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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
  0.00 0.0% 86.00 85.20 86.80 87.00 86.80 87.00 601,957 16:35:25
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 701 to 724 of 775 messages
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
DateSubjectAuthorDiscuss
08/2/2021
17:39
Thanks for clarification.
redhill9
08/2/2021
16:28
VIHAU is one ordinary share with 1/2 a warrant attached
gco1133a
08/2/2021
16:06
VIH is $19.23 right now, and is the underlying stock. VIHAU appear to be units consisting of one share and one other thing - no clue what that other thing is yet. I will look further. They are 1:1 with the stock, but trade in much smaller daily volumes.
chucko1
08/2/2021
15:56
VIH available on this site. Just add to your monitor. Currently $19.2
oniabsta
08/2/2021
15:51
Yes, appear to be the same. Slight time difference in price quoted which may explain variation? Edit: Yes, I see the difference in epic now
redhill9
08/2/2021
15:50
One VIH, one VIHAU. Maybe it doesn't matter since they're both up the same, and that's what matters to VSL's NAV.
spectoacc
08/2/2021
15:48
Ha ha and this is mine - @chucko1 will know? Looks like the same co to me: Https://www.google.com/search?rlz=1C1CHBF_en-GBGB880GB880&sxsrf=ALeKk03DwyQJMxW4keeuKZXrmVSGPlYKQA%3A1610784698770&ei=up8CYIXKLsOx8gKh852IDg&q=vpc+impact+acquisition+holdings+share+price&oq=vpc+impact+acquisition+holdings+share+price&gs_lcp=CgZwc3ktYWIQAzIKCAAQyQMQRhD6AToECAAQRzoNCAAQsQMQgwEQyQMQQzoKCAAQsQMQgwEQQzoECAAQAzoCCAA6BwgAEBQQhwI6CAgAEMkDEMQCOgUIABDEAjoGCAAQFhAeOgUIABDJA1C-I1j6NWDaNmgAcAJ4AIABSYgB0QqSAQIyMZgBAKABAaoBB2d3cy13aXrIAQjAAQE&sclient=psy-ab&ved=0ahUKEwiFj57OgKDuAhXDmFwKHaF5B-EQ4dUDCA0&;uact=5
spectoacc
08/2/2021
15:41
Got $19.25 here, if I'm watching the right one? Up 14% & doing great things for VSL's warrants.
spectoacc
08/2/2021
15:33
Now over $21.50.
redhill9
08/2/2021
14:32
Elon's BTC stunt has pushed VIH right up - $19. No change in VSL yet.
spectoacc
03/2/2021
10:35
Good to see a printed value of 1.04% or the gross revenue element of the total return. This underpins everything, although the unexpected and growing SPAC investment in their equity assets is welcome. The Liberum write-up on the SPAC valuations is more coherent than that of Stifel, even if they were light on specifics. Now much easier to understand the quantum of NAV gain from the pair. This stock still has more to give considering that it is only now starting to reinvest. The recent Oxf/AZN news is helpful, I think, as it allows lending with increasing confidence. But that applies to many other stocks, not just this one.
