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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
  -0.30 -0.35% 85.90 85.00 86.80 87.00 87.00 87.00 87,661 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 651 to 673 of 775 messages
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
DateSubjectAuthorDiscuss
11/1/2021
14:06
I am asking myself what VSL is doing with an investment that appears to have grown 10-fold (from $2.7mn cost to $22.2mn)!! Well, it's to do with their lending to FinTech with certain . occasional equity participations. They got a good one here, it would appear, with Bakkt being a platform for digital assets. I just see a circa $20mn uplift upon closure, as I am sure you all do. The warrants could add to this depending upon valuation technique. The language in the first paragraph of the announcement is a little loose, but I will look at anything else I can find. I have never, ever heard of the term "cashless exercise". Cash-settled or physically-settled, yes. Or cashless implying a strike price of near-zero, but the stated strike is $11.50. Maybe I'm just getting old. That said, $20mn is around 6pps on the NAV. Shares up 1p. Does that gap represent deal and pricing risk on what is likely to be a recent highly increased equity value? Or an asleep market, or the fact that VSL itself has risen markedly the past days and weeks.
chucko1
11/1/2021
13:49
VSL seems to do very well with its equity holdings,another winner from our management team well done guys looking like a increase in net asset value is on the way. Will this take it back over £1 I wonder. Very happy with my investment in vsl yield is excellent and capital appreciation as well.
wskill
11/1/2021
13:10
@chucko1, you're good explaining these: "VPC Specialty Lending Investments PLC (the "Company") Update Regarding its Holding in VPC Impact Acquisition Holdings Sponsor, LLC The Company notes that earlier today, 11 January 2021, VPC Impact Acquisition Holdings (NASDAQ: "VIH"), a special purpose acquisition company sponsored by VPC Impact Acquisition Holdings Sponsor, LLC ("VPC Sponsor"), an affiliate of Victory Park Capital ("VPC"), announced it had entered into a definitive agreement to combine with Bakkt Holdings, LLC ("Bakkt"), a company launched by Intercontinental Exchange, Inc. in 2018. Through VPC Sponsor, VPC Specialty Lending Investments PLC ("VSL") currently owns 2,220,530 Class B Shares and 2,697,467 private placement warrants in VIH, held at an aggregate cost basis of $2,713,994. The transaction implies a $2.1 billion post-merger enterprise value at a $10.00 price per Class A Common Stock. Upon the consummation of the transaction, VSL's Class B Shares shall be automatically converted into one share of Class A Common Stock of Bakkt with an aggregate implied transaction value of $22,205,300 to the Company. Similarly, each private placement warrant shall be converted into a warrant to purchase one share of Class A Common Stock of Bakkt. VSL holds 2,697,467 warrants, which maintain a $11.50 per share strike price, provide for cashless exercise and expire five years after closing of the transaction. VSL's Class A Common Stock and warrants shall be subject to a one-year post-closing lockup unless otherwise accelerated based on average trading performance measured six months post-closing. The transaction is expected to close in the second quarter of 2021 and remains subject to VIH shareholder approval amongst other closing conditions.
spectoacc
08/1/2021
23:06
I am selling about 3% of my holding per 2% price rise (so about 1.5p). So at 95p (around NAV flat), I will have about 60% of my initial position remaining. That 60% is still a little more than I held in March 2020 and I am more bullish because they have now shown they can manage a poor situation well. Further, they have been able to increase the quality of the portfolio, so I see a good run ahead for this especially as compared with many alternatives. I do not think this goes too high, though - there will be a consistent view of this as a low-quality lender. Understanding the structure will be secondary, although it ought not be.
chucko1
08/1/2021
20:20
12mths round trip.
eeza
08/1/2021
19:59
Nudged over 80 which is nice
badtime
04/1/2021
13:12
I hold the all of the first 3 that you mention - but none of the second 3 :-)
skinny
04/1/2021
13:07
Well BBOX and WHR have hardly disappointed! I also think there remains tremendous value in certain REITs which are not yet more than 50% recovered. AEWU, AIRE and SREI immediately come to mind. And with low interest rates for the foreseeable, some of the infrastructure REITs are inexpensive especially if a national/global recovery is in the offing in Q3 onwards. Of course, we could all have simply bought AAPL, TSLA and BTC and gone on a long holiday instead of managing risk. But then I remembered - no holidays to go on.
