Volta Finance Ld Volta Finance Limited - Dividend Declaration
28 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMVTA
Volta Finance Limited (VTA/VTAS)
Dividend Declaration / Change to Dividend Policy
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION,
IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Guernsey, 28 February 2020
Volta Finance Limited ("the Company") hereby announces a first interim
dividend for the financial year commencing 1 August 2019 and a small
change to the Company's dividend policy.
In recent years, the Company has sought to pay a total dividend of
EUR0.62 per share per annum, paid quarterly each December, March, June
and September, alternating between EUR0.15 and EUR0.16 per quarter.
The Company will continue to seek to pay dividends of approximately 8%
of NAV per annum, absent a notable change in circumstances. This will
also still be paid quarterly. However, henceforth, and commencing with
this dividend declaration, for simplicity this will be paid in a regular
amount of EUR0.155 per share and the payment date will move
approximately one month later, to January, April, July and October.
This change of payment date reflects the cash flow receipts by the
Company from its underlying holdings, particularly CLOs, which are
concentrated in those months. Moving the payment dates should
significantly reduce the need to sell holdings to meet dividend payments
and then later reinvestment following receipt of cash flows or the
alternative of cash drag. The Investment Manager estimates that this
change of payment date should enhance total shareholder returns by
around 0.10-0.15% per annum and the Board finds this a compelling
increase in return for what is, in effect, a small administrative
change.
Accordingly, the Company announces that it has declared a quarterly
interim dividend of EUR0.155 per share payable on 28 April 2020
amounting to approximately EUR5.7 million. The ex-dividend date is 2
April 2020 with a record date of 3 April 2020 and a payment date on 28
April 2020.
The Company has arranged for its shareholders to be able to elect to
receive their dividends in either Euros or Pounds Sterling.
Shareholders will, by default, receive their dividends in Euros, unless
they have instructed the Company's Registrar, Computershare Investor
Services (Guernsey) Limited ("Computershare"), to pay dividends in
Pounds Sterling. Such instructions may be given to Computershare either
electronically via CREST or by using the Currency Election Form which
has been posted to shareholders and a copy of which is also available on
the website
https://www.globenewswire.com/Tracker?data=Hk0Ei6YFr_bclev6Au_pNPjM9STKTSm7iut3ynuyT5bqOWG6G756qXFPnG_hO-Pm7SYFsv0Swm5djU2MsgNv045YzNcv4_IsN2ypGuWXaC0BEAooVotESvJFxhLDa9SGwoBYAY_SiMBOqmJpK9PKuSaNo6VLgGjZs6rqJADzKOxOb_cBNqDser6I14QZUake
www.voltafinance.com within the "Investors -- Other Documents" section.
The deadline for receipt of currency elections is 12:00 (midday) on 6
April 2020.
For further information, please contact:
Company Secretary and Administrator
BNP Paribas Securities Services S.C.A, Guernsey Branch
https://www.globenewswire.com/Tracker?data=TdYr4-JDWO32EFLYJn-jWppRdbUEpNQfhI3NBN7C6hbXO6VLkZVleR-LOfo4ov0oRx2XGZwHiFO8njJ5aQ_MrnMjLO5VOVbUvEYp1ivFcrJJ5xANsxIq7rXARfRmCrdzI8Kt9m8In-foivuLWpxyLQ==
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cenkos Securities plc
Rob Naylor
Will Talkington
Andrew Worne
+44 (0) 20 7397 8900
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
https://www.globenewswire.com/Tracker?data=r00fYp7YPKZIWyODH9Endf23TRDSiPdzCt7tN1xbeFXKirgXKBLcw_zrZk6GACKnLSlpQqljpvojxf5IXoZO1Ltz2HlKjMyzCjkoUq1Rb9M=
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47
*****
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.
*****
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 739 investment professionals and EUR750 billion in assets
under management as of the end of March 2019.
*****
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.
*****
(END) Dow Jones Newswires
February 28, 2020 02:00 ET (07:00 GMT)
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