Vector Capital PLC AGM statement and quarterly trading update (1412Y)
11 Mayo 2021 - 1:00AM
UK Regulatory
TIDMVCAP
RNS Number : 1412Y
Vector Capital PLC
11 May 2021
Vector Capital plc
("Vector Capital", the "Company" or the "Group")
AGM statement and quarterly trading update
Tracking to growth plan
Ahead of the Company's maiden Annual General Meeting ("AGM") as
an AIM company later today, Vector Capital Plc (AIM: VCAP), a
commercial lending group that offers secured loans primarily to
property developers located in England & Wales, is pleased to
provide an update on trading for the Quarter ended 31 March
2021.
As the AGM is being held as a closed meeting due to ongoing
government restrictions on public gatherings, the Company invited
shareholders to submit questions ahead of the AGM and this
statement seeks to answer those questions to the extent
possible.
Loan book summary
As at 31/03/21 As at 31/12/20 As at 31/12/19
Loan book GBP38.6 million GBP36.4 million GBP33.6 million
Number of live
loans 69 63 56
Average loan GBP559,000 GBP577,000 GBP600,485
size
Average loan
to value 46.0% 44.2% 57.46%
Trading update
Vector Capital's shares were admitted to trading on AIM on 29
December 2020 and the Company raised gross proceeds of GBP3.1m (net
GBP2.6m) at that time. The net proceeds have largely been deployed
into new lending and will provide the base for drawing down further
on its debt facilities.
Current trading in 2021 has been in line with expectations and
the Company's pipeline of new loan opportunities remains
strong.
The Company is now concentrating on loan book growth by
enhancing its engagements with its broker network. The Company is
also introducing additional staff training programs so that the
existing team can handle increased activity. It is not anticipated
that the Company will be required to increase its headcount this
year.
Discussions have been held with the Company's two wholesale
lenders, Shawbrook Bank and Aldermore Bank. Both banks are fully
supportive of the Group's operations and have indicated that they
would be ready to increase the facilities should the Company
request them. The Group has also been approached by three other
wholesale banking providers who have offered indicative terms on
additional facilities. The Company will continue discussions with
these providers to maintain flexibility as the business grows,
however, the board considers that the Group's existing facilities
are the best fit for its current requirements.
In these early days as a public company, the Board has been
exploring how best to raise the Group's profile and increase
engagement with individual and institutional investors and with the
market. The Company will report further on this initiative at the
time of the announcement of its interim results to 30 June 2021 and
as the year progresses.
Agam Jain, CEO of Vector Capital will make the following
statement at the AGM:
" We have continued to trade strongly since our year end and our
pipeline of new loan opportunities remain at a historically high
level. We are supported by the improving property and construction
sectors, the latter of which has experienced its strongest growth
phase for circa six and half years, driven by the easing of
COVID-19 restrictions which has led to increased activity in
housing and other commercial developments(1) .
"The Group continues to be well placed to benefit from these
opportunities to further grow revenue, profits and dividends and we
are on track against our strategy to establish ourselves as the go
to lender of choice in our market segment. The Board is confident
of the Group's continued success."
(1) Source: IHS Markit
Enquiries
Vector Capital Plc c/o TB Cardew
Agam Jain
Allenby Capital Limited + 44 (0) 20 3328 5656
James Reeve/George Payne (Corporate www.allenbycapital.com
Finance)
Tony Quirke (Sales and Corporate
Broking)
TB Cardew + 44 (0)7775 848537
Shan Shan Willenbrock + 44 (0)20 7930 0777
Charlotte Anderson vector@tbcardew.com
About Vector Capital:
Vector Capital provides secured, business-to-business loans to
SMEs based in England and Wales. Loans are typically secured by a
first legal charge against real estate. The Company's customers
typically borrow for general working capital purposes, bridging
ahead of refinancing, land development and property acquisition.
The loans provided by the Company are typically for renewable
12-month terms with fixed interest rates.
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