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VPC Specialty (VSL)

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Tuesday 06 August, 2019

VPC Specialty

Portfolio Update

RNS Number : 9680H
VPC Specialty Lending Invest. PLC
06 August 2019
 

6 August 2019

 

VPC Specialty Lending Investments PLC

(the "Company")

PORTFOLIO UPDATE

 

Victory Park Capital Amends Credit Facility with Oakam Limited

 

A capital raise will enable the digital micro-lender to satisfy outstanding liabilities and re-launch consumer lending

 

The Company and Victory Park Capital (the "Investment Manager" or "VPC") are pleased to announce that VPC has reached an amended financing agreement with Oakam Limited ("Oakam"), a UK-based digital micro-lender and existing portfolio company.

 

The Oakam Management Team, together with new investors through its funding vehicle, Akrod Limited ("Akrod"), has raised £6.0 million to satisfy the unsecured creditors, support the Company's borrowing base and provide growth capital.

 

Oakam exited administration on 28 June 2019, following the approval of its Company Voluntary Arrangement with unsecured creditors, and subsequent confirmation from the Financial Conduct Authority to re-engage in consumer lending. The majority of Akrod's equity investment will be used to support future growth initiatives to better serve underbanked consumers, while enhancing the Company's collateral.

 

Enquiries

For further information, please contact:

 

Victory Park Capital

Brendan Carroll (Senior Partner and Co-Founder)

Gordon Watson (Partner)

via MHP (below)



Jefferies International Limited

Tel: +44 20 7029 8000

Gary Gould


Sandra Björck




MHP (PR Adviser)

Tel: +44 20 3128 8100

Tim Rowntree

Rachel Mann

Email: [email protected]



Link Company Matters Limited (Company Secretary)

Tel: +44 20 7954 9567

Email: [email protected]

 

 

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.

 

 


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