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VSL Vpc Specialty Lending Investments Plc

0.00 (0.0%)
07 Dec 2023 - Closed
Delayed by 15 minutes
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 Shares Traded Last Trade
  0.00 0.0% 67.40 58,364 16:35:24
Bid Price Offer Price High Price Low Price Open Price
67.00 67.40 67.80 67.40 67.40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -1.29M -22.12M -0.0795 -8.53 188.67M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:15:35 O 1,011 67.40 GBX

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Date Time Title Posts
30/11/202312:13VPC Specialty Lending Victory Park 1,533

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Posted at 07/12/2023 08:20 by Vpc Specialty Lending In... Daily Update
Vpc Specialty Lending Investments Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker VSL. The last closing price for Vpc Specialty Lending In... was 67.40p.
Vpc Specialty Lending In... currently has 278,276,392 shares in issue. The market capitalisation of Vpc Specialty Lending In... is £188,671,394.
Vpc Specialty Lending In... has a price to earnings ratio (PE ratio) of -8.53.
This morning VSL shares opened at 67.40p
Posted at 30/11/2023 12:13 by jong
XD today. 2p per share payable on Thursday 21 December.
Posted at 23/10/2023 16:23 by chucko1
Yup, and I do not disagree. He is a little more aggressive than I, but as he says, visibility on some aspects of the assets is not great. And I await the wind down narrative/updates that will become more common each month within the monthly reports. These may provide clues on both direction of travel and liquidation value of non-lending assets.

Nevertheless, I have calculated a conservative 14% or so IRR, and the one indicated from the Oakbloke is 16.5% ish. Very ish, but I do like the current cheapness of VSL. On top of all this is the backstory - things like the management and seemingly conservative accounting. I do not expect any shocks even if the fees they pay themselves are hardly "light". Oakbloke does not appear to have included the incentive formula payable to the managers, but in the big scheme of things, this is small.
Posted at 29/9/2023 08:02 by chucko1
Only $21mn of realisations, and on a total asset base of $472mn or so, that is 4.5% and so by simple extrapolation (unreasonable) implies 5.5 years to fully liquidate.

Hardly surprising given the only recent move into wind down, and I expect this pace to be accelerating rapidly from here. Yes, all done, it would appear, at NAV or thereabouts, so even that small slice of liquidations increases the value (ceteris paribus) per share of the remainder. Some equity exposure sold and some financing repaid, so even that small 4.5% is not immaterial.

One thing which stuck out in the half year was the repetition of the time it would take to hand back capital, and there was an implication that certain shareholders were not especially happy with the announced schedule (including lack of certainty). My own view on this is that this has helped depress the current share price. I would also add that those moaning about this time frame are hands that I will gladly purchase more shares from cheaply, and there will likely be ample opportunity to do so at even greater risk/reward than I see now, assuming moderate progress on realisations.

For those looking for certainty in this wind down, the management are absolutely correct in both their repeated statements and tone. There is no other way, in my opinion, than the centre of gravity of their efforts being value maximisation, rather than speed.

These are the sorts of opportunities one dreams of. Such an opportunity being largely made up of decent value and imbeciles.
Posted at 04/8/2023 17:49 by chucko1
Even if two or three of those larger equities retains value, you will see a total return about equal to the current NAV of around 96p. Give or take.

At the current 71.5p (where I bought some more today, and previously about two weeks ago), my central case is of a 30% total return over two years. The chance of making more than this is higher than making less than this, so one could say that my central case is reasonably conservative.

The fun will start here once the portfolio has diminished and each asset sale/redemption has increasing relative importance, and associated effect on a likely continuing discounted share price. Confirmation of equity valuation might accelerate this process.
Posted at 12/6/2023 09:45 by wilwak
I agree that the timescales mentioned were a little concerning but I still look at if the portfolio carries on generating income at the current indicated rate then that income plus capital distributions should give me the share price back in cash within 18 months.

That should leave a ‘free ride’ on 30p+ per share. It could even be 50p if the NAV recovers to where it was a few months ago.

I feel a little nervous about property-owning REITs at the moment given falling asset prices and rising interest rates.

RECI looks interesting with a good yield and a portfolio of senior debt.

The problem with any wind-up is knowing whether we can trust the directors and manager to put shareholders first. Dragging it out increases the time that they receive fees. Always seems a conflict of interest. With VSL I hope that their good reputation is something they value and they act accordingly.
Posted at 12/6/2023 09:28 by spectoacc
Still holding some here, but haven't added and uncertain as to the appeal of VSL now.

