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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
  2.10 2.44% 88.10 117,001 16:35:07
Bid Price Offer Price High Price Low Price Open Price
88.00 88.20 88.80 88.20 88.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 41.25 23.90 8.08 10.9 273
Last Trade Time Trade Type Trade Size Trade Price Currency
16:44:35 O 65,000 88.20 GBX

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28/5/202220:57VPC Specialty Lending Victory Park 1,163

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DateSubject
28/5/2022
09:20
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 86p.
Vpc Specialty Lending Investments Plc has a 4 week average price of 85.40p and a 12 week average price of 83p.
The 1 year high share price is 98.20p while the 1 year low share price is currently 83p.
There are currently 309,778,118 shares in issue and the average daily traded volume is 210,449 shares. The market capitalisation of Vpc Specialty Lending Investments Plc is £272,914,521.96.
21/5/2022
18:40
astralvision: Does redhill's post 1074 contain the detail you were looking for waterloo01?Redhill post 1074As we are now into 2022 it may be worth reminding ourselves of the conditions around the continuation vote in June 2020. As a means of encouraging shareholders to vote in favour of continuation, VSL made three key commitments: (i) One year NAV (Cum Income) Return The Board will now propose an ordinary resolution to approve the continuation of the Company as an investment company at the Company's AGM in 2021 if the Company's NAV (Cum Income) Return (calculated as set out in the Company's annual report and accounts) for the period from 1 April 2020 to 31 March 2021 is less than 4%, as compared to less than zero in the initial proposal. If the resolution is not passed the Directors will, within 3 months of the date of the resolution, put forward proposals to shareholders to the effect that the Company be wound up, liquidated or unitised; (ii) Three year NAV (Cum Income) Return The Board will now offer shareholders an exit opportunity for up to 100% of the shares in issue immediately following the Company's AGM in 2023 if the Company's NAV (Cum Income) Return (calculated as set out in the Company's annual report and accounts) for the period from 1 April 2020 to 31 March 2023 is less than 24%, as compared to 18% in the initial proposal; and (iii) Discount to NAV If the average discount to NAV at which the shares trade over the 3 month period ending on 31 March 2023 is greater than 5%, as compared to a 4-week period and a 15% discount in the initial proposal, the Board will now offer shareholders an exit opportunity for up to 25% of the shares in issue immediately following the Company's AGM in 2023. For the avoidance of doubt, this exit opportunity will not be offered in the event the 100% exit opportunity in condition (ii) has been triggered. Point (i) is history as the 4% NAV increase was achieved, and point (ii) of a three year NAV increase of 24% is still in play but looks likely to be achieved. However it is point (iii) that is of particular interest as, despite strong share price growth since the commitment, reducing the average discount to no more than 5% in the three month period to 31 March 2023 looks to me like quite a stretch. I’ve been very content to hold VSL as long as the 8p dividend (current yield c.8.6%) looks sustainable but additionally we appear to be in a position of either the share price has to increase significantly over the next 11 to 14 months to reduce the discount or we get the prospect of a capital return of 25% of shares at full NAV as compensation. I also see this point (iii) as to some extent underpinning the dividend in the immediate term as any reduction would certainly impact the sp, which would make reducing the discount to 5% in that timescale unachievable. Does anyone see it differently?
03/2/2022
10:27
davebowler: Liberum; 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% Event 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.
