Volta Finance Limited : Reduction of Directors' fees (replacement)
June 26 2020 - 8:56AM
Volta Finance Limited : Reduction of Directors' fees (replacement)
Volta Finance
Limited (VTA/VTAS)
Reduction of Directors’ fees
NOT FOR RELEASE, DISTRIBUTION OR
PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE
UNITED STATES
The following amendment has been made to the Reduction in
Directors’ Fees’ announcement released on 26 June 2020 at 12:03:13
hrs (BST).
In paragraph 3, the date has been changed from 1 August 2019 to
1 August 2020.
All other details remain unchanged.
The full amended text is shown below.
Guernsey, 26 June 2020
Volta Finance Limited ("the Company") hereby
announces a reduction in the directors’ fees payable for the
financial year commencing 1 August 2020.
The Directors always keep the costs of running
the fund under close scrutiny, but the recent notable decline in
the net asset value of the company, primarily caused by the impact
of the COVID-19 pandemic on CLO markets and the value of the
Company’s assets, has prompted the Directors to seek opportunities
to reduce those costs.
Since their own fees are entirely in their own
control, not requiring any negotiation with third parties, the
Directors resolved at their meeting on 25 June to reduce their
fees, with effect from 1 August 2020, as follows –
|
Present Remuneration |
New Remuneration |
Chairman |
€120,000 |
€100,000 |
Audit Committee Chairman |
€105,500 |
€85,000 |
Risk Committee Chairman |
€94,000 |
€75,000 |
Senior Independent Director |
€94,000 |
€70,000 |
All other Directors |
€88,000 |
€70,000 |
The current total fees of the board are
€501,500, and under the new arrangements this will become
€400,000. As is currently the case, 70% of the above fees
will be paid quarterly in cash, with shares representing the
remaining 30% at net asset value per share being purchased in the
market. Thus, at current levels of the discount between the
net asset value per share and the share price, the true cost to the
company is approximately 5% less than the amount quoted above.
These new fees will next be reviewed in June
2023.
The Directors will continue to seek
opportunities to reduce the costs of running the Company.
For further information, please
contact:
For the Investment ManagerAXA
Investment Managers ParisSerge Demayserge.demay@axa-im.com+33 (0) 1
44 45 84 47
Company Secretary and
AdministratorBNP Paribas Securities Services S.C.A,
Guernsey Branch guernsey.bp2s.volta.cosec@bnpparibas.com +44
(0) 1481 750 853
Corporate Broker Cenkos Securities plc Andrew
WorneDaniel BalabanoffRob Naylor+44 (0) 20 7397 8900
***** 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 753 investment
professionals and €801 billion in assets under management as of the
end of April 2020.
*****
This press release is published by AXA
Investment Managers Paris (“AXA IM”), in its capacity as
alternative investment fund manager (within the meaning of
Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance
Limited (the "Volta Finance") whose portfolio is managed by AXA
IM.
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. Volta
Finance 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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