Share Name Share Symbol Market Type Share ISIN Share Description
Volta Fin LSE:VTA London Ordinary Share GG00B1GHHH78 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00 € +0.00% 6.90 € 0 08:00:00
Bid Price Offer Price High Price Low Price Open Price
6.86 € 6.94 € 6.90 € 6.90 € 6.90 €
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 38.7 106.0 6.5 252.28

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Date Time Title Posts
22/5/201810:08Volta Finance VTA.AS235
26/3/201013:41Valterra Resource Corp. & the L-Page Group1
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DateSubject
25/5/2018
09:20
Volta Fin Daily Update: Volta Fin is listed in the General Financial sector of the London Stock Exchange with ticker VTA. The last closing price for Volta Fin was 6.90 €.
Volta Fin has a 4 week average price of 6.87 € and a 12 week average price of 6.84 €.
The 1 year high share price is 7.75 € while the 1 year low share price is currently 6.84 €.
There are currently 36,562,038 shares in issue and the average daily traded volume is 15,976 shares. The market capitalisation of Volta Fin is £252,278,062.20.
05/4/2018
09:06
skyship: Excellent CHAIRMAN’S STATEMENT in the Interim Report. First 3 paras posted below. Particularly like the bit at the end of the 2nd para re Discount Control: ========================================================================= Dear Shareholder When I wrote to you in the autumn of last year some caution seemed merited towards the ebullience in financial markets. Subsequently, this enthusiasm has, indeed, been tempered. Government bond yields have risen sharply in some regions, most particularly the United States, and “risk assets” such as equities have seen an increase in volatility. Against this backdrop, the net asset value (“NAV”) total return of Volta, at 2.7% for the six months to 31 January 2018 (and an estimated gain of 0.7% in February 2018) is respectable, if below the long-term target run-rate of returns. More disappointing, however, is the share price total return of -0.7% for the six months to 31 January 2018. This reflects a widening of the discount of the share price to NAV to 14.2% as at that date. Despite efforts to bring Volta to the attention of a wider audience and ongoing attempts to address any structural impediments to an improved share price rating, so far this has not been reflected in a narrower share price discount. I would note in this context the recent reduced ratings across a broad peer group of incomeorientated listed investment funds including direct Company peers. So Volta’s de-rating is not unique. That said, the Board, Investment Manager and broker have recently discussed this and we will redouble our efforts in the coming year. In my meetings with some Shareholders there has been a suggestion that our Company should commence either a regular tender at NAV or repurchase shares in the market. These mechanisms can be a double-edged sword, as some have found to their cost. However, they have a time and a place. The Board are active in their consideration and will use such discount control measures if they believe them to be in the best interests of Shareholders as a whole. Before we become too glum, it is important to remember that Volta’s share price, with dividends reinvested, has generated an annualised return of 11.2% since inception in 2006. It also offers a dividend yield of 8.7% on the share price as at 31 January 2018. More importantly, this dividend is comfortably covered from income and coupons received on the underlying portfolio. In an environment where cash rates in euro are still negative, this is a highly attractive yield, particularly given the risk profile embedded in the underlying portfolio. As I have noted previously, it is the extent and quality of these cash flows that will, ultimately, drive total returns, not the vagaries of investor sentiment. Further, these cash flows come from a variety of different sources. Volta’s diversification can sometimes be a hindrance to understanding the nuances of the Company. However, that diversification is a real strength, particularly when compared to our peers. etcetcetc
19/3/2018
11:31
davebowler: Liberum; Volta's NAV rose 0.7% in February to €8.35 per share. Performance during the month benefited from FX tailwinds as a result of US Dollar appreciation. Mark-to-market performance across the company's asset classes was +0.0% for CLO equity, +0.5% for CLO debt, +1.4% for bank balance sheet transactions; +5.6% for cash corporate credit deals and +0.4% for ABS. Three new investments completed during the month including two BB tranches of US CLOs and a contribution to a US CLO warehouse deal. The expected return on these assets is 10.6%. Another US CLO warehouse deal is expected to open in March. The manager is seeking to increase CLO equity exposure as a result of the low cost of funding for the structures. The warehouse investments are expected to rotate into the CLO equity tranches that will be subsequently issued. Liberum view Despite an excellent long-term track record, Volta's share price discount to NAV remains persistently wide at -16.2% compared to an average -1.6% discount for the CLO fund peer group. Share liquidity remains an issue and has been hindered by the fact that trading volume is split between London and Amsterdam.
18/12/2017
11:20
yieldsearch: CWA1 pls see below: On 21 December, Volta will pay a quarterly dividend of 0.16 euro per share (with an ex-dividend date of 30 November) representing an annualised yield of 9% based on the end of November share price.
