Volta Finance Ld Volta Finance Limited : Reduction Of Directors' Fees (replacement)
June 26 2020 - 8:56AM
UK Regulatory
TIDMVTA
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 EUR120,000 EUR100,000
---------------------------- -------------------- ----------------
Audit Committee Chairman EUR105,500 EUR85,000
---------------------------- -------------------- ----------------
Risk Committee Chairman EUR94,000 EUR75,000
---------------------------- -------------------- ----------------
Senior Independent Director EUR94,000 EUR70,000
---------------------------- -------------------- ----------------
All other Directors EUR88,000 EUR70,000
---------------------------- -------------------- ----------------
The current total fees of the board are EUR501,500, and under the new
arrangements this will become EUR400,000. 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 Manager
AXA Investment Managers Paris
Serge Demay
https://www.globenewswire.com/Tracker?data=OA4Cqs5REljjUT5KnnQ3X0G3hXGJbkgnf_M-I6G04vjuo-N2fYnsDbLE_GK-rAbCq70dLap0HL8bBbDHRXb6vK6N39Ulc9FnmeC6J2o8oHo=
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47
Company Secretary and Administrator
BNP Paribas Securities Services S.C.A, Guernsey Branch
https://www.globenewswire.com/Tracker?data=qlqhlBDqGIGo-3LNHoQtUIll9XBuT2g8X0NBNW1fNI0P9yWOzzaJAzqB_DBNuKVMfQMh-iZnPeMuE1mUCubcdoOunPXjlp8KGP5CZKobY2LN1RwFnP-QhkNYsOE0rCD8BZqBwKG2dTM5nPhplP8W9aSct6QTgyN1noiYyE3Bkms87OdL1pxbk_pThTVGxdHOsN02wFyp1GdJnl5_sd5fnPLC2lAjs5PghuLREnxd9RJTzmlVIshtbRTCCbt-1b5me-v7nPFg5Qk4Bhb6sAjundEy1VVNpln3GCDAbpIRiPmU83evnsyp7wKmdBUBO0OTtKXrQIDV8eWTp0Ny_aaEBzYf91B55npORAhmcPmJ3myobx3_B1EhcZQ93eYS6Ye3
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cenkos Securities plc
Andrew Worne
Daniel Balabanoff
Rob 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 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 753 investment professionals and EUR801 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.
(END) Dow Jones Newswires
June 26, 2020 09:56 ET (13:56 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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