1. Opportunity Cost - if you like discount, or yield, there's many other options in things like REITs or infrastructure that there weren't a year or even 6 months ago

2. Performance - flat YTD, probably creditable in the market environment, but still

3. Timescale:
"...It is very difficult to provide any certainty on the timeframe for realisation. The Board is aware that Shareholders will expect some guidance on the expected timeframe and, although Shareholders should place only limited reliance on this information, it is the Board’s current estimate that the first distribution would occur at the end of 2023 or in early 2024 and distributions will continue thereafter with a substantial proportion of the portfolio being realised within three to five years".

We're talking 3 to 5 years, and even then there'll be some left. Is a c.73p share price and c.95p NAV a big enough discount? Divi to be held for the rest of this year, and first distribution 2023/24, but I'm stuggling to see the appeal. And that's assuming exits are at NAV (which I think they will be).
Posted at 27/10/2022 11:00 by ctrader3
The Telegraph

Rishi Sunak will help this fund’s returns – and it’s on offer at a bargain price
Richard Evans - 5h ago

If Rishi Sunak’s mere arrival in 10 Downing Street really does push down how much the Government pays to borrow, which is what seems to be happening, it will be positive for the listed fund we cover today – and others that offer “bond‑like” income.

To briefly recap the reasons, discussed here several times in recent weeks, investors expect income‑producing assets to yield more than the “risk‑free” return from government bonds or gilts (the term “risk‑free” assumes that the bonds are held to maturity, so price fluctuations become irrelevant, and does not cover the risk posed by inflation).

So when that risk‑free return goes up, as it did very sharply indeed after the mini‑Budget, the market ensures that less safe bond‑like investments continue to yield more than gilts. It does this, of course, by marking down prices. Hence the damage done to property, infrastructure and bond funds in recent weeks.

Now that this process has gone into reverse with the prospect of financial stability from the new administration, we can expect a recovery in the share prices of listed funds that invest in these assets.

One such is VPC Specialty Lending Investments. It makes loans to businesses, mostly American, which typically lend the money on to their own customers. These businesses are often tech start‑ups such as online providers of car loans and other types of short‑term consumer lending.

That type of lending may strike readers as quite risky, but VPC ensures that its own level of risk is considerably lower.

“We secure our loans against the loan books of our customers,” Gordon Watson, lead manager of the trust, tells Questor. “But we also lend only 80pc‑90pc of the value of those loans, which means there is a buffer before we suffer any loss should a customer experience a default.

“On top of that, we have a dedicated risk team and monitoring system that reviews the companies we lend to on a daily, weekly and monthly basis. We have had a few defaults, but in many cases we were able to recover much of what was owed.”

This steady source of income has enabled the trust to pay a consistent annual dividend of 8p a share since 2018. At the current share price of 78.5p this equates to a yield of 10.2pc – comfortably more than the 3.6pc offered by gilts due to be repaid in five years.

Better still, VPC has the scope to make more interest on its loans. They are all “floating rate”, which means its customers pay more as interest rates generally rise, but the trust’s loans are also typically of short duration, such as two years, so as it receives its capital back when existing loans mature it has the ability to relend the money at higher rates.

The trust does acknowledge, however, that an environment of rising rates does make defaults in its clients’ loan books more likely, which could affect its returns.

Nick Greenwood, who manages the Migo Opportunities investment trust, has about 1pc of his fund’s money in VPC.

“It is good at what it does,” he says. “It offers quite a large dividend, although this was even more attractive when interest rates were 1pc instead of 4pc; that change takes away a bit of a prop for the shares because people were buying these trusts when they were starved for yield elsewhere. There was a big premium relative to gilts, which has now gone.

“But over the longer term fundamentals will come back into play, by which I mean that investors will begin to appreciate the scope for trusts such as this one to raise their dividends.”

He points out that VPC’s 25pc‑plus discount has attracted the attention of two hedge funds, which eye the chance of a big profit if, for example, some of the trust’s assets can be realised at par value and returned to investors. Thanks to the short duration of its loans, this could be a simple enough process.

“You have a decent yield, the chance of dividend growth and a potential catalyst for narrowing the discount,” Greenwood says. “I was lucky enough to buy my stake at prices as low as 71p, but had I not done so I would be inclined to invest at the current price too.”

