LONDON (Alliance News) - VPC Specialty Lending Investments PLC Wednesday's said it has invested the proceeds from its initial public offering ahead of schedule.
VPC, which aimed to invest the GBP200 million it raised when it floated on the London Stock Exchange in March within six months, said its portfolio offers exposure to 16 platforms originating consumer and small business loans in Europe, UK and the US.
"The most recent investment was made pursuant to VPC's USD106 million balance sheet model commitment to and equity investment in a US-based small business lender providing short term working capital loans of up to USD25,000 through a vendor financing arrangement and receiving payment once sales are made," VPC said in a statement.
The company said the yield on its "substantially fully invested portfolio" is in line with what is needed to meet the targeted net dividend yield of 8.0% of the 100 pence pricing of its IPO. It wants to declare its initial dividend in August.
It now expects its proposed issue of C shares to take place in September.
Shares in VPC were up 0.8% at 103.49 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Vpc Specialty (VSL)