chucko1
04/1/2021
12:59
Chucko1 - agreed. Unfortunately, it was one of those that I didn't add to in March/April, concentrating then on my REITS - BBOX, WHR etc. Anyway, more than happy to hold here.
skinny
04/1/2021
12:53
Skinny, if you add in the exceptional dividend returns, you are in the money. Especially good compared with many, many other things. Seems set to continue (although not at the very rapid pace of the last 2-3 months). I think it wise to be deleveraged and de-risked going into what may be a really nasty 2-4 months re. virus. It's still really cheap, long term.
chucko1
04/1/2021
11:42
Happy new year Dave thanks for the updates, more than happy with vsl a return of over 10% a year in dividends alone will do me.
wskill
04/1/2021
11:37
Thanks Dave - my ill timed purchase from last January is finally almost in the money.
skinny
04/1/2021
10:19
Liberum; Further release of reserves and potential equity uplift Mkt Cap £222m | Prem/(disc) -16.1% | Div yield 10.2% Event VPC Specialty Lending Investments generated a NAV total return of 1.7% in November 2020 (9.0% in 2020 to 30 November). The revenue return was 0.28% and capital return was 1.45% for the month. The capital return was driven by a decrease in Expected Credit Loss provisions as as credit performance remains strong. Total provisions are now 2.8% of the invested capital in balance sheet investments. During November, VSL made new balance sheet investment in FinAccel and Zip Money as the company continues to close on new deals following a number of new opportunities. FinAccel is a Singapore-based fintech that provides Indonesian consumers with a digital credit platform to finance e-commerce purchases, pay bills, and secure personal loans. Australian lender Zip Money offers point-of-sale credit and digital payment services to the retail, home, health, automotive and travel industries. VSL holds shares in Bread Financial, which agreed to be acquired by Alliance Data Systems Corporation. VSL sold its investment in December upon closing of the transaction. The sale crystallised an unrealised gain of $1.3m and was in line with the latest book value. In addition, M&A activity may result in a valuation uplift on the company's investment in Katapult Holdings. Katapult will go public through a merger with SPAC FinServ Acquisition Corp, valuing the business at c.$1bn. VSL holds equity and warrants in Katapult with a combined value of c.$4m. The merger is expected to close in Q2 2021 and VSL will receive a combination of cash and shares in FinServ. Based on the latest price for FinServ, the NAV uplift from the transaction is c.2%. Liberum view VSL continues to deliver strong NAV performance, primarily due to strong cash collections from the balance sheet portfolio. The improving credit outlook has enabled the release of some of the ECL provisions taken in H1 and a number of liquidity events on the equity investments have also contributed to NAV performance. A high level of prepayments has enabled debt reduction from 59% of NAV at 31 March 2020 to 37% by November 2020. 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. VSL's discount to NAV has narrowed from 23% to 16% during December. This is still the widest discount of the performing direct lending funds and we regard it as attractive given the structural protection within the loans.
davebowler
29/12/2020
13:13
If you consider as well the huge dividend flow which is not at the expense of the NAV, this has outperformed just about everything. Traded at 42p, if you recall! Didn't have the appetite to buy any there - got a few at 47p, but a load at 60p. There are still some REITs which have only just begun to recover.
chucko1
29/12/2020
12:57
Almost back to pre-covid levels
johnroger
11/12/2020
09:12
Director buy (genuine one) reported after-hours yesterday. 50k @73.95p.
