VPC Specialty Lending Invest. PLC Update re VPC Impact Acquisition Holdings Sponsor (2766L)
January 11 2021 - 7:08AM
UK Regulatory
TIDMVSL
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 via Jefferies or Winterflood
Brendan Carroll (Senior Partner (below)
and 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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