28/1/2022
10:19
redhill9: As we are now into 2022 it may be worth reminding ourselves of the conditions around the continuation vote in June 2020. As a means of encouraging shareholders to vote in favour of continuation, VSL made three key commitments: (i) One year NAV (Cum Income) Return The Board will now propose an ordinary resolution to approve the continuation of the Company as an investment company at the Company's AGM in 2021 if the Company's NAV (Cum Income) Return (calculated as set out in the Company's annual report and accounts) for the period from 1 April 2020 to 31 March 2021 is less than 4%, as compared to less than zero in the initial proposal. If the resolution is not passed the Directors will, within 3 months of the date of the resolution, put forward proposals to shareholders to the effect that the Company be wound up, liquidated or unitised; (ii) Three year NAV (Cum Income) Return The Board will now offer shareholders an exit opportunity for up to 100% of the shares in issue immediately following the Company's AGM in 2023 if the Company's NAV (Cum Income) Return (calculated as set out in the Company's annual report and accounts) for the period from 1 April 2020 to 31 March 2023 is less than 24%, as compared to 18% in the initial proposal; and (iii) Discount to NAV If the average discount to NAV at which the shares trade over the 3 month period ending on 31 March 2023 is greater than 5%, as compared to a 4-week period and a 15% discount in the initial proposal, the Board will now offer shareholders an exit opportunity for up to 25% of the shares in issue immediately following the Company's AGM in 2023. For the avoidance of doubt, this exit opportunity will not be offered in the event the 100% exit opportunity in condition (ii) has been triggered. Point (i) is history as the 4% NAV increase was achieved, and point (ii) of a three year NAV increase of 24% is still in play but looks likely to be achieved. However it is point (iii) that is of particular interest as, despite strong share price growth since the commitment, reducing the average discount to no more than 5% in the three month period to 31 March 2023 looks to me like quite a stretch. I’ve been very content to hold VSL as long as the 8p dividend (current yield c.8.6%) looks sustainable but additionally we appear to be in a position of either the share price has to increase significantly over the next 11 to 14 months to reduce the discount or we get the prospect of a capital return of 25% of shares at full NAV as compensation. I also see this point (iii) as to some extent underpinning the dividend in the immediate term as any reduction would certainly impact the sp, which would make reducing the discount to 5% in that timescale unachievable. Does anyone see it differently?
07/1/2022
09:57
ctrader3: chucko1 - 25 Nov 2021 - 08:25:52 - 1008 of 1030 VPC Specialty Lending Victory Park - VSL Sold a few at 95.4p which is 97.4p in yesterday's money. ------------ yep, often right to take some profit off the table. As an aside interesting if u do a search u can often see the bones of someone's portfolio. I have traded several of the foresaid mentioned and for the record I own both below. Maybe worth looking at NESF and FSFL both high yielders but trading at a small discount, where historically they traded at a premium. ------------ Renewable Energy Infrastructure – coming into its own? We could construct a similar table as that above for renewable energy infrastructure trusts. However, the complication is the effect of changes to the discount rate or the expected inflation rate on valuations is sometimes dwarfed by the impact of changes in power price expectations. These trusts do have an explicit and implicit linkage to inflation. Many of the subsidies that these trusts benefit from are directly linked to inflation. The indirect link is that short-term power prices are a key input to inflation rates, but over the longer-term are perhaps less linked. Given the trusts hedge their power price exposure to varying degrees (with the notable exception of Greencoat UK Wind), unpicking the exact degree of inflation linkage is complicated. In the solar sector, we note that NESF and FSFL have a greater sensitivity to a rise in inflation than a rise in the discount rate. The opposite is true of USF and BSIF though, due to their fixed price contracts and hedging activities. However, long-term power price expectations are likely to be a more important driver of NAVs than short-term power prices. We saw this during 2021, when the sector’s share prices re-rated downwards on lower long term power price expectations despite rising short term inflation. The same basic counter-balance remains – rising interest rates will impact the valuation of the assets negatively. In terms of the discount rate, renewables funds generally are newer and the asset class is less established than traditional core infrastructure. This means discount rates tend to be higher, offering an element of a buffer to rising rates. It is also the case that the newer trusts in the newer sectors tend to have higher discount rates. Managers of all of these trusts often have levers to pull in terms of