UK's VPC Specialty gains on wind-down proposal
22/12/2022 15:10
** Shares of UK-based lending solutions provider VPC
Specialty Lending Investments VSLV.L up as much as 6.02% at
88p - highest in over seven months
** Co says its board has decided to propose a managed
wind-down of the co instead of a 25% exit opportunity wherein it
will buyback 25% of its shares
** Says the board and advisers believe the exit opportunity
would have a detrimental impact to the shareholders as it would
shrink co's size, leading to co's shares potentially becoming
less liquid
** Co intends to wind down in a cost-effective manner upon
approval to realize its investments and ensure timely returns of
capital to its shareholders
** VSLV adds that its previously announced requisition
engagement with its signatories has been withdrawn in light of
its intention to wind down
** Shares down 9.5% so far this year as of last close
(Reporting by Anchal Rana in Bengaluru)
((Anchal.Rana@thomsonreuters.com; +91 9915609050;))