VOLTA FINANCE - MARCH MONTHLY REPORT
(Thomson Reuters ONE) -
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES
*****
Guernsey, 21 April 2015 - 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 Finance Limited's financial
website (www.voltafinance.com).
Gross Asset Value
+-------------------------------------+-------------+--------------+
| | At 31.03.15 | At 27.02.15 |
+-------------------------------------+-------------+--------------+
| Gross Asset Value (GAV / ? million) | 336.9 | 293.9 |
+-------------------------------------+-------------+--------------+
| Liabilities (? million) | 34.0 | Not reported |
+-------------------------------------+-------------+--------------+
| Estimated NAV (? million) | 302.9 | 293.9 |
+-------------------------------------+-------------+--------------+
| Estimated NAV per share (?) | 8.30 | 8.05 |
+-------------------------------------+-------------+--------------+
PERFORMANCE
At the end of March 2015, the Estimated NAV of Volta Finance Limited
(the "Company", "Volta Finance" or "Volta") was ?302.9m or ?8.30 per share, an
increase of ?0.25 per share or 3.0% since the end of February 2015.
The YTD performance for 2015 stands at +8.2% as at the end of March.
REPURCHASE TRANSACTION
As previously announced, the Company entered into a Repurchase Agreement with
Societe Generale towards the end of March. $30m was received against USD CLO
debt tranches. The proceeds have begun to be invested and $6m was invested into
two debt tranches of a USD CLO in early April. The balance of the proceeds will
be invested as opportunities arise in the coming weeks and months, most likely
principally through the primary market.
As Volta now has leverage at a Company level, the Board has agreed to provide
investors with additional reporting metrics. Henceforth, the Company will
report a Gross Asset Value ("GAV") and an Estimated Net Asset Value ("NAV") on a
monthly basis, with an audited Net Asset Value for 31(st) July and 31(st)
January.
As at the end of March, the GAV of Volta was ?336.9m from which ?27.9m of debt
(in relation with the repurchase agreement signed in March) and ?6.1m of accrued
fees (management fees and performance fees not yet settled) have to be
subtracted to reach the NAV. The reporting of the breakdown of assets later in
this report are in % of the GAV.
DIVIDEND
On 7(th) April, the Company paid a dividend of 31 cents per share to
shareholders on the register on 2(nd) of April. The ?8.30 per share NAV is
before dividend payment.
PORTFOLIO REVIEW
In March, Volta made no new investments but ?1.8m was drawn down on existing
commitments. No assets were sold during the month.
At the end of March, reflecting the Repurchase Transaction, Volta held ?35.5m in
cash, excluding an amount of ?2.4m which is pledged as margin under its currency
hedging facilities. ?11.3m was paid to shareholders in the dividend in April.
Volta's assets generated the equivalent of ?2.2m cash flows in March 2015 (non-
Euro amounts translated to Euro using end-of-month cross currency rates and
excluding principal payments from debt assets) bringing the total cash generated
during the last six months to ?16.6m.
The March mark-to-market variations* of Volta's asset classes were: -1.2% for
Synthetic Corporate Credit deals, +1.8% for CLO Equity tranches; +1.0% for CLO
Debt tranches, -1.8% for Cash Corporate Credit deals and +2.4% for ABS. The
positive performance of Volta in March reflects the very calm credit markets
during the month and the further appreciation of the USD against Euro. At
31(st) March 2015 Volta had 44.3% net exposure to the US Dollar, after
accounting for the impact of currency hedging.
In March 2015, no particular event materially impacted any of Volta's assets.
We continue to see opportunities in several structured credit sectors including
mezzanine or equity tranches of CLOs, RMBS tranches as well as tranches of Cash
or Synthetic Corporate Credit portfolios.
SHARE PRICE PERFORMANCE
Buying interest has continued to be seen from a range of existing and new
investors during the last month, although the volume of shares traded has been
lower at 0.8m (based on Bloomberg, including volume across brokers). Based on
the end of March 2015 NAV (adjusted for the 31 cents per share dividend
payment), the shares are trading at a discount of 14% to NAV (as at 21(st) April
2015). As noted previously, the discount remains markedly wider than the
Company's London listed peers.
LONDON STOCK EXCHANGE LISTING
As recently announced, an EGM will be held on 6(th) May 2015 at which certain
resolutions are put to shareholders. The Directors strongly recommend that
shareholders vote in favour of the resolutions. If all resolutions are
approved, it is expected that the Company will list on the Main Market of the
London Stock Exchange before the end of May.
* "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.
** Index data source: Markit, Bloomberg.
(Full monthly report in attachment or on www.voltafinance.com)
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey)
Law, 2008 (as amended) and listed on NYSE 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 ?607
billion in assets under management as of the end of September 2014. AXA IM
employs approximately 2,300 people around the world and operates out of 21
countries.
CONTACTS
Company Secretary
Sanne Group (Guernsey) Limited
voltafinance(at)sannegroup.com
+44 (0) 1481 739810
Portfolio Administrator
Sanne Group (Guernsey) Limited
voltafinance(at)sannegroup.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 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.
*****
March Monthly Report:
http://hugin.info/137695/R/1913079/683109.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1913079]
Unternehmensinformation / Kurzprofil:
Datum: 22.04.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 387548
Anzahl Zeichen: 12709
contact information:
Town:
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Kategorie:
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