extending the life of the assets and other asset management activities which could offset any increase in the discount rate via base rates. All told, we do think the renewable energy infrastructure trusts generally stand to benefit from inflation. However, the long-term outlook for power prices is likely to be a bigger driver of share price returns, which could prove to be bigger influence on long term returns. One trust in the sector we think stands out as an inflation hedge is Greencoat UK Wind (UKW). UKW is the only renewable energy infrastructure fund to explicitly state that its aim is to grow dividends in line with inflation. This has been achieved each year since launch, with the target for the following year based on the December calculation of annual RPI. Of the underlying portfolio, 61% by value has revenues directly linked to inflation with the remainder linked to power prices. Dividend cover has fallen over the past year, and UKW’s cashflows were hit by low winds over the summer which reduced revenues earned. However, not having hedged any power price exposure, the board is potentially in a strong position to generate strong cashflows in the current high power price market, and thereby potentially continuing to hit its dividend growth target. Conclusions Any persistent period of high inflation is bad news for both equities and bonds, using history as a guide. While some areas of the equity market might do better than others, the likelihood of real returns from any diversified equity portfolio look modest in an environment where we see high inflation. Tilting a portfolio towards energy and commodity producers as well as high quality companies would seem to have been the best strategy on average, but it still seems likely to lead to real losses overall. Alternative investment trusts investing in real assets look like they could offer decent protection in a persistent inflationary environment. However, there are some complications. Chiefly investors need to consider the amount of inflation pass-through in the income generated, and understand the sensitivity to the discount rate. The latter is going to become more important in a stagflationary environment, which remains a real possibility – especially if there is a resurgence of the virus in key countries in the global economy. HICL Infrastructure stands out for us in the core infrastructure space as offering good sensitivity to inflation. In renewables, Greencoat UK Wind has strong inflation linkage. We also think JPMorgan Global Core Real Assets (JARA) could offer useful diversification. The managers’ analysis backtesting their asset mix over the past 15 years suggests it would have generated a real return of at least 3% per annum each year. Of course, there have been no major periods of inflation during this period, so the results need to be considered in that light. Finally, we think commercial property has been forgotten in the surge in interest for alternative-income trusts and this may have created a value opportunity for contrarians. Commercial property revenues are likely to have a reasonable linkage to inflation, while discounts offer some comfort on the downside. All these assets are likely to do better if growth is high and discount rates remain low. However, if inflation is accompanied by recession and/or rapid interest rate rises, the inflation-linkage could be overwhelmed by negative valuation effects. Commercial property looks most exposed to this, but high-quality portfolios investing in industrials like UKCM and Picton look likely to be more resilient if this environment develops. 06/12/21
16/11/2021
09:58
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?
26/10/2021
13:47
jeff h: Jefferies take:- Yesterday saw a very nice pop in the VPC Specialty Lending Investments’ (VSL LN) NAV as the market reacted extremely well to news of a partnership between Mastercard (MA US) and Bakkt Holdings (BKKT US). Bakkt Holdings is a digital asset platform that went public last week following a SPAC merger with VPC Impact Acquisition Holdings. The Bakkt Holdings IPO price was $10 on 18 August and the shares closed yesterday at $30.60, up a whopping $21.45 (+234% ) on the day. The announced partnership will enable Mastercard to provide its vast army of customers with a range of cryptocurrency services including the ability to buy, sell or hold cryptocurrencies. In addition Mastercard will now be able to offer cryptocurrency loyalty points and rewards. Prior to the news VSL had around 6.5% of its NAV invested in Bakkt. It is slightly more complex than you might think to factor that into an estimated NAV due to impact of warrants and the performance fee, but based on last night’s closing price we believe the eNAV today to be in the region of 121.9p, up from the last Company announced NAV of 108.71p at 31 August. Unsurprisingly VSL’s share price has reacted well this morning, however the discount to NAV is still a generous c.21% based on the mid-price at the time of going to press and the shares yield 8.25%. Could be more to come?…..that’s all based on last night’s closing price of $30.60 but in after-market trading the Bakkt share price went through $50!
