THE CHAIRMAN of VPC Specialty Lending Investments (VSL) has stepped down temporarily for health reasons.
A stock market update on Friday from the alternative finance-focused investment fund said Andrew Adcock was stepping aside “with immediate effect due to health reasons” but will remain on the board.
Kevin Ingram will become the interim chairman of the board and Clive Peggram will stand in for Ingram as interim chairman of the audit and valuation committee whilst Adcock recuperates.
“The board wish Andrew all the best for a speedy recovery and look forward to his return as chair of the board in due course,” Ingram said.
VSL recently secured a $75m (£58m) loan from Capital Source, a division of Pacific Western Bank, to boost its returns.
It said that the gearing facility, which can be increased to $125m if needed, should enhance its returns and reduce cash drag from its hedging programme.
It will at first draw $25m from the facility, which will be used to fund new and existing balance sheet investments.
By the end of the year it expects “to be substantially fully invested, including the initial amount drawn under the CapSource facility”.
The investment trust is currently trading on a discount to net asset value of 15.7 per cent.