VOLTA FINANCE - PUBLICATION OF SEMI-ANNUAL REPORT & ACCOUNTS 2012
(Thomson Reuters ONE) -
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES
*****
Guernsey, 22 March 2012 - Volta Finance Limited (the "Company" or "Volta
Finance") has published its semi-annual report and accounts 2012. The full
report and the presentation of the semi-annual results are attached to this
release and are available on Volta Finance Limited's financial website
(www.voltafinance.com).
Semi-Annual Report & Accounts Highlights
* Net Asset Value ("NAV") of ?137.9 million (?4.46 per share) at 31 January
2012, a decline of 3.3% from ?142.6 million at 31 July 2011. Overall, after
taking into account the amount of dividend paid in cash during the period
(?6.4 million), this reflects a positive performance of 1.2% for the period
* A dividend payment of ?0.22 per share for the semi-annual period from 1
August 2011 to 31 January 2012 will be made in April 2012
* Net profit of the Company for the semi-annual period was ?16.0 million, or
?0.52 per share, taking into account recognition of the following
significant items: effective income of ?12.2 million; a positive
adjustment of ?2.3 million to previous estimates of effective income; a net
positive impairment adjustment of ?0.8 million on previously impaired
assets; a net gain of ?4.5 million on foreign exchange retranslation and
revaluation of foreign exchange derivatives; a mark-to-market loss of ?2.6
million on financial assets designated at fair value through profit or loss;
net realised gains on sales and partial redemptions of ?0.2 million; and net
operating expenses of ?1.3 million
* The investments held by the Company generated ?15.6 million of interest or
coupons during the semi-annual period
* Over the period, the investment strategy has been to invest cash mainly in
CDOs following the stabilisation of market conditions. The cash holdings
were ?2.6 million at the end of the semi-annual period against ?8.9 million
at the beginning of the period
* During the semi-annual period, the Company purchased assets for ?15.3
million, sold assets for ?4.0 million and redeemed assets for ?0.1 million,
which continued to increase its asset base
* As of 31 January 2012, the Company held investments in three underlying
asset classes (CDOs, Corporate Credits and ABS)
* The Company intends to continue pursuing investment opportunities that are
consistent with its objective of paying a dividend in line with the annual
10% objective described in the Chairman's Statement whilst at the same time
increasing its asset base
* Operating expenses as a percentage of average NAV for the semi-annual period
ended 31 January 2012 were 0.91% compared to 1.16% for the semi-annual
period ended 31 January 2011
(Full semi-annual report in attachment or on www.voltafinance.com)
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey)
Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment
objectives are to preserve capital and to provide a stable stream of income to
its shareholders through dividends. For this purpose, it pursues a multi-asset
investment strategy targeting various underlying 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; automobile loans. Volta Finance Limited's basic approach to its
underlying assets is through vehicles and arrangements that provide leveraged
exposure to some of those underlying assets.
Volta Finance Limited 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
nearly ?512 billion in assets under management as of the end of December 2011.
AXA IM employs approximately 2,367 people around the world and operates out
of 21 countries.
CONTACTS
Company Secretary
State Street (Guernsey) Limited
volta.finance(at)ais.statestreet.com
+44 (0) 1481 715601
Portfolio Administrator
Deutsche Bank
voltaadmin(at)list.db.com
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay(at)axa-im.com
+33 (0) 1 44 45 84 47
*****
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 press release is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
with the United States Securities and Exchange Commission or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "Securities
Act"). Volta Finance has not registered, and does not intend to register, any
portion of any offering of its securities in the United States or to conduct a
public offering of any securities in the United States.
*****
This document is being distributed by Volta Finance Limited in the United
Kingdom only to investment professionals falling within article 19(5) of the
Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the
"Order") or high net worth companies and other persons to whom it may lawfully
be communicated, falling within article 49(2)(A) to (E) of the Order ("Relevant
persons"). The shares are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire the shares will be engaged
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.
*****
Volta Finance Semi-Annual Report 2012:
http://hugin.info/137695/R/1596646/503116.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Volta Finance Limited via Thomson Reuters ONE
[HUG#1596646]
Unternehmensinformation / Kurzprofil:
Datum: 22.03.2012 - 18:47 Uhr
Sprache: Deutsch
News-ID 127715
Anzahl Zeichen: 9194
contact information:
Town:
Guernsey
Kategorie:
Business News
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