Volta Finance Limited - Amended NAV Announcement Date and Change of Pricing Source
09 July 2019 - 12:15AM
Volta Finance Limited - Amended NAV Announcement Date and Change of
Pricing Source
8 July 2019 Volta Finance
Limited (VTA / VTAS)
AMENDED NAV ANNOUNCEMENT DATE AND CHANGE
OF PRICING SOURCE
Hitherto, the Company has issued a formal Net
Asset Value ("NAV") around 15 business days after month end, with
an earlier Estimated NAV from the Investment Manager.
Henceforth, and with effect from the NAV for
30th June 2019, the Company will issue one NAV per month, around 8
to 10 business days after month end.
This is feasible because the Company will, from
30th June 2019, use independent third party pricing vendor JP
Morgan PricingDirect as pricing source for all CLO equity
positions. Until now, the Company has used JP Morgan
PricingDirect as pricing source solely for CLO debt tranches, with
CLO equity positions priced using multiple broker marks which took
time to receive and collate.
Having reviewed the reliability of the new
pricing source, the Board believe that this change should lead to
greater transparency of pricing and quicker release of the NAV.
Following this change, and based on current
portfolio allocations, around 76% of the total portfolio will be
priced using JP Morgan PricingDirect with around 7% based on net
asset values from underlying funds and 12% based on other valuation
methodologies. The balance of the Company's assets are in
cash.
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 Broker Cenkos Securities plc Sapna
Shah Andrew Worne +44 (0) 20 7397 8900
For the Investment Manager AXA Investment
Managers Paris Serge Demay 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
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.
*****NOT FOR RELEASE, DISTRIBUTION OR
PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED
STATES
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.
*****
- 2019 07 08 RNS - Amended NAV a
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