chucko1
03/2/2021
09:34
Liberum; Equity returns drive strong finish to 2020 Mkt Cap £242m | Prem/(disc) -10.7% | Div yield 9.4% Event VPC Specialty Lending Investments generated a NAV total return of 2.1% in December, resulting in an overall return of 11.1% for 2020. The NAV increase in December was due to gross revenue returns of 1.0% and a capital return of 1.9%. The gross capital return was driven by unrealised gains in the investments in Katapult Holdings and Elevate Credit's share price. $22m of capital was deployed into debt investments in the month. This included an initial investment in Cap Hill Brands, a technology driven consumer goods platform that will acquire and operate a portfolio of branded Amazon third-party seller assets. As previously disclosed, recent M&A activity in two of the company's equity investments could result in a material NAV increase. Part of the uplift in Katapult was reflected in the December NAV:: Katapult - 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 prior to the transaction. VSL will receive a combination of cash and shares in FinServ. The NAV uplift reflected at December from this transaction was 1.2% (gross of fees). The December valuation represents a 30% discount to the market value of the transaction and we note that Finserv's share price has risen a further 34% in 2021. The transaction is expected to close in Q2 2021 and the shares are subject to a six-month lock-up. Bakkt - VPC Impact Acquisition Holdings (VIH), a SPAC sponsored by an affiliate of VSL's investment manager, has entered into a definitive agreement to combine with Bakkt Holdings, a digital asset marketplace launched in 2018 by Intercontinental Exchange. VSL's investment in VIH was held at cost ($2.7m) at 31 December. The transaction price implies a total value of $22.2m for VSL's investment and the share price of VIH has risen a further 49% above the transaction price. VSL's shares and warrants are subject to one-year lockup and the transaction is expected to close in Q2 2021. Liberum view VSL's 11% NAV TR was predominantly due to consistent revenue returns of c.1% per month from the balance sheet investments. Cash collection has been robust across the debt portfolio and this has enabled the release of some of the ECL provisions taken in H1. A high level of prepayments has enabled debt reduction from 59% of NAV at 31 March 2020 to 32% by December 2020. Liquidity events across a number of the equity positions contributed to the strong NAV growth in H2. 16% of NAV is invested in common stock, preferred stock, warrants and convertible debt across 26 investments in portfolio companies. Many of the equity investments are warrants and common stock that are often received in conjunction with funding the a platform's balance sheet loan investments. We believe the two recently announced transactions (Katapult and Bakkt) imply an additional NAV uplift of c.10% after performance fees (based on the current share prices of Finserv Acquisition Corp and VIH). Part of the uplift from the Katapult transaction has been reflected in the NAV and we calculate the current share price of Finserv implies an additional uplift of c.1% (after removing the 30% discount). The current share price of VIH implies a total value of $42.2m on VSL's initial investment of $2.7m. This would imply a NAV uplift of c.9% (net of fees). These potential gains are subject to both deals completing (expected in Q2 2021) and the holdings are also subject to lock-up periods.
davebowler
25/1/2021
15:58
100k at 86p on a quiet day for trades, got to be a buy. Looking forward to next NAV.
spectoacc
21/1/2021
10:43
Now makes a lot more sense (though is still written a little amateurishly, but let's not quibble). 1. It is the sum of two separate things - FSRV and VIH. Not just VIH. So the 6pps from the pure equity portion of VIH looks about right. The previous Stifel statement did not appear to include FSRV. 2. There are warrants associated with VIH which the Stifel chap barely understands. These warrants will continue to have value even below the strike price, but we cannot say how much as the expiration date of these warrants is not given. It is likely to be meaningful although difficult to crystallise. On Pollen Street, I am not sure how much their demise is a positive as, having met with them a while back, I did wonder what planet they resided on with some of their investment decisions.
chucko1
21/1/2021
10:04
Interesting, thanks. Their view on the gains, at least in NAV terms (ie applying discount): "Overall, the net impact from Katapault Holdings gain over the 30/11/20 NAV of 93.76p will be c. +3% (+2.8p) and the gain from VIH c.+9% (c.+8p, i.e.+1.6p from warrants and +6.4p from common shares), after accounting for a merger arbitrage discount. In total, these two transactions will add c.+10.8p to the NAV. As a result, we are expecting the prospective NAV at 31/01/21 to be c.104p after deducting the 2p dividend (ex-dividend date of 26/11/20)."
