Net Asset Value(s)

RNS Number : 1900M

VPC Specialty Lending Invest. PLC

07 May 2020

 

7 May 2020

VPC Specialty Lending Investments PLC

( the " Company")

MONTHLY NET ASSET VALUE PER SHARE

Net Asset Value

The Company is pleased to provide its monthly net asset value per share ("NAV") update.

As at 31 March 2020, the unaudited estimated NAV (Cum Income) per Ordinary Share (ISIN GB00BVG6X439) was 88.89 pence.

This NAV has been calculated by Northern Trust Hedge Fund Services LLC.

Performance

The Company also announces the cumulative NAV total return performance as at 31 March 2020 as follows:

	Monthly Return	YTD Return	ITD Return
Ordinary Shares	-3.55%	-2.62%	24.98%

Monthly Investment Highlights and Factsheet

During the month of March 2020:

v The Company generated a total NAV return of -3.55% for March 2020, primarily driven by unrealised equity valuation adjustments and expected credit loss adjustments on the Company's balance sheet portfolio as a result of the COVID-19 pandemic;

v IFRS 9 reserves for expected credit losses (ECL) accounted for -2.55% of NAV return for the month. The ECL reserve level is unrealised and based on realised losses seen on similar asset classes during the 2008 Financial Crisis. The ECL is calculated based on loss given default assumptions on our balance sheets deals and the models have been 100% weighted to the downside scenario. As of this release we have had no defaults since the onset of the pandemic;

v We will continue to reassess the reserve each month based on the underlying performance of the portfolio, but unless there is degradation of the underlying collateral, we do not expect additional reserves of this magnitude in the future; and

v The revenue return was 1.68%, which is consistent with prior months, and the capital return was -5.23% for the month.

The Company's factsheet for March 2020 will shortly be available on the Company's website: https://vpcspecialtylending.com/ .

Enquiries

For further information, please contact:

Victory Park Capital Brendan Carroll (Senior Partner and Co-Founder) Gordon Watson (Partner)	via Jefferies or Winterflood (below) [e-mail]
Jefferies International Limited	Tel: [phone]
Stuart Klein
Neil Winward Gaudi Le Roux
Winterflood Securities Limited	Tel: [phone]
Neil Morgan
Chris Mills
Link Company Matters Limited (Company Secretary)	Tel: [phone] Email: [e-mail]

About VPC Specialty Lending Investments PLC

VPC Specialty Lending Investments PLC (Company No. 9385218) is a UK listed investment trust focused on asset-backed lending to emerging and established businesses with the goal of building long-term, sustainable income generation. The Company identifies investment opportunities across various industries and geographies to offer shareholders access to a diversified portfolio of opportunistic credit investments originated by non-bank lenders with a focus on the rapidly developing technology-enabled lending sector.

This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results.

LEI: 549300UPEXC5DQB81P34

 

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