VOLTA FINANCE - CLASSIFICATION OF ASSETS
(Thomson Reuters ONE) -
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES
*****
Guernsey, 6 July 2012 - Volta Finance Limited (the "Company", "Volta Finance" or
"Volta") announces a revised classification of its assets in order to adapt its
communications to current market practices and terminology and to be helpful to
investors.
Since Volta's inception, its assets have been classified in 4 categories:
Corporate Credits, CDOs, ABS and Leveraged Loans. The new categories will be:
Cash Corporate Credit, Synthetic Corporate Credit, CLO and ABS.
CLO will be further subdivided into USD CLO Equity, USD CLO Debt, EUR CLO Equity
and EUR CLO Debt, in recognition of the significant increase in Volta's CLO
holdings over the past 3 years.
Apart from CLOs, Volta also has exposure to corporate credit risk through cash
or synthetic deals. The Company believes it makes sense to split those deals
according to this distinction and to express clearly if a specific position has
either (a) a subordination to defaults ("Debt" position), or is (b) a first loss
position ("Equity" position). Amongst Synthetic Corporate Credit positions,
recognizing the specifics of Bank Balance Sheet Transactions relative to other
synthetic arbitrage deals should provide additional transparency to Volta's
portfolio.
The full list of assets and their previous and new classification is given
below.
Volta will take advantage of these changes in communication to update the way it
presents geographical and currency exposure. The way assets are classified below
gives a clearer picture of such issues. From the June 2012 monthly report, Volta
will incorporate a table of currency exposures.
For the sake of clarity, the Company does not propose any change to the primary
underlying assets in which it invests. The Company will change the
classification of its assets for investor reporting purposes only. The changes
will have no effect on the categorisation of its assets for IFRS purposes.
+------------------------------------+-----------------------------------------+
|Main Asset Class % of GAV*|Detailed Asset Class % of GAV*|
+------------------------------------+-----------------------------------------+
|CLO 61.8 |USD CLO Equity 22.0 |
| | |
| |USD CLO Debt 21.2 |
| | |
| |EUR CLO Equity 1.8 |
| | |
| |EUR CLO Debt 16.7 |
+------------------------------------+-----------------------------------------+
|Synthetic Corporate Credit 17.4 |Synthetic Corporate Credit 3.1 |
| |Equity |
| | |
| |Synthetic Corporate Credit Debt 10.1 |
| | |
| |Bank Balance Sheet Transactions 4.3 |
+------------------------------------+-----------------------------------------+
|Cash Corporate Credit 10.7 |Cash Corporate Credit Equity 8.8 |
| | |
| |Cash Corporate Credit Debt 1.8 |
+------------------------------------+-----------------------------------------+
|ABS 2.8 |Mortgage Residual Positions 1.4 |
| | |
| |ABS Debt 1.4 |
+------------------------------------+-----------------------------------------+
|Cash 7.3 |Cash 7.3 |
+------------------------------------+-----------------------------------------+
*As of End of May 2012
*****
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 ?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.
*****
Classification of Assets:
http://hugin.info/137695/R/1624905/519660.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#1624905]
Unternehmensinformation / Kurzprofil:
Datum: 06.07.2012 - 12:56 Uhr
Sprache: Deutsch
News-ID 162900
Anzahl Zeichen: 10743
contact information:
Town:
Guernsey
Kategorie:
Business News
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