VPC comment

chucko19 Apr ’24

Well, I am scratching my head a little! The leverage is stated as 0.27x in October and 0.15 x as of “now”. The October update states the leverage as 0.25x then, and the January 2024 update cites 0.10x. So I cannot determine the definition they are employing for this release.

Anyway, 5.12% of the 83.18p January NAV is 4.2588pps, and although that may appear to be small beer for a capital return, they have repaid half the debt (gearing facilities) and so we are likely to see some higher repayments in due course. From a value perspective, I am interested to observe the fall in SP upon this going ex-cap, and whether the theoretical increase in discount were the sp to fall by 4.25p offset by value investors (like myself) or ignored by those with more pressing concerns about whether or not to continue holding a liquidating IT.

Much more to travel on this one.