Started a position in Vector Capital (LON:VCAP) today at 48.2p. They provide non-regulated B2B loans secured against land and property in England and Wales.

Floated on AIM late last year, raising £3m and have been a lending business for over 25 years. Capitalised at just a shade over £20m.

Presentation from Feb '21 -

Raised another £1.5m in recent months at 47p. Ambition to grow to a book value of £100m.

202 FY results announced in April -

Highlights 2020 FY
· Loan book growth of 8.3%>£36.4m (FY19: £33.6m)
· PBT growth up 19.3%>£2.3m (FY19: £2.0m)
· EPS increase of 19%>5.58p (FY19: 4.69p)
· Revenue growth>19.4% to £4.3m (FY19: £3.6m)
· PAT up 18.8%>£1.9m (FY19: £1.6m)
· Proposed final dividend for the year of 1.43p

Chelverton Dividend Trust and Helium Special Opps have gone over 3% in recent months. Dividend yield is just a tad under 3%.

All in all, seems an overlooked business which is growing strongly. It is a competitive space but this is one of those I suspect once more folk notice, they may be tempted to dig further, like I did. I feel there is scope for capital growth and a half decent dividend.

Would welcome bull and bear views. Thanks!

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