook for the portfolio. All contractual payments have been made on the balance sheet investments this year. As the portfolio has stabilised, VSL has released some of the reserves that were accrued in March. The balance sheet loans have de-risked since Q1 due to the short duration and seasoning of the underlying portfolios. The structures have been able to build up a significant amount of liquidity as new origination essentially stopped in mid-March. Some of the underlying lenders did receive requests for payment deferrals but the rate of deferral has dropped to pre-Covid levels in Q3. A majority of borrowers who had taken payment deferrals have returned to a normal payment schedule. Updates have been provided on a number of portfolio investments: Applied Data Finance (19.4% of NAV) - Performance ahead of Covid projections. The loan book has declined by over 33% from the peak. Originations have begun to increase as consumer credit demand rises. Caribbean Financial group (13.8% of NAV) - The company has outperformed the stress case scenario. Returns are expected to be positive despite increases in the loan loss reserve. Cash collection levels are approaching normalised levels in Trinidad. WeFox - The equity investment in WeFox was marked up in September, adding 1.25% to NAV. The manager expects further NAV growth from this position. 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 0.42x at 30 September. The company appears to be increasingly on the front foot with $600m of new deals agreed by the manager in recent months, which VSL will participate in. These new loans have been written to tighter credit standards. The underlying loan portfolios could experience additional stresses over the coming quarters 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 discount to NAV has remained stubbornly wide at 26% despite the steady performance, improving outlook and consistent buybacks. This is the widest discount of the performing direct lending funds and we regard it as attractive given the structural protection within the loans.
davebowler
24/11/2020
08:38
Liberum: "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 0.42x at 30 September. The company appears to be increasingly on the front foot with $600m of new deals agreed by the manager in recent months, which VSL will participate in. These new loans have been written to tighter credit standards. The underlying loan portfolios could experience additional stresses over the coming quarters 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 discount to NAV has remained stubbornly wide at 26% despite the steady performance, improving outlook and consistent buybacks. This is the widest discount of the performing direct lending funds and we regard it as attractive given the structural protection within the loans."
smidge21
24/11/2020
08:16
Very strong indeed, and for all the right reasons. The fact that they have sidestepped the crisis, and now have a seasoned portfolio (with restricted new lending) is in itself a good outcome. But the opportunities now exist for even higher quality growth. I have a lot of these and cannot envisage selling. I added quite a lot on the previous update with the share price inexplicably having retreated from 71p to 63.5p. It should be 85p at least, but time will take care of that and the very high yield pays the school fees. Literally.
chucko1
24/11/2020
07:13
Looking very good. htTps://vpcspecialtylending.com/wp-content/uploads/2020/11/VSL-Quarterly-Letter-September-2020.pdf
waterloo01
21/11/2020
22:28
Any views on EJFI?. Not invested personally but seams similar to VSL which I do hold. Not much of a following though, the last post on the BB was in 2018.
rogerrail
19/11/2020
07:21
DIVIDEND DECLARATION The Board of Directors of the Company has declared an interim dividend of 2.00 pence per share for the three-month period to 30 September 2020. The dividend will be paid on 17 December 2020 to shareholders on the register as at 27 November 2020. The ex-dividend date is 26 November 2020. The Company has elected to designate all of the interim dividend for the three-month period to 30 September 2020 as an interest distribution to its shareholders, thereby "streaming" income from interest-bearing investments into dividends that will be taxed in the hands of shareholders as interest income. No income tax will therefore be deducted at source from this, or from future interest distributions.
cwa1
17/11/2020
17:22
That's the point - that rise was before the Pfizer announcement that has caused the markets to perk-up, a rise in the general market where VPC seems to have been left behind. Just checked my spreadsheet and my holding in VPC is almost precisely the same percentage as the current yield.......
redhill9
17/11/2020
13:24
It did its big rise the week before the Pfizer vaccine announcement. I cannot buy any more as I have slightly more than 10% in this!
chucko1
17/11/2020
12:46
Interesting to observe that the VPC share price hasn't responded much to the general market positivity over the past week or so. If the VPC asset situation is as comfortable as suggested by the most recent newsletter, the risk/reward here must be even more attractive if economic recovery, as indicated by the market reaction, follows recent news of Covid vaccines. I'm planning on waiting for the imminent Q3 Letter for more confirmation of their expectation on prospects but currently am feeling persuaded to add more to my already heavy position.
redhill9
12/11/2020
11:21
Yes, there isn't any indication of the criteria for how "Best Performing Debt Fund" is actually determined, or the period it covers. On a more relevant note, the Q3 Quarterly Letter should be available within a week or so which should give an interesting update on current situation and outlook.
redhill9
12/11/2020
09:45
Awards are sometimes (often, even) the kiss of death; generally when awards are based on the vanity of revenue rather than the sanity of disciplined returns - something (the latter, let me be clear) VPC do appear to focus on.
chucko1
12/11/2020
09:22
It's good to be appreciated......: Citywire's Annual Investment Trust Awards Names VSL "Best Performing Debt Fund" LONDON - 12 November 2020 - VPC Specialty Lending Investments PLC ("VSL"), a UK listed investment trust focused on asset-backed lending, today announced it has been named "Best Performing Debt Fund" in Citywire's Fourth Annual Investment Trust Awards. "We are honoured to accept this award that demonstrates our dedication to delivering strong returns for our shareholders," said Brendan Carroll, senior partner and co-founder at Victory Park Capital. "VSL offers shareholders access to a diversified portfolio of opportunistic credit investments, a focus that will continue to generate new investment opportunities." VSL focuses on providing capital to vital segments of the economy that are underserved by the traditional banking industry, including small business lending, working capital products, consumer finance and real estate, among others. "This award is a testament to our commitment to maintaining investment discipline and diligent risk management, generating sustainable returns for our shareholders," added Gordon Watson, partner at Victory Park Capital. The annual Investment Trust Awards were created to highlight investment trusts and investment companies that have added the most value for investors over three years. For more information on the awards, please visit: hxxps://citywire.co.uk/investment-trust-insider/news/citywire-investment-trust-awards-2020-the-winners/a1422024
redhill9
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