Volta Finance Ld Volta Finance Limited : Miscellaneous
29 March 2017 - 5:02PM
UK Regulatory
TIDMVTA
Volta Finance Limited (VTA) - Change in Directors' Remuneration
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES
*****
Guernsey, 29 March 2017
Volta Finance Limited (the "Company" or "Volta") announces a change in
the Directors' remuneration following a detailed external review carried
out by Trust Associates.
At a meeting on 28 March 2017, upon the recommendation of the
Remuneration Committee the Board adopted Trust Associates'
recommendations in full, backdated to 1 February 2017, noting that the
purpose of the changes is primarily to simplify the current Directors'
remuneration and align it more closely with shareholders' interests.
The new annual remuneration is:
Chairman - EUR120,000
Director - EUR88,000
Additional fee for Audit Chair - EUR17,500
Additional fee for Senior Independent Director - EUR6,000
Additional fee for Risk Chair - EUR6,000
30% of each Director's remuneration will continue to be paid in shares
but the number of shares allocated will be calculated based on NAV
rather than at share price, as previously. The NAV used will be the most
recently available Estimated NAV.
The Directors' fees will continue to be paid quarterly.
In addition, Directors will now be required to retain shares for at
least one year.
The Company's previous Directors' remuneration was:
The Chairman was entitled to receive an annual fee of EUR120,000. Each
of the other Directors was entitled to receive an annual fee of
EUR60,000, plus an additional fee of EUR10,000 per meeting for each of
the first four meetings of the Board attended in person by such Director
in any calendar year. Such fees are payable quarterly in arrears.
Each Director received 30% of his or her Director's fee in the form of
newly issued shares at a share price equal to the average per share
closing price of the shares on Euronext Amsterdam over the 60
consecutive Euronext Amsterdam trading days preceding the date of
issuance. The Directors were obliged to retain those shares for a period
of no less than six months from their respective dates of issuance.
For further information, please contact:
Company Secretary and Portfolio Administrator
Sanne Group (Guernsey) Limited
voltafinance@sannegroup.com
+44 (0) 1481 739810
Corporate Broker
Cenkos Securities plc
Alan Ray
Oliver Packard
Sapna Shah
+44 (0) 20 7397 1916
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 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 EUR679 billion in assets under management as of the end of
June 2016. AXA IM employs approximately 2,399 people around the world.
*****
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.
*****
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Volta Finance Limited via Globenewswire
http://www.voltafinance.com
(END) Dow Jones Newswires
March 29, 2017 02:02 ET (06:02 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Volta Finance (LSE:VTA)
Historical Stock Chart
From Apr 2024 to May 2024
Volta Finance (LSE:VTA)
Historical Stock Chart
From May 2023 to May 2024