01/8/2016
10:31
davebowler: Liberum; Alternative Funds - Weekly Data and Trends We will be publishing data on a weekly basis to help identify sector trends. We welcome feedback at funds@liberum.com CLO funds dominate the list of the top 10 high-yielding funds. This is partly due to the inherent gearing within the investments but also reflects NAV (and share price) declines over the past year as CLO equity and mezzanine tranches were marked down. The underlying cash return from CLOs has been strong as defaults remain below historic levels and this is the ultimate driver of returns as CLOs benefit from a term leverage structure. We regard the CLO sector as one of the most attractive on a relative basis.
30/12/2015
11:54
davebowler: Guernsey, 18 December 2015 PERFORMANCE At the end of November 2015, the Estimated NAV of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was EUR296.7m or EUR8.13 per share, an increase of EUR0.10 per share, or +1.2%, since the end of October 2015. The YTD NAV performance for the 2015 calendar year, including the April dividend paid, stood at +10.0% as at the end of November. The GAV stood at EUR344.4m at the end of November. On 14 December 2015, the Company paid a further dividend of 31 cents per share, to shareholders on the register on 4 December 2015. On an ex-dividend basis, the Estimated NAV at 30 November 2015 would have been EUR7.82 per share. Volta's share price has seen some weakness in recent weeks, commencing in late November and continuing into December. At the time of writing, the share price is trading at around a 19% discount to this ex-dividend Estimated NAV. This widening discount probably reflects the recent weakness and stress in the US loan market, the high yield markets and the broader credit markets. We would note that valuations at the end of November already reflected a significant level of this stress. For example, as at the end of November: -- Volta's USD CLO Equity tranches were priced, on average, at 55.1% of par (significantly below the 75.5% average price recorded at the end of June 2015). These assets were valued at EUR45.1m at the end of November and generated cash flows of EUR2.9m in the last 3 months (September/October/November), implying an annualised yield in excess of 26% of the end of November valuation. -- Volta's USD CLO Debt tranches are priced, on average, at 88.5% of par (compared with 95.4% at the end of June 2015). The view of AXA IM, is that the current stress in the US loan and other credit markets reflects the expectation of an increase in default rates in the US loan market from prevailing levels, which are far below the historical average, to be closer to historical average levels by end 2016 - mid 2017. This potential turn in the credit markets seems to have taken some participants by surprise. However, this has been AXA's central scenario for some time. Accordingly the portfolio has been orientated to retain a significant portion of 1.0 CLO tranches (which have less sensitivity to episodes of stress such as that currently being experienced), to be very selective in our exposure to CLO Equity tranches and to increase the exposure to European assets. The key question from here is whether this expected increase in default rates is the sign of the turn of the present credit cycle, with broad implications, or the consequence of few sectorial issues, such as the energy and materials crisis and the difficulties for some retailers to adapt to the on-line consumerism. Our current view is that the latter explanation is the more likely and that current low prices in the US loan market offer good investment opportunities. Although we expect the US loan market to see an increase of default rates to reach, or even slightly exceed, the historical average level by the end of 2017, this should not have, in our present opinion, a significant impact on Volta's expected CLO cash flows. MARKET REVIEW AND PORTFOLIO ACTIVITY In November, credit markets were shaky again, with a negative performance of both corporate credit bonds and the US and the European loan markets. On average during the last 4 months, declines in prices were roughly compensated by cash flows received. This month again, mark-to-market variations* of Volta's asset classes were neither significantly down nor up: -1.4% for Synthetic Corporate Credit deals; -0.9% for CLO Equity tranches; +0.3% for CLO Debt tranches, 0.0% for Cash Corporate Credit deals; and, +0.6% for ABS. During the month, the US Dollar appreciated by 4.2% against the Euro, contributing positively to the overall performance. However, following the recent strength in the Dollar against the Euro we increased our currency hedging and the Company's exposure to the Dollar has been reduced somewhat standing at 36.5% of the Estimated NAV as at the end of November. In November, Volta received the equivalent of EUR1.8m in interest and coupons (non-Euro amounts translated into Euro using end-of-month cross currency rates) bringing the total cash amount received in terms of interest and coupons during the last six months to EUR13.3m. Cash or cash equivalent instruments, at the end of November was at EUR21.6m. Accounting for the December dividend payment, Volta could be considered as having approximatively EUR6m available to deploy. In November Volta did not execute any trades in anticipation of better opportunities in due course. We anticipate that we will continue to sell part of the 1.0 tranches and purchase more recent transactions at deeper discount margins. Overall we continue to see opportunities in several structured credit sectors including mezzanine or equity tranches of CLOs, RMBS tranches as well as tranches of Cash or Synthetic Corporate Credit portfolios. * "Mark-to-market variation" is calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at month-end, payments received from the assets over the period, and ignoring changes in cross currency rates Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket. CONTACTS For the Investment Manager AXA Investment Managers Paris Serge Demay Serge.demay@axa-im.com
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