26/10/2021
09:41
davebowler: Liberum; Material NAV uplift from Bakkt’s 234% share price increase Mkt Cap £252m | Share price 96.8p | Prem/(disc) -24.8% | Div yield 8.8% Event Bakkt's share price rose by 234% yesterday following its partnership agreement with Mastercard. Under the agreement, businesses and banks will be able to buy and hold cryptocurrency and issue branded crypto debit and credit cards. Bakkt is a digital asset marketplace launched in 2018 by Intercontinental Exchange. It will provide custodial services under the agreement with Mastercard. Bakkt launched three years ago enabling institutions and consumers to buy, sell, store and spend digital assets. VSL invested $2.7m in a SPAC that acquired the business and the book value of VSL's investment was $21.5m at 30 June 2021 (5% of NAV). Liberum view We estimate a NAV increase of c.17% for VSL based on the latest share price for Bakkt and assuming a c.20% discount to account for the lock-up period. Under the valuation policy, the equity investments in SPACs are held at a discount after the deal announcement and through post-close lock-up periods. The transaction closed earlier this month and the lock-up period for VSL's shares is one year. The shares have risen by 7% this morning and we expect the discount to narrow from the current 25% pro-forma discount.
03/3/2021
09:45
davebowler: Liberum Mkt Cap £252m | Prem/(disc) -12.8% | Div yield 8.9% Event VPC Specialty Lending Investments' NAV per share rose by 7.1% in January to 102.6p. The NAV increase in December was due to gross revenue returns of 1.0% and a capital return of 7.7%. The gross capital return was driven primarily by unrealised gains in the investments in VPC Impact Acquisition Holdings. VPC Impact Acquisition Holdings (VIH), a SPAC sponsored by an affiliate of VSL's investment manager, entered into a definitive agreement on 11 January 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 50% above the transaction price. At 31 January 2021, VIH's share price of $14.93 implied a total value of $42.5m for VSL's investment. VSL has applied a 30% discount to this to reflect illiquidity and deal closing risks and the position is held at a value of $29.7m. VSL's shares and warrants are subject to one-year lockup and the transaction is expected to close in Q2 2021. Despite the significant sell-off in the US tech sector over the past week, the current share price of VIH is 0.6% above the level at 31 January. Bakkt was launched three years ago enabling institutions and consumers to buy, sell, store and spend digital assets. Bakkt’s existing equity holders and management will roll 100% of their equity into the combined company. Bakkt will have $574m of cash to fund the growth of the business following the transaction. VSL has agreed a new $130m gearing facility with MassMutual. $80m has been drawn from the facility to repay the previous debt facility with Pacific Western Bank and the first-out participation facility on Avant. The new debt facility has a lower interest cost than the prior facility and and there is also an option to increase the facility to $200m. The look-through gearing ratio has increased marginally to 33% of NAV as a result (32% of NAV at 31 January 2021). Liberum view The investment in VIH has been highly profitable in part due to the attractive economics for sponsors in SPAC transactions. The implied valued at 31 January (pre-discount) represents a 15.7x multiple on VSL's initial $2.7m investment. Liquidity events across a number of the equity positions have contributed to the strong NAV growth since mid-2020. 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. Based on the current share price of VIH, we estimate the potential NAV upside is 2.8% after stripping out the 30% discount. These potential gains are subject to the deal completing (expected in Q2 2021) and the holding is also subject to a lock-up period. In addition to the positive performance from equity investments, the company's balance sheet debt portfolio continues to perform well and is generating a return of c.1% per month. Cash collection has been robust across the debt portfolio and this has enabled the release of some of the ECL provisions taken in H1 2020. A high level of prepayments has enabled debt reduction from 59% of NAV at 31 March 2020 to 32% currently.
03/2/2021
09:34
davebowler: 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.
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.
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