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The information on this page is not available to any person who is a “U.S. person” (as defined below) or to any person who is physically present in the United States, and it is available only to persons who are “relevant persons” (as defined below) for U.K. regulatory purposes.
A “U.S. person” is:
any natural person resident in the United States;
any partnership or corporation organized or incorporated under the laws of the United States;
any estate of which any executor or administrator is a U.S. person;
any trust of which any trustee is a U.S. person;
any agency or branch of a foreign entity located in the United States;
any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;
any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and
any partnership or corporation if:
organised or incorporated under the laws of any foreign jurisdiction; and
formed by a U.S. person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organised or incorporated, and owned, by accredited investors (as defined in the rules of the U.S. Securities and Exchange Commission) who are not natural persons, estates or trusts.
“Relevant persons” are (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. The securities of the Company 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 access, or seek to act or rely on, this website: or any of its contents.
We have highlighted previously why current conditions are especially favourable. The September factsheet reported a 18.6% YTD NAV return (1.6% September). Volta outperformed the strong leveraged loan markets (Europe +1.1%, US +ca.1.0%) with a notable 3.7% monthly uplift in CLO equity tranches. As expected, on 20 September, Volta announced its quarterly dividend, (€0.13 per share paid on 12 October 2023, equating approximately to an annualised 8% of NAV, cost ca.€4.76m). In September, Volta received a further $1.5m from a Bank Balance Sheet Transaction (BBST) principal repayment at par. The BBST exposure has reduced to 1.8% (July 5.6%) with proceeds to be re-invested in CLOs.
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