VTAS Volta Finance Limited

 
TIDMVTA 
 
 
   Volta Finance Limited (VTA/VTAS) 
 
   Dividend Declaration 
 
   NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, 
 
   IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES 
 
   Guernsey, 11 May  2020 
 
   Volta Finance Limited (the "Company") announces that it has declared a 
first interim dividend of EUR0.10 per share payable in June 2020, 
amounting to approximately EUR3.7 million. The ex-dividend date is 21 
May 2020 with a record date of 22 May 2020 and a payment date of 16 June 
2020 ("the Dividend"). 
 
   The Company had previously declared a first interim dividend of EUR0.155 
per share to be paid on 28 April 2020.  As announced on 2 April 2020, 
this dividend was then cancelled.  At that time financial markets, the 
pricing of the Company's holdings and liquidity conditions were very 
disorderly.  The Directors and Investment Manager felt that, at that 
stage, it would be prudent to cancel the dividend given the profound 
uncertainty in economies and markets generally and, specifically, in 
relation to the cash flows expected to be received by the Company during 
April. 
 
   Those cash flows have now been received and market and liquidity 
conditions have started to revert to more normal levels.  None of the 
Company's positions had a cash flow shortfall in April and, in 
particular, none of Volta's CLO Equity positions suffered any cash flow 
diversion, in contrast to the broader market.  The cash flows received 
are lower than prior periods would have implied but solely because of 
the lower level of prevailing interest rates. 
 
   The Board and Investment Manager recognise the importance of dividends 
to our shareholders.  Accordingly, the Company has declared the 
Dividend.  It believes that this level of dividend, being approximately 
8% annualised of the end of March Net Asset Value, is prudent and 
appropriate.  As at today's date, after deducting for the imminent 
repayment of the repo and the payment of the Dividend, it leaves the 
Company with around EUR8m of surplus cash.  Allowing for a sensible 
buffer for working capital, this remaining cash will be deployed, at 
highly attractive expected returns, into current commitments and new 
investments. 
 
   The exact profile of this crisis cannot be known and it is inevitable 
that some diversion of cash flow in the Company's CLO Equity holdings 
will occur in the coming quarters.  This uncertainty means that the 
Board will evaluate the cash flows received each quarter and make a 
specific dividend decision on each occasion.  However, unless conditions 
deteriorate meaningfully, our intention going forwards is to seek to 
distribute a material proportion of income received and, if possible, 
seek to be consistent with our previously stated aim of distributing 
approximately 8% of the NAV per annum.  Should income levels in the 
coming quarters exceed the Company's current central case, then 
additional income may well be distributed as an enhanced dividend later 
in the year.  Because the Board and Investment Manager intend to wait 
for the receipt of cash flows before making each determination of 
dividend payments, the Company's dividends are likely to be paid later 
than previously guided -- therefore in June, September, December & 
March.  Once conditions and cash flows become more predictable, the 
Company may seek to revert to the previous dividend timetable. 
 
   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 www.voltafinance.com within the "Investors -- Other 
Documents" section. The deadline for receipt of currency elections is 
12:00 (midday) on 26 May 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=Q_1GjaaFFfBW6YIAiqglKjA--uwLADKpzHQK_mfkLRqa-st-XBY61-mv8aHj5Ah3H_Toaed1ib7Gf8Fj5vjXL5dbdYJKvhU_pb7q4N44CPsT6I_y4dXyLuDAgJq2AGSagtUxIFrOgQQ-I6rNcsigSw== 
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=UGdp6xFd9rVnCfHy2WBeDMxUh-gSdP3qW1xyJCqdWGE-FWCaIqwFXzCCKWc-XvDLnpRkVUbAiAcLachl9v--8-vM5MPWl9gLQzHEXVO86hs= 
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 EUR810 billion in assets 
under management as 31 December 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

May 11, 2020 02:00 ET (06:00 GMT)

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