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Can the investment in Bakkt be truly classed as an asset? If it can't be realised for 12 months the value of the asset could tumble or otherwise in that time - you certainly couldn't borrow against it or at least would be unwise to. So whilst it is nice to have it on the books I don't see it influencing the share price that much - mind you I really hope I'm proved wrong !!!
Good comment from Stifel analyst Ian Scouller describing VPC's latest update "cryptic and not particularly helpful" explaining the impact that the share price move of digital asset marketplace Bakkt has had on the net asset value. "It is little wonder that VPC shares trade on a relatively high discount when the communication with the market is so poor" said Scouller.
I have to say I agree with him, when the majority of statements put out by UK companies are relatively easy to understand VPC's efforts always leave me scratching my head and asking the question "are they trying to blind me with science......." Anybody else feel like me or am I thick like Scouller ?
Concerning that Blackpool and Glasgow issues wont be resolved until 2022, also the provision for doubtful debts all factors driving the divi cover down to 55%. Hope to see some improvement next quarter when hopefully new investments are taken on board.
Can anyone make sense of the latest monthly report and the impact Bakkt Holdings is having on the business. I notice that the discount to NAV has gone up (84.6 price to 102p NAV assuming I am reading that correctly). Completely at sea with this one, explanation welcome !
Investor Place (amongst many others) reports on a few facts behind this deal. If you think the future of cryptocurrency is secure could be interesting move. As always figuring out how VPC operates and plays a part in this is a bit of a jungle !
I see Laybuy is mentioned in the Times this morning as floating on the Australian Stock Exchange for £115 million. VPC funded this company to the tune of £80 million earlier in the year. Article also explains how Laybuy operates and how they originated in New Zealand. Shame no mention of VPC ! I wonder if they will put out a release ?
Thanks for the link. Actually I've been invested for a few years (not in a big way) but have felt for some time to be on the sidelines of a company with not too much interest in their shareholders and more being run for their own account. I fully agree VPC probably do intend to take the company private. I too was in SQN but exited before things went awry. Would much rather see the 56m shares owned by institutions and private investors. Are they actually owned by Richard Levy or the parent Victory Park ? Questions, questions ....!!
I suppose any company exposed to second tier credit lending in this environment, a portfolio with some US based start-up companies, effects of Covid in US and a 12.3 % yield would make many think "too good to be true"! I think the machinations of the company are confusing, the price seems to hold up by the adviser buying shares on a daily basis (I know not uncommon, but this has been going on since I've been following the company). The whole thing isn't straightforward to me and screams caution. Hope I'm wrong.