Questor says: buy

Ticker: VPC

Share price at close: 78.5p
Posted at 13/9/2022 09:44 by jeff h
VPC Specialty Lending faces investor demand for 100% exits

VPC Specialty Lending (VSL), the high-yielding backer of loan platforms, has come under renewed pressure from shareholders to do more about its yawning share price discount.

Metage Capital and Staude Capital, which last year teamed up with Asset Value Investors (AVI) for a battle over discount controls at hedge fund Third Point Investors (TPOU), have called for the £210m VSL to offer investors a chance to take all their money out at asset value every five years.

The five-yearly 100% exit opportunity would replace the 25% tender offer the 10% dividend yielder has said will take place if its shares trade more than 5% below net asset value in the three months before next year’s annual general meeting.

Shares in the investment trust, which two years ago won a Citywire award for best-performing specialist debt fund, currently trail at a 28% discount to NAV, which Metage and Staude say means shareholders do not receive the full return of the company’s stable credit portfolio.

VSL shares jumped 6% yesterday in response to an open letter published by Metage and Staude, who have been shareholders in the company since 2016 and 2017 respectively.

Before this, the stock had fallen 11% this year but provided a total shareholder return of nearly 60% over five years, less than the 70% return generated by the underlying portfolio of loans and shares in peer-to-peer lending platforms.

The activist investors, who hold around 3% of VSL, according to Refinitiv data, say they have had discussions with other shareholders, which include Schroders, Premier Miton, AXA and Newton.

These revealed investors’ concern that VSL’s 2p quarterly dividends were not covered by earnings and that further share buybacks by the board to reduce the discount would lead to ‘creeping control’ by the fund manager, Victory Park Capital. The Chicago-based credit specialist owns 20%, according to Refinitiv.

Giving shareholders a five-year exit would make the fund manager’s dominance on the register less of a concern, say the rebels, who have proposed the fund be split into realisation and continuation pools to divide investors who want out from those who want to remain invested.

They believe the board, chaired by Graeme Proudfoot, will outline its thoughts on the planned tender offer having engaged with their proposal and consulted with other shareholders. Given the different ideas being discussed, they called for an informal meeting of investors to thrash out the best way forward.

‘This will avoid unnecessarily incurring the cost of drafting formal documentation without having widespread support amongst shareholders,’ they said.
Posted at 03/2/2022 10:27 by davebowler
VPC Specialty Lending Investments

Resilient income and accretive SPAC investments lead to 28% FY 2021 NAV return

Mkt Cap £264m | Share price 94.8p | Prem/(disc) -16.9% | Div yield 8.4%


VPC Specialty Lending Investments' NAV per share at 31 December 2021 was 114.1p, representing a -4.0% NAV total return in the month. December's performance was driven by a gross capital return of -5.4%. Gross revenue returns remained strong at 1.1%. The overall NAV return in 2021 was 27.6%.

The primary cause of the NAV reduction in the month was a significant decline in the share price of Bakkt Holdings (-5.6% NAV impact), a digital asset marketplace. We note the share price has continued to fall post year end (-51% in 2022). There was considerable activity across the other equity investments:

VPC Impact Acquisition Holdings III (VPCC) has completed its business combination with Dave Inc, a banking app that launched in 2017. VSL holds common shares and warrants in VPCC. 60% of the common shares are valued at the year-end price of $10.25 less a 20% discount. The share price has risen by 36% in 2022 to date.
Beforepay, one of VSL's private investments, closed its IPO in Australia in January. VSL's holding is subject to two lock-up periods. An illiquidity discount will be applied to the valuation.
VSL realised gains on a number of equity investments in December, including Sunbit ($1.8m gain) and Kueski ($4.4m gain).
Liberum view

2021 was VSL's strongest year for NAV performance. The increase from SPAC and other equity investments has been a key contributor to this, with a gross uplift of 23% (pre-fees). Crucially, the company's balance sheet investments have generated consistent monthly returns of c.1%. We believe the fund remains very attractively valued, despite the volatility in the equity investments. We do, however, believe the company needs to more clearly articulate its long-term strategy for the equity investments in terms of allocation and potential distributions.
Posted at 16/11/2021 09:58 by redhill9
Interesting that when the BKKT share price soared to around $42 about a month ago the VSL share price increased by almost 10%, but while over recent weeks the BKKT share price has halved to just over $20 the VSL share price is unmoved.

Perhaps BKKT provided a jolt to market of VSL's potential?
Vpc Specialty Lending In... share price data is direct from the London Stock Exchange

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