Volta Finance Ld Volta Finance Limited : Miscellaneous

 
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 
 
   [e-mail] 
 
   [phone] 
 
   Corporate Broker 
 
   Cenkos Securities plc 
 
   Alan Ray 
 
   Oliver Packard 
 
   Sapna Shah 
 
   [phone] 
 
   For the Investment Manager 
 
   AXA Investment Managers Paris 
 
   Serge Demay 
 
   [e-mail] 
 
   [phone] 
 
   ***** 
 
   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.