VPC Specialty Lending Investments has been reviewing options for tackling its persistent wide discount. Having taken professional advice and after consulting the major shareholders, the board thinks it is likely that there will be a 25% exit opportunity following the AGM in 2023. However, it does not believe that the exit opportunity alone would have a lasting impact on the discount and it also feels that it might have a potentially detrimental impact for shareholders on size and liquidity grounds.
After further consultation with its major shareholders, the board has determined that it would be in the best interests of the company and shareholders to put forward formal proposals for a managed wind-down of the company instead of the 25% exit opportunity.
If shareholders approve, the company’s investments will be realised in a cost-effective manner that achieves a balance between maximising the value received from investments and making timely returns of capital to shareholders.
The board has engaged with the signatories of the recent requisition (Global Value Fund Limited, Staude Capital Value Fund LP and Metage Funds Limited), and the signatories have agreed to withdraw the requisition on the basis that their proposals will not be necessary.
VSL : VPC Speciality Lending proposes managed wind down