spectoacc
21/1/2021
09:17
Stifel; Summary Credit should be given where it is due. We believe the manager has done a good job navigating the economic impact of the virus and is now also reaping the rewards of its equity portfolio. In 2020 the manager commented on the resilience of their portfolio and so far this has proven to be true. They also believed in the hidden value of their equity holdings and this has been corroborated by two transactions which we believe will add c.12% to NAV. We think the prospective discount to NAV of c.18% and the dividend yield of 10% are attractive for a fund that has delivered on its objectives. Key Points SPACs will lead to c.12% NAV Uplift Over the past few months we have seen VPC announce two important transactions involving its equity holdings. The first was the investment in stock and warrants of Katapault Holdings which has announced a definitive merger agreement with a Specialty Purpose Acquisition Company (ticker FSRV). On closing of the deal (expected in Q2 2021) VPC Specialty will receive $3.33 per Katapault share and 604,821 shares of FSRV. The second, is the announcement that the VPC SPAC (ticker VIH) has announced an agreement to acquire Bakkt Holdings. As part of the pre-IPO sponsor economics VPC Specialty will receive 2.2m shares in VIH and 2.7m warrants (with an exercise price of $11.50). The current share price of FSRV is $16.85 and VIH $14.57. We understand VPC Specialty (VSL) may apply up to a 20% discount to post-uplift valuation of VIH to account for the risk that the deal may not close. Impact: Overall, the net impact from Katapault Holdings gain over the 30/11/20 NAV of 93.76p will be c. +3% (+2.8p) and the gain from VIH c.+9% (c.+8p, i.e.+1.6p from warrants and +6.4p from common shares), after accounting for a merger arbitrage discount. In total, these two transactions will add c.+10.8p to the NAV. As a result, we are expecting the prospective NAV at 31/01/21 to be c.104p after deducting the 2p dividend (ex-dividend date of 26/11/20). Levered equity: It is important to note that the warrants will behave like levered equity, given they will have no intrinsic value below their strike price of $11.50. VSL’s holding in VIH will also be subject to a one-year holding period and therefore crystallisation of any gains will have to wait. Given these factors, we think it is unlikely that the full NAV uplift which we expect to be reported to 31/01/21 will be reflected in the share price and a discount will persist. However, we think it is important to recognise that the manager has had their positive comments regarding their equity holdings validated through actual transactions. This comes on the back of the portfolio also proving to be resilient from the economic shock of the virus in 2020 as reserves have been slowly released in Q4. All in all it has been a very good period for the fund, in our view. Cash Dividend Cover The dividend policy of VSL is to pay 2p a quarter. We believe the cash dividend cover has been under some pressure over the past year due to a combination of 1) the share buyback policy, 2) look through leverage falling from 43% to 37% of NAV over the past 12 months, 3) high gross cash balance of 9% of assets and 4) the weighted average coupon of balance sheet loans falling from 14% to 11% over two years. These factors would have led to the income producing proportion of VSL to fall. However, the manager is expecting to deploy the bulk of its cash shortly, and so we think the current snapshot should represent the trough of revenue earnings. Key Positives. 1) Expected fully cash covered dividend, 2) The demise of Pollen St Secured Lending may lead to a technical tailwind as there are limited options to gain exposure to the sector, 3) The Board have highlighted the need to close the discount to NAV and have put a number of objectives in place. Key Negatives. 1) Gains from equity holdings will be subject to lock-up periods and share price volatility until released, 2) Negative sentiment amongst shareholders for the sector. 3) Ownership structure of VSL is overshadowed by a holding of 20% of share capital which is effectively controlled by the manager.
davebowler
20/1/2021
11:24
Interesting that they refer to a "$19.8mn turn" - representing around 5.5p on NAV. This was the calculation we did here a week or so ago, whereas Stifel talked about 14p. The number grew as the VIH share price grew to $18 but is now back at just over $14, so I am confident that 6p is close to the mark. Funny that the VSL share price rose by around 6p or so and has fallen back 2p as the VIH share price has fallen back recently. It could simply be chance, but I would love to see the analysis behind Stifel's 14p bonanza. That said, it's a 6p gift and the underlying business looks well set for the foreseeable as well.
chucko1
20/1/2021
10:46
Don't think this has been posted before:- https://citywire.co.uk/investment-trust-insider/news/liberum-four-new-tips-for-alternative-income-and-growth/a1449652?section=investment-trust-insider Courtesy of davebowler elsewhere
cwa1
18/1/2021
11:35
They're not that good!
skinny
18/1/2021
11:31
Even iWeb, the next most "finicky" broker I've used after Barclays are allowing them as long as you attest that, on pain of death, you've been presented the KID by them.
cwa1
18/1/2021
09:36
No problem with ii
ramellous
17/1/2021
17:32
Not that I'm aware.
waterloo01
17/1/2021
17:09
Has ANY other broker caused problems holding them?
cwa1
16/1/2021
23:15
I hold via Halifax, no problem either. wllm :)
wllmherk
Chat Pages: 31  30  29  28  27  26  25  24  23  22  21  20  Older
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