VSL secures continuation vote but ‘significant minority’ oppose chair re-election

VPC Specialty Lending (VSL)’s shareholders have voted to keep the investment trust operating but there are appear to be concerns about the makeup of the board.

A continuation vote was held at the alternative finance-focused fund’s annual general meeting yesterday (24 June), where 86.6 per cent backed the investment company carrying on with its operations.

Shareholders had expressed concerns about the conditions for allowing the fund to continue but the board promised an option to vote on the closure of the fund next year if they are still unhappy with its performance.

However, the votes also showed significant opposition to the re-appointment of its chair Kevin Ingram and Richard Levy as directors.

A quarter opposed Ingram’s re-appointment and a third were against Levy, who had previously said he plans to step down once a replacement is made.

“The board notes the significant minority votes against the resolutions for the re-election of both Kevin Ingram and Richard Levy,” VSL said in a stock market update.

“As a result, a board committee of two independent directors will be making contact with shareholders who voted against the resolutions to understand their reasons and the company will publish the results of this review and the actions taken within four months.”