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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 Shares Traded Last Trade
  0.30 0.36% 84.00 88,796 16:35:27
Bid Price Offer Price High Price Low Price Open Price
83.40 84.80 84.80 84.60 84.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 46.66 27.05 8.11 10.4 260
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:27 UT 134 84.00 GBX

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Date Time Title Posts
20/1/202111:24VPC Specialty Lending Victory Park 704

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Trade Time Trade Price Trade Size Trade Value Trade Type
2021-01-20 16:35:2784.00134112.56UT
2021-01-20 15:43:1584.714,6633,949.98O
2021-01-20 14:59:1083.782,0111,684.85O
2021-01-20 14:42:1284.712,9502,498.92O
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Vpc Specialty Lending In... (VSL) Top Chat Posts

DateSubject
20/1/2021
08:20
Vpc Specialty Lending In... Daily Update: Vpc Specialty Lending Investments Plc is listed in the General Financial sector of the London Stock Exchange with ticker VSL. The last closing price for Vpc Specialty Lending In... was 83.70p.
Vpc Specialty Lending Investments Plc has a 4 week average price of 76p and a 12 week average price of 63.40p.
The 1 year high share price is 86.60p while the 1 year low share price is currently 42p.
There are currently 309,778,118 shares in issue and the average daily traded volume is 224,873 shares. The market capitalisation of Vpc Specialty Lending Investments Plc is £260,213,619.12.
20/1/2021
11:24
chucko1: 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.
12/1/2021
09:53
chucko1: Yes, the warrants will have considerable time value. If $15 for the underlying share price is correct, then a 5 yr warrant has additional time value of about $4.8 resulting in a total of about $8.3. What matters a lot here is the volatility at which such a warrant is priced and I have assumed a lofty 60%. Bear in mind that it is 41% for short dated AAPL options and 32% for MSFT. That said, for a SPAC, you may as well stick your finger in the wind as there will be limited ability to risk manage such a thing. I still do not see Stifel's 14p a share - in fact I am not sure the analyst has much idea. Furthermore, I do not think the market shares this optimism - it has now had a full trading day to take the price higher by a portion of the 14p and the initial 1p and then 3.5p suggests few others see 14p as the true increase in NAV. The clue to Stifel's "greenness" is the comment "put pressure on the income paying ability of the fund" Nonsense - they are not changing anything, although at a higher NAV, the dividend yield would fall upon the increase in share price. In aggregate, they will still pay out the income their current investments generate. Odd.
12/1/2021
09:07
davebowler: Stifel; VPC Speciality Lending - 15% gain following announcement of SPAC deal Stifel View: We have commented earlier on the beneficial economics for VPC sponsoring a SPAC (Special Purpose Acquisiton Co.) (link here) and this has been borne out with an estimated positive impact of +15% or +14p (based on the 30/11/20 NAV of 94p) to VSL shareholders based on the closing price of $15 for VIH (the SPAC). We expect the bulk of these returns to flow through in January as the deal is expected to close shortly. The underlying company, Bakkt, is also interesting as it focuses on digital payments including cryptocurrencies, providing a platform for users to convert one digital asset to another e.g. a giftcard for air miles. Given the large gain we expect greater volatility in the NAV of VSL and put pressure on the income paying ability of the fund. However, it is a good headache to have and we retain our Positive rating as the fund is trading at a 22% discount to the prospective NAV of c.108p. (Analyst: Sachin Saggar). Merger: VPC Impact Acquisition Holdings, a special purpose acquisition company sponsored by VPC Impact Acquisition Holdings Sponsor, LLC, an affiliate of Victory Park Capital, has entered into a definitive agreement to combine with Bakkt Holdings. Bakkt is a company launched by Intercontinental Exchange, Inc. in 2018. Through VPC Sponsor, VPC Specialty Lending Investments 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. Valuation impact: The transaction implies a $2.1bn 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. Warrants: 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. Lock-up: 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.
11/1/2021
15:57
gco1133a: Cashless exercise means if the warrants are executed they don't physically pay over the cash but get fewer shares, so if you had 2 warrants with a strike of 10 and a share price 20 you would get one share of 20 rather than pay over 20 and get two shares at 20. The net financial effect for the warrant holder is nothing.
11/1/2021
13:10
spectoacc: @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.
04/1/2021
10:19
davebowler: 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.
12/11/2020
09:22
redhill9: 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
29/9/2020
11:01
davebowler: 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.
29/9/2020
08:45
chucko1: 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.
14/5/2020
15:03
