VOLTA FINANCE - PUBLICATION OF SEMI-ANNUAL REPORT & ACCOUNTS 2010
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES
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Guernsey, 30 March 2010 - Volta Finance Limited (the "Company" or "Volta
Finance") has published its semi-annual report and accounts 2010. The full
report and the presentation of the semi-annual results are attached to this
release and are available on Volta Finance Limited's financial website
(www.voltafinance.com ).
Semi-Annual Report & Accounts Highlights
Ø Net Asset Value ("NAV") of ?85.6 million (?2.83 per share) at 31 January
2010; a significant increase of 47% from ?58.4 million at 31 July 2009
Ø An interim dividend of ?0.13 per share for the semi-annual period from
1 August 2009 to 31 January 2010 has been declared by the Board of Directors
Ø Net profit of the Company for the semi-annual period was ?20.8 million,
or ?0.69 per share, taking into account the increase in value of the previously
impaired residual tranches of( )CLOs( )and the mark-to-market gains of assets
held at fair value through profit or loss and derivative financial instruments
Ø The results for the semi-annual period reflect both a significant
improvement in the general economic and financial situation but also the ability
of the Company's assets to benefit from it
Ø The assets held by the Company generated ?7.6 million of interest or
coupons in cash over the semi-annual period
Ø After a lull in investing, the Company resumed during the semi-annual
period. ?31.4 million has been invested, mainly in mezzanine debt tranches of
CLOs, senior tranches of Corporate Credit portfolios and short-term AAA European
ABS assets. As a consequence, the cash holding went from 47.4% of the NAV of
the portfolio at the beginning of the period to 4.9% at end of January 2010
Ø As of 31( )January 2010, the Company held investments in three Primary
Target Asset Classes (CDOs, Corporate Credits and ABS)
Ø For the coming semi-annual period, the Company intends to continue
investing mainly in mezzanine debt tranches of CLOs, senior tranches of
Corporate Credit portfolios and short-term AAA European ABS assets, but also to
switch some existing assets for similar assets with higher or less uncertain
expected cash flows. The Company intends to continue being very selective when
pursuing its investment strategy
Ø Operating expenses for the semi-annual period were 1.16% of the 31
January 2010 NAV.
(Full semi-annual report in attachment or on www.voltafinance.com
)
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ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey)
Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment
objectives are to preserve capital and to provide a stable stream of income to
its shareholders through dividends. For this purpose, it pursues a multi-asset
investment strategy targeting various underlying 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; automobile loans. Volta Finance Limited's basic approach to its
underlying assets is through vehicles and arrangements that provide leveraged
exposure to some of those underlying assets.
Volta Finance Limited 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
nearly ?500 billion in assets under management as of the end of December 2009.
AXA IM employs approximately 2,857 people around the world and operates out
of 21 countries.
CONTACTS
Company Secretary
Mourant Guernsey Limited
volta.finance@mourant.com
+44 (0) 1481 715601
Portfolio Administrator
Deutsche Bank
voltaadmin@list.db.com
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47
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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 press release is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
with the United States Securities and Exchange Commission or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "Securities
Act"). Volta Finance has not registered, and does not intend to register, any
portion of any offering of its securities in the United States or to conduct a
public offering of any securities in the United States.
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This document is being distributed by Volta Finance Limited in the United
Kingdom only to investment professionals falling within article 19(5) of the
Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the
"Order") or high net worth companies and other persons to whom it may lawfully
be communicated, falling within article 49(2)(A) to (E) of the Order ("Relevant
persons"). The shares are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire the shares will be engaged
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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This press release contains statements that are, or may deemed to be,
"forward-looking statements". These forward-looking statements can be identified
by the use of forward-looking terminology, including the terms "believes",
"anticipated", "expects", "intends", "is/are expected", "may", "will" or
"should". They include the statements regarding the level of the dividend, the
current market context and its impact on the long-term return of Volta's
investments. By their nature, forward-looking statements involve risks and
uncertainties and readers are cautioned that any such forward-looking statements
are not guarantees of future performance. Volta Finance's actual results,
portfolio composition and performance may differ materially from the impression
created by the forward-looking statements. Volta Finance does not undertake any
obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which
may not prove to be realised. Due to the uncertainty surrounding these future
events, the targets are not intended to be and should not be regarded as profits
or earnings or any other type of forecasts. There can be no assurance that any
of these targets will be achieved. In addition, no assurance can be given that
the investment objective will be achieved.
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[HUG#1399424]
Semi-Annual Report and Accounts 2010: http://hugin.info/137695/R/1399424/354918.pdf
