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To generate an attractive total return for shareholders consisting of dividend income and capital growth through investments in specialty lending opportunities.
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The 33% shares are in unlisted companies (mainly) so you have to hope fintech turnaround. I think 50% fall. And the unlisted ones can be sold. Furthermore at a reasonable price not a fire sale price
Sorry forgot to add the split as I read it is 67% loans 33% shares etc
I believe the wind down option will be to run off loans - most are short term (under five years) so potential losses are limited / the more difficult area will be unquoted shares and any remaining SPAC exposure which will probably be much more market sensitive, i. e. Timing
Thank you @adv11 so much for your information and advice, I only invested VSL about 18 months ago and now loss money on it, it is very tricky decisions to sell now or wait a bit.....
Yes @Lfish - gradually, and they will still be paying a dividend on the remaining assets. Take a look at the link below, which refers to ICG Longbow. They have been winding down now for 14 months, and are still paying a quarterly dividend. As each investment is sold, they return some capital to shareholders in addition to the dividend.
https://citywire.com/investment-trust-insider/news/overlooked-longbow-leaps-16-on-surprise-move-to-wind-up-7-yielding-loan-fund/a1421350
Possible problems are that they may not get full value for all investments, and as they get close to ending the company, they probably won't want to continue paying for listings, at which time most people will sell out quickly before the company is delisted. Personally I expect to still be here for 18 months or so.
'There will be a general meeting held in due course to approve this winding up. If approved it is expected the board of the company will begin to realise all of the company's investments and make timely capital returns to shareholders.'
I don't really understand (I am new) , are they going to return cash to us or ?? Anyone can answer it ? thanks
Damn just noticed I have gone into a loss on vsl. I was up 3%. On the other hand I have a small limit order on them.
VSL today 81.4p to 82p lower than post the announcement.
Clearly the market is not at all Happy with wind down. The debt sector doesn't seem to be going in the same direction.
I Dont employ an accountant either. It's basically for low income people like myself.
This is the HMRC explanation.- https://www.gov.uk/apply-tax-free-interest-on-savings.
Note it must be streamed interest Paid as dividends if its from an investment trusts.
Ignore the bit about Open ended as they can't hold illiquid assets.
SD
Please explain the 5k "starter allowance". It is a new one to me (and I don't employ an accountant).
Read again I didn't say the market doesnt understand it. I said the market doesnt think much of the probability of a wind down based on the share price.
No need for snide comments.
If the market doesn't t understand it but you do, you will ultimately be the genius.
Well clearly based on share price the market doesn't care to much for this wind down.
Out of 18 shares only vpc is down today. I really struggle to understand the stupidity of some people on here.
Millfield
I think you have that wrong. if it is a deep recession selling out of debt particularly the companies they own shares in will be disastrous. The returns will be minimal.
An obvious but, is they will probably cease doing so until the market picks up. IE no chance of getting out at good price or a long wait to do so. I will be selling out (probably) early. Annoying as the dividends from this company are covered by the £5,000 starter savings tax allowance.
Frankly, I think this is a good idea, and very timely as there is likely to be a general investor bloodbath at some time next year. I fully expect a deep and long lasing recession which will leave no business unscathed (except gold miner, perhaps).
CarpeDiem1
Clearly mummy and daddy did treat you particularly well. Didn't you live up to there expectations? Never mind there's a lot like you on here××××
SD you are a moron. Of course you can block posters. I just filtered your tag and miraculously all your posts have disappeared. Now shove off, there's a good fellow. Don't bother replying..I won't see it.
No Christmas spirit here....
"Another words broomhead and adv are have got no chance of getting nav. "
Not really sure what you mean SD, I have never made any comment about expecting NAV, you are just making things up to try and make yourself look like the big man. I am perfectly happy with VPC/VSL whatever they do with the company, Unlike you, I am never greedy or obsessed with money. It's all a hobby to me, win or lose, and this company has been very kind to me for many years. I don't think you realise the risk in investing in other people's debt and things you don't understand.
Merry Christmas, I'll block you again now until I need another laugh.
Like broomhead, I long ago realised that commenting on these boards is only for paid rampers, shorters, and idiots.
Thanks for the article.
If you click on investor comments not one supports it.
And as stated earlier how do you deal with the equity investments?
From the article
"The challenge will be the significant equity exposure and how effectively the manager can exit these positions as close to NAV as possible,’ he said"
Another words broomhead and adv are have got no chance of getting nav.
Minimum time end to loans is 17 months.
https://citywire.com/investment-trust-insider/news/investors-pressure-231m-vpc-specialist-lending-into-full-wind-down/a2405484
Good article in City Wire - Investment Trust Insider - "Investors Pressure £231m VPC Speciality Lending into full wind down. Some good comments including pointing out that "11% discount isn't anything unusual nowadays" and "so what if you're invested for the income" The company's concentrated shareholder register is also causing concern, SVS Opportunity which is managed by Victory Park is the largest shareholder.
As
Market hasn't made much of it?
broomtree
So no answer then?
broomtree
So no answer then?