spectoacc: Missed this an hour ago: 14 May 2020 Dear fellow shareholders of VPC Specialty Lending Plc The investment personnel at Staude Capital Limited act as the portfolio management team for the Global Value Fund, an investment company that has been an investor in VPC Specialty Lending Plc (VSL, "the Company") since 2017. We note that the articles of VSL require a continuation vote to be presented at the 2020 Annual General Meeting (AGM). These periodic votes, rather than a formality, are important events, the purpose of which is for shareholders and boards to consider a manager's investment performance over a suitable time horizon, and to honestly reflect on whether a fund's structure remains fit for purpose. Even before the turmoil that the coronavirus pandemic brought to financial markets, it was plainly the case that in its current format VSL suffered from structural problems. Despite a turnaround in investment performance by the investment manager in recent years, VSL shares have continued to trade at a persistent and unacceptably wide discount to their net asset value (NAV). More recently, the market dislocations that the coronavirus pandemic has generated have starkly laid bare the challenges the Company faces. Throughout March's sell-off, VSL performed significantly worse than both the wider investment trust universe and most of its debt focused peers. As of today, it continues to trade at a c. 38% discount to its underlying asset backing. Given the clear challenges that VSL is facing, we find it hard to believe that the board of the Company has not been directly engaged in a rigorous and proactive shareholder engagement program ahead of this important vote. Therefore, we find ourselves deeply concerned that the board will be bringing forward its own set of proposals for the Company's future without widespread shareholder input. Frustrated by a lack of direct board engagement, we sent a letter (available here) to the Company's independent directors on 28 April 2020, putting forward what we believe was a reasonable proposal given the structural challenges the Company faces. Specifically, we argued that shareholders should have the right to realise all or part of their investment in an orderly manner, in a way that has no impact on others' interest in the portfolio. We also sought to address, pre-emptively, the likely arguments against our suggestion. Subsequent to our letter, we were grateful for the opportunity to speak to the Chairman on 12 May 2020. We found ourselves frustrated, however, that he was unable to discuss any of the issues we had raised, even at a high-level, prior to the publication of the AGM notice. In our view, it is hard to justify engaging with shareholders about the options available to address VSL's structural problems after the board has published its proposals for the AGM. Given it seems likely that once the AGM proposals have been published it will be too late to change them, shareholders shall be left with an unappealing binary choice: acquiesce to proposals they have had no real input into, or vote against continuation. Since our letter in April, we have spoken to many VSL shareholders, representing a significant proportion of the register and a range of investor types. We found most, like us, surprised by the lack of independent board engagement. In fact, we were disappointed to learn that none of the investors had recently spoken to the board on this matter prior to our call. Instead, our impression has been that the feedback exercise has largely been driven by the manager, Victory Park Capital (VPC). While we have a positive view on the manager and the recent NAV performance it has delivered, shareholder discussions ahead of a continuation vote should clearly be led by the board. Even if shareholder feedback reaches the board unfiltered and with the correct emphasis, there are naturally some things shareholders would tell a chairman that they would rather not say to an external manager. The common message we have taken from speaking to other shareholders is that the status quo is unacceptable. We do not pretend to have the only solutions to solving the Company's challenges and welcome others' perspectives. We believe that approached properly, there is scope for a redesign of the current VSL fund structure which properly addresses the discount challenge, without necessarily calling time on the Company. Informed by our conversations with a wide number of VSL shareholders, it is our belief that for the Company to have a successful, long-term future, the following changes are needed: § Periodic opportunities for shareholders to realise part of their investment at NAV. § The addition of a shareholder-advocate to the board. One that the market can be confident is engaged and independent of the manager. § An assurance to appropriately manage the inherent potential conflict of interest that the manager's significant voting stake creates, particularly in relation to sensitive matters such as continuation votes. On the final point, while the Company's announcement on 24 February 2020 hailed the purchase of a significant minority stake as a positive development, we struggle to recall an example where a significant stake controlled by an external manager has had a positive impact on a fund's rating, particularly where the manager's voting power is greater than its economic interest and was acquired on the eve of a continuation vote. Ensure you have a say in your investment We do not seek to speak on behalf of other shareholders. Rather, we have published this open-letter to urge all shareholders to communicate their views directly to the board before the company's AGM proposals are finalised. We sincerely believe that it is possible to formulate a set of proposals which give the Company every chance of long-term success, if there is a genuine and unchaperoned shareholder and board engagement process. We would very much welcome the opportunity to discuss the issues raised in this letter with VSL shareholders. Should you wish to contact us, please email myself and Emma Davidson at the addresses below. Yours sincerely, Miles Staude Emma Davidson Director, Staude Capital Limited Director, Staude Capital Limited Miles.Staude@staudecapital.com Emma.Davidson@staudecapital.com
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