Volta Finance Limited : Net Asset Value
(Thomson Reuters ONE) -
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
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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 ?5.2m 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 ?295.6m or ?8.09 per
share. The GAV stood at ?338.4m.
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 ?1.4m 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 ?17.3m.
Cash holdings or cash equivalent instruments at the end of August totaled ?3.4m
(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 ?0.15 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 £0.1276815 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(at)axa-im.com
+33 (0) 1 44 45 84 47
Company Secretary and Portfolio Administrator
Sanne Group (Guernsey) Limited
voltafinance(at)sannegroup.com
+44 (0) 1481 739810
Corporate Broker
Cenkos Securities plc
Alan Ray
Oliver Packard
Sapna Shah
+44 (0) 20 7397 1916
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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.
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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 ?694
billion in assets under management as of the end of June 2015. AXA IM employs
approximately 2,360 people around the world.
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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.
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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.
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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.
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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
Unternehmensinformation / Kurzprofil:
Datum: 22.09.2016 - 08:00 Uhr
Sprache: Deutsch
News-ID 496349
Anzahl Zeichen: 11181
contact information:
Town:
St Peter Port
Kategorie:
Business News
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