VPC Specialty Lending Invest. PLC VPC Impact Acquisition Holdings Sponsor II, LLC (3261H)
03 Agosto 2021 - 01:00AM
UK Regulatory
TIDMVSL
RNS Number : 3261H
VPC Specialty Lending Invest. PLC
03 August 2021
VPC Specialty Lending Investments PLC (the "Company")
Update Regarding its Holding in VPC Impact Acquisition Holdings
Sponsor II, LLC
The Company notes that on 2 August 2021, VPC Impact Acquisition
Holdings II (NASDAQ: VPCB) ("VPCB"), a special purpose acquisition
company sponsored by VPC Impact Acquisition Holdings Sponsor II,
LLC ("VPC Sponsor"), an affiliate of Victory Park Capital ("VPC"),
announced it has entered into a definitive agreement to combine
with FinAccel ( https://finaccel.co/ ). For more information on the
transaction please see the FinAccel and VPCB press release, which
can be found here .
Through VPC Sponsor, the Company currently owns 1,029,833 Class
B Shares and 833,529 private placement warrants in VPCB, held at an
aggregate cost basis of US$1,254,358. The transaction implies an
approximately US$2.5 billion post-merger enterprise value at a
US$10.00 price per Class A Common Stock . Upon the consummation of
the transaction, 70% of VSL's Class B Shares shall be automatically
converted into one share of Class A Common Stock of FinAccel with
an aggregate undiscounted implied transaction value of US$7,208,830
to the Company. The other 30% of the Company's Class B Shares,
which have an aggregate undiscounted implied transaction value of
US$3,089,500, have a vesting period of five years from the
consummation of the transaction but are fully vested if the volume
weighted average price ("VWAP") reaches defined levels for 10 out
of 20 trading days at any time during this period. Of the remaining
Class B Shares, 50% will vest at a VWAP of US$12.50 price per Class
A Common Stock and the remaining 50% will vest at a VWAP of
US$15.00 price per Class A Common Stock.
The Company will initially value the Class A Common Stock at the
closing trade price and take a 40% discount to the value to take
into account deal closing risk and illiquidity relating to the lock
up on the Class A Common Stock. The discounted valuation above
results in a value of US$6,178,998 representing a 1.5% increase to
the 30 June 2021 NAV (before fees).
Similarly, each private placement warrant shall be converted
into a warrant to purchase one share of Class A Common Stock of
FinAccel . The Company holds 833,529 warrants, which maintain a
US$11.50 per share strike price, provide for cashless exercise and
expire five years after closing of the transaction. The private
placement warrants will be valued utilising an option pricing
model/Black Sholes model. The initial valuation of the private
placement warrants results in a value of US$1,711,547 representing
a 0.1% increase to the 30 June 2021 NAV (before fees).
The Company's Class A Common Stock shall be subject to a
two-year post-closing lockup unless otherwise accelerated based on
average trading performance measured on a rolling consecutive
thirty-day period commencing one-year post-closing. The transaction
is expected to close in the fourth quarter of 2021 or the first
quarter of 2022 and remains subject to VPCB shareholder approval
amongst other closing conditions.
The information contained in this announcement is inside
information and is price sensitive.
Enquiries
For further information, please contact:
Victory Park Capital via Jefferies or Winterflood
Brendan Carroll (Senior Partner and (below)
Co-Founder) info@vpcspecialtylending.com
Gordon Watson (Partner)
Jefferies International Limited Tel: +44 20 7029 8000
Stuart Klein
Neil Winward
Gaudi le Roux
Winterflood Securities Limited Tel: +44 20 3100 0000
Neil Morgan
Chris Mills
Link Company Matters Limited (Company Tel: +44 20 7954 9567
Secretary) Email: VPC@linkgroup.co.uk
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.
Further information on VPC Specialty Lending Investments PLC is
available at : http://vpcspecialtylending.com .
LEI: 549300UPEXC5DQB81P34
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