Volta Finance Ld Volta Finance Limited : Result Of Agm
December 07 2016 - 8:39AM
UK Regulatory
TIDMVTA
Volta Finance Limited (VTA) - Results of the tenth AGM
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES
*****
Guernsey, 7 December 2016
The tenth Annual General Meeting (AGM) of Volta Finance Limited (the
"Company" or "Volta Finance" or "Volta") was held on 29 November 2016.
All resolutions (listed below) were passed.
1. To adopt the audited financial statements of the Company for the year
ended 31 July 2016, including the reports of the Directors of the
Company (the "Directors") and the Auditor (the "Accounts").
2. To re-appoint KPMG Channel Islands Limited of Glategny Court,
Glategny Esplanade, St Peter Port, GY1 1WR as the Company's Auditor to
hold office until the conclusion of the next AGM.
3. To authorise the Board to negotiate and fix the remuneration of the
Auditor in respect of the year ending 31 July 2017.
4. To re-elect Graham Harrison as an Independent Director of the
Company.
5. To re-elect Stephen Le Page as an Independent Director of the
Company.
6. To re-elect Paul Meader as an Independent Director of the Company.
7. To re-elect Joan Musselbrook as an Independent Director of the
Company.
8. To re-elect Paul Varotsis as an Independent Director of the Company.
9. To ratify the decision of the Board to change the Company's dividend
payment frequency from semi-annual to quarterly each March, June,
September and December such that the Company's investment objectives are
now to preserve its capital across the credit cycle and to provide a
stable stream of income to its Shareholders through dividends that it
expects to distribute on a quarterly basis and to note that the
following dividends should be considered as relating to the financial
year ended 31 July 2016: the semi-annual dividend of EUR0.31 paid in
April 2016; the quarterly dividend of EUR0.15 paid in September 2016 and
the quarterly dividend of EUR0.16 payable in December 2016.
10. THAT in accordance with Article 5(7) of the Articles, the Board be
and are hereby authorised to issue equity securities (within the meaning
of the Articles) as if Article 5(2) of the Articles did not apply to any
such issue, provided that this power shall be limited to the issue of up
to a maximum number of 3,653,604 Ordinary Shares (being not more than
10% of the number of Ordinary Shares in issue as at the date of this
notice) or such other number being not more than 10% of the Ordinary
Shares in issue at the date of the AGM, whether in respect of the sale
of shares held as treasury shares, the issue of newly created shares or
the grant of rights to subscribe for, or convert securities into, shares
which, in accordance with the Listing Rules, could only be issued at or
above net asset value per share (unless offered pro rata to existing
Shareholders or pursuant to further authorisation by Shareholders). This
authority will expire on the conclusion of the next AGM of the Company
unless previously renewed, varied or revoked by the Company at a general
meeting, save that the Company shall be entitled to make offers or
agreements before the expiry of such power which would or might require
equity securities to be allotted after such expiry and the Directors
shall be entitled to allot equity securities pursuant to any such offer
or agreement as if the power conferred hereby had not expired.
11. THAT the Company be generally and unconditionally authorised to make
market purchases, for the purposes of Section 315 of the Companies
(Guernsey) Law, 2008 (as amended), of Ordinary Shares in the Company on
such terms and in such manner as the Directors may from time to time
determine, provided that:
(a) the maximum number of Ordinary Shares hereby authorised to be
acquired is 5,476,753, representing not more than 14.99% of the issued
Ordinary Share capital of the Company as at the date of this notice;
(b) the minimum price (excluding expenses) payable by the Company for
each Ordinary Share is 1% of the average of the mid-market values of the
Ordinary Shares of that class in the Company for the five business days
prior to the date of the market purchase;
(c) the maximum price (excluding expenses) which may be paid for any
such Ordinary Share is the higher of (i) an amount equal to 105% of the
average of the middle market quotations for an Ordinary Share in the
Company as derived from The London Stock Exchange Daily Official List
for the five business days immediately preceding the day on which such
share is contracted to be purchased; and (ii) the amount stipulated by
Article 3(2) of the EU Buy-back and Stabilisation Regulation
(2016/1052/EU) being the higher of the price of the last independent
trade and the highest current independent bid for an Ordinary Share in
the Company on the trading venues where the market purchases by the
Company pursuant to the authority conferred by this resolution will be
carried out (provided that limb (ii) shall not apply where the purchases
would not bear the risk of breaching the prohibition on market abuse);
(d) the authority hereby conferred shall expire at the end of the next
Annual General Meeting of the Company or, if earlier, on 28 February
2018 unless previously renewed, varied or revoked by the Company in
general meeting; and
(e) the Company may make a contract to purchase the Ordinary Shares
under the authority hereby conferred prior to the expiry of such
authority, which contract will or may be executed wholly or partly after
the expiry of such authority, and may purchase its Ordinary Shares in
pursuance of any such contract.
For further information, please contact:
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
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47
*****
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 EUR679 billion in assets under management as of the end of
June 2016. AXA IM employs approximately 2,399 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 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
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December 07, 2016 08:39 ET (13:39 GMT)
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