Volta Finance Limited : Management Fee and Performance Fee changes
(Thomson Reuters ONE) -
Volta Finance Limited (VTA) - Management Fee and Performance Fee changes
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Guernsey, 2 October 2017
The Board of Directors today announces that Volta Finance Limited (the "Company"
or "Volta") has agreed a reduction in management fees and revised performance
fees with its Investment Manager, AXA Investment Managers Paris ("AXA IMP" or
the "Investment Manager") under an amended and restated investment management
agreement ("IMA").
The Board is delighted to have reached agreement with AXA on introducing a
tiered management fee and simplified annual performance fee structure. The
management fee amendment will bring an immediate small benefit to shareholders
and will see a notable reduction should the Company grow. The revised
performance fee arrangement will provide a more transparent basis for aligning
shareholders' interests along with AXA IMP's interests. The Board believes the
changes are in the interests of all shareholders and should allow the Company to
appeal to new investors.
Under the revised fee basis, AXA IMP will be entitled to receive the following
fees with effect from 1 August 2017:
MANAGEMENT FEE
AXA IMP will be entitled to receive from the Company a management fee (the
"Management Fee") equal to the aggregate of:
(i) an amount equal to 1.5 per cent of the lower of Net Asset Value
and EUR 300m; and
(ii) if the Net Asset Value is greater than EUR 300m, an amount equal to
1.0 per cent of the amount by which the Net Asset Value of the Company exceeds
EUR 300m.
The Management Fee will continue to be calculated for each six-month period
ending on July 31 and January 31 of each year on the basis of the Company's Net
Asset Value as of the end of the preceding period and payable semi-annually in
arrears.
The Management Fee payable to AXA IMP will continue to be subject to reduction
for investments in AXA IM Managed Products as set out in the Company's existing
Investment Guidelines.
PERFORMANCE FEE
AXA IMP will be entitled to receive a performance fee of 20 per cent of any Net
Asset Value outperformance over an 8 per cent hurdle on an annualised basis,
subject to a high water mark and adjustments for dividends paid, share
issuances, redemptions and buybacks. The performance fee will be calculated and
paid annually in respect of each 12 month period ending on 31 July (each an
"Incentive Period").
Notwithstanding the foregoing, performance fees payable to AXA IMP in respect of
any Incentive Period shall not exceed 4.99% of the Net Asset Value at the end of
such Incentive Period.
The amendment to the management and performance fees payable to the Investment
Manager, which is a related party of the Company under the Listing Rules,
amounts to a smaller related party transaction under Listing Rule 11.1.10 R.
Cenkos Securities, the Company's Sponsor, has independently confirmed that the
proposals are fair and reasonable so far as shareholders of the Company are
concerned. In providing its advice to the Board of Directors, Cenkos Securities
has taken into account the Board of Directors' commercial assessment.
This announcement contains information that is inside information for the
purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via Regulatory Information Service this inside information
is now considered to be in the public domain.
For further information, please contact:
Company Secretary and Portfolio Administrator
Sanne Group (Guernsey) Limited
voltafinance(at)sannegroup.com
+44 (0) 1481 739810
Corporate Broker
Cenkos Securities plc
Sapna Shah
Francesc Garcia Uriel
+44 (0) 20 7397 8900
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay(at)axa-im.com
+33 (0) 1 44 45 84 47
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ABOUT VOLTA FINANCE LIMITED
Legal Entity Identification code (LEI): 2138004N6QDNAZ2V3W80
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 ?717
billion in assets under management as of the end of December 2016. AXA IM
employs approximately 2,420 people around the world.
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
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