Volta Finance Limited - Dividend Declaration
February 28 2020 - 1:00AM
Volta Finance Limited - Dividend Declaration
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 €0.62 per share per annum, paid quarterly each
December, March, June and September, alternating between €0.15 and
€0.16 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 €0.155 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 €0.155 per share
payable on 28 April 2020 amounting to approximately €5.7 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 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
AdministratorBNP Paribas Securities Services S.C.A,
Guernsey Branchguernsey.bp2s.volta.cosec@bnpparibas.com+44 (0) 1481
750 853
Corporate BrokerCenkos
Securities plcRob Naylor Will Talkington Andrew Worne+44 (0) 20
7397 8900
For the Investment ManagerAXA
Investment Managers ParisSerge Demayserge.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
MANAGERSAXA 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 €750 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.
*****
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