Source - LSE Regulatory
RNS Number : 2766L
VPC Specialty Lending Invest. PLC
11 January 2021
 

11 January 2021

VPC Specialty Lending Investments PLC (the "Company")

 Update Regarding its Holding in VPC Impact Acquisition Holdings Sponsor, LLC

 

The Company notes that earlier today, 11 January 2021, VPC Impact Acquisition Holdings (NASDAQ: "VIH"), a special purpose acquisition company sponsored by VPC Impact Acquisition Holdings Sponsor, LLC ("VPC Sponsor"), an affiliate of Victory Park Capital ("VPC"), announced it had entered into a definitive agreement to combine with Bakkt Holdings, LLC ("Bakkt"), a company launched by Intercontinental Exchange, Inc. in 2018. Through VPC Sponsor, VPC Specialty Lending Investments PLC ("VSL") currently owns 2,220,530 Class B Shares and 2,697,467 private placement warrants in VIH, held at an aggregate cost basis of $2,713,994.

The transaction implies a $2.1 billion post-merger enterprise value at a $10.00 price per Class A  Common Stock. Upon the consummation of the transaction, VSL's Class B Shares shall be automatically converted into one share of Class A Common Stock of Bakkt with an aggregate implied transaction value of $22,205,300 to the Company. Similarly, each private placement warrant shall be converted into a warrant to purchase one share of Class A Common Stock of Bakkt. VSL holds 2,697,467 warrants, which maintain a $11.50 per share strike price, provide for cashless exercise and expire five years after closing of the transaction. VSL's Class A Common Stock and warrants shall be subject to a one-year post-closing lockup unless otherwise accelerated based on average trading performance measured six months post-closing. The transaction is expected to close in the second quarter of 2021 and remains subject to VIH shareholder approval amongst other closing conditions. 

For more information on the transaction please see the VIH press release, which can be found here https://www.victoryparkcapital.com/news/2021/01/11/bakkt-the-digital-asset-marketplace-launched-by-intercontinental-exchange-in-2018-to-become-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings

 

The information contained in this announcement is inside information and is price sensitive.

 

Enquiries

 

For further information, please contact:

 

Victory Park Capital

Brendan Carroll (Senior Partner and Co-Founder)

Gordon Watson (Partner)

via Jefferies or Winterflood (below)

info@vpcspecialtylending.com

 

 

 

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 Secretary)

 

Tel: +44 20 7954 9567

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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