Volta Finance Ld Volta Finance Limited : Net Asset Value
September 22 2016 - 2:00AM
UK Regulatory
TIDMVTA
Volta Finance Limited (VTA) - August 2016 monthly report
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES
*****
Guernsey, 22 September 2016
Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has
published its monthly report. The full report is attached to this
release and is available on Volta's website (www.voltafinance.com).
PERFORMANCE and PORTFOLIO ACTIVITY
In August, Volta's Estimated NAV gained 2.8% in line with the modest
positive performance in most credit and equity markets.
As at the end of August, the YTD NAV performance is 7.4%, including the
April dividend payment. Volta expects to produce a performance in the
area of 10% for this year, after 10.0% in 2015 and 12.4% in 2014.
In August, Volta purchased one USD CLO Equity in the secondary market
and signed for a new European CLO warehouse. A total of the equivalent
of EUR5.2m was invested in these two positions (only one third of the
total commitment for the warehouse was drawn). On average and based on
standard market assumptions, these purchases have an expected yield of
close to 11.5%. During the month no position was sold or amortised.
At the end of August 2016, Volta's Estimated NAV* was EUR295.6m or
EUR8.09 per share. The GAV stood at EUR338.4m.
In August, mark-to-market variations** of Volta's asset classes were:
+1.6% for Synthetic Corporate Credit deals; +2.4% for CLO Equity
tranches; +3.1% for CLO Debt tranches, +4.4% for Cash Corporate Credit
deals; and, +3.3% for ABS.
In August, Volta generated the equivalent of EUR1.4m in interest and
coupons (non-euro amounts translated into euro using end-of-month cross
currency rates), bringing the total cash amount generated in terms of
interest and coupons during the last six months to EUR17.3m.
Cash holdings or cash equivalent instruments at the end of August
totaled EUR3.4m (after reductions for some trades unsettled at the end
of August) and therefore the Company can be considered as fully
invested. Considering the significant rally that occurred on CLO debt
tranches during the summer, AXA IM expects to sell some of its old
positions and buy more recently issued deals in order to increase the
projected yield of the portfolio. As at the end of August, the weighted
average life (WAL) of Volta assets is close to 3.5 years. Volta still
has some room to extend both the WAL and the yield of our portfolio.
AXA IM continues to see opportunities in several structured credit
sectors including mezzanine and equity tranches of CLOs, RMBS tranches
and tranches of Cash Corporate Credit and Synthetic Corporate Credit
portfolios.
DIVIDEND CURRENCY ELECTION - CURRENCY CONVERSION RATE
Regarding the dividend of EUR0.15 per share payable on 27 September
2016, the currency conversion rate for those Shareholders who elected to
receive pounds sterling will be 0.85121 pounds sterling per euro, based
on the foreign currency exchange rate as at 18:00 (UK time) on 13
September 2016. Consequently, the applicable pounds sterling dividend
rate is GBP0.1276815 per share.
* It should be noted that approximately 10.9% of Volta's GAV comprises
investments in funds for which the relevant NAVs as at the month-end
date are normally available only after Volta's NAV has already been
published. Volta's policy is to publish its own NAV on as timely a basis
as possible in order to provide shareholders with Volta's appropriately
up-to-date NAV information. Consequently, such investments in funds are
valued using the most recently available NAV for each fund. The most
recently available fund NAV was as at: 31 July 2016 for 10.1% of Volta's
GAV and as at 30 June 2016 for 0.8% of Volta's GAV.
** "Mark-to-market variation" is calculated as the Dietz-performance of
the assets in each bucket, taking into account the Mark-to-Market of the
assets at month-end, payments received from the assets over the period,
and ignoring changes in cross currency rates Nevertheless, some residual
currency effects could impact the aggregate value of the portfolio when
aggregating each bucket.
CONTACTS
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
Serge.demay@axa-im.com
+33 (0) 1 44 45 84 47
Company Secretary and Portfolio Administrator
Sanne Group (Guernsey) Limited
voltafinance@sannegroup.com
+44 (0) 1481 739810
Corporate Broker
Cenkos Securities plc
Alan Ray
Oliver Packard
Sapna Shah
+44 (0) 20 7397 1916
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies
(Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and
the London Stock Exchange's Main Market for listed securities. Volta's
home member state for the purposes of the EU Transparency Directive is
the Netherlands. As such, Volta is subject to regulation and supervision
by the AFM, being the regulator for financial markets in the
Netherlands.
Volta's investment objectives are to preserve capital across the credit
cycle and to provide a stable stream of income to its shareholders
through dividends. Volta seeks to attain its investment objectives
predominantly through diversified investments in structured finance
assets. The assets that the Company may invest in either directly or
indirectly include, but are not limited to: corporate credits; sovereign
and quasi-sovereign debt; residential mortgage loans; and, automobile
loans. The Company's approach to investment is through vehicles and
arrangements that essentially provide leveraged exposure to portfolios
of such underlying assets. The Company has appointed AXA Investment
Managers Paris an investment management company with a division
specialised in structured credit, for the investment management of all
its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management
company within the AXA Group, a global leader in financial protection
and wealth management. AXA IM is one of the largest European-based asset
managers with EUR694 billion in assets under management as of the end of
June 2015. AXA IM employs approximately 2,360 people around the world.
*****
This press release is for information only and does not constitute an
invitation or inducement to acquire shares in Volta Finance. Its
circulation may be prohibited in certain jurisdictions and no recipient
may circulate copies of this document in breach of such limitations or
restrictions. This document is not an offer for sale of the securities
referred to herein in the United States or to persons who are "U.S.
persons" for purposes of Regulation S under the U.S. Securities Act of
1933, as amended (the "Securities Act"), or otherwise in circumstances
where such offer would be restricted by applicable law. Such securities
may not be sold in the United States absent registration or an exemption
from registration from the Securities Act. The company does not intend
to register any portion of the offer of such securities in the United
States or to conduct a public offering of such securities in the United
States.
*****
This communication is only being distributed to and is only directed at
(i) persons who are outside the United Kingdom or (ii) investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii)
high net worth companies, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all
such persons together being referred to as "relevant persons"). The
securities referred to herein are only available to, and any invitation,
offer or agreement to subscribe, purchase or otherwise acquire such
securities will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this document or
any of its contents. Past performance cannot be relied on as a guide to
future performance.
*****
This press release contains statements that are, or may deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the
terms "believes", "anticipated", "expects", "intends", "is/are expected",
"may", "will" or "should". They include the statements regarding the
level of the dividend, the current market context and its impact on the
long-term return of Volta's investments. By their nature,
forward-looking statements involve risks and uncertainties and readers
are cautioned that any such forward-looking statements are not
guarantees of future performance. Volta Finance's actual results,
portfolio composition and performance may differ materially from the
impression created by the forward-looking statements. Volta Finance does
not undertake any obligation to publicly update or revise
forward-looking statements.
Any target information is based on certain assumptions as to future
events which may not prove to be realised. Due to the uncertainty
surrounding these future events, the targets are not intended to be and
should not be regarded as profits or earnings or any other type of
forecasts. There can be no assurance that any of these targets will be
achieved. In addition, no assurance can be given that the investment
objective will be achieved.
*****
August 2016 monthly report:
http://hugin.info/137695/R/2043743/763051.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Volta Finance Limited via Globenewswire
http://www.voltafinance.com
(END) Dow Jones Newswires
September 22, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Volta Finance (LSE:VTA)
Historical Stock Chart
From May 2024 to May 2024
Volta Finance (LSE:VTA)
Historical Stock Chart
From May 2023 to May 2024