spectoacc
10/12/2020
08:52
Stifel; ACI (formerly Pollen St Secured) wrote down a number of positions in their first fact sheet after replacing Pollen St Capital as investment manager. The read across to Honeycomb, still managed by Pollen St Capital, is limited although our preference is that where a market bid can be obtained, a position should be marked to that level as this reduces subjectivity. As the read across is limited, we believe Honeycomb's discount tightening has further to run while it also provides an attractive 8.5% dividend yield. As a result, we maintain our Positive recommendation. Investors may also wish to look at VPC Specialty Lending which we believe offers greater value at a -22% discount and 11% yield while operating a similar lending strategy. Key Points Last month Alternative Credit Income (formerly Pollen Street Secured Capital) published their September fact sheet which showed a decline in the NAV of -3.85% over the month. The decline was driven by three aspects Markdown of tradeable bonds and notes by -£11.6m (or -1.6% of NAV). Impairment of US real estate loans Impairment of US auto loans ACI is in the process of being acquired by its investment manager (Waterfall Asset Management) but there are obvious questions raised to the potential read across to the portfolio of Honeycomb IT as the investment manager for both funds was historically Pollen Street Capital. The first point to note is that in the overall context of ACI, a fund that has c.£550m in assets, a markdown by a new manager of just under 4% is relatively small. We look at each of the three points below in relation to how it could impact Honeycomb. No US exposure. This is straightforward as Honeycomb does not have any US exposure and so has no US real estate or auto loans. As a result, the question of which is the correct valuation approach and how conservative it is does not arise. Tradeable bonds/notes. Currently, Honeycomb has £9m of exposure to Amigo and £5m of exposure to New Day loans that have an active secondary market, but these are held at amortised cost. This represents 4% of the 31/10/20 NAV. The ACI factsheet highlights Amigo loans were trading at a value below amortised cost and hence the impairment. The valuation approach of Honeycomb, which has not changed, is to hold all assets (except equity) at amortised cost as they do not trade positions and never have. The reliance then falls on manager/ Board to monitor this variance and whether a fall in the fair value of loan triggers an impairment i.e. there is a judgment to be made whether the fundamentals of the company have changed significantly or if fair value movements are short term changes in the risk premium. In the case of Amigo the manager/ Board came to the conclusion that the positions would be paid in full over its life. Our opinion is that if a fair value can be identified then it should be used. Yes, this may lead to a premium over amortised cost or a discount over time but it removes the subjectivity in the process and from a shareholders perspective it is difficult to disagree with. The New Day loan currently trades close to its amortised cost value. Interesting issues but small in context of the fund. While the issues raised are interesting it is small in the context of Honeycomb given its small exposure to tradeable loans. The manager does not expect this portion of the book to increase meaningfully either. Private fund. One of our concerns has been the sustainability of the credit team given the loss of fee income from managing the now renamed ACI. However, the manager believes they are on track to raise private capital in Q1 to an amount that would alleviate our concerns. Portfolio. The portfolio continues to perform in line with expectations and it is good to see a deal being done under the CBILs program (a loan partially guaranteed by the government) for the Nucleus investment, as the risk adjusted return will be attractive. Recommendation. The Honeycomb share price has rebounded c.15% over the past few months but still stands at an 8% discount to NAV (8.5% yield). We maintain our positive rating as we believe the discount rerating has further to go with the support of share buybacks. However, investors may also take a look at VPC Specialty Lending which operates a similar strategy (albeit in a different sector) but offers more value at a 22% discount to NAV and a 11% yield. Positives. 1) Attractive dividend yield of 8.5%, 2) The buyback program that will run to August 2021, 3) A continuation vote will likely be triggered as the average discount in 2020 is on course to be greater than 10%. Negatives 1) Loss of income from managing ACI, 2) Reputational impact from the public spat with the ACI Board.
davebowler
02/12/2020
16:27
Share price continuing it's steady upward movement, now bid 74p. The market seems to have finally realised the value here but with yield around 10.8% there's still good reason to hold.
redhill9
02/12/2020
16:01
Dam - think you're right. Should have looked a little more closely at RNS
oniabsta
02/12/2020
15:50
That's just the fee purchase I think? ie the manager commits to invest part of the fee into VPC shares each month. And Levy is the connected party to Victory Park Capital. So "Nothing to see here" - unless anyone knows better.
spectoacc
02/12/2020
15:47
Well Levy buying again, yet he has left the board. He's picked up another 62k shs. Holds 20% of the company over 56.5m shs. What is he up too? Or what does he know we don't?
oniabsta
02/12/2020
13:06
See vsl was the winner in the specialist debt category for citywire invest awards, rightly so .
wskill
01/12/2020
16:05
Waterloo, one of the bull concepts is that the portfolio has been tested and appears to have passed the test. To some extent, that reduces the risk, and hence the required return. So NAV flat is not absurd, and that is 94p. At my rate of selling, I would have 50% of my position left were it to hit £1.00. There is always risk that has to be respected. But it's still cheap even after the recent sharp rise. 63p to 73p including a 2p dividend, so a 20% ish return in little time.
chucko1
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
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