NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
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Guernsey, 20 December 2010 - Two typos were made in the 16th december dividend announcement. The Ex-Dvidend date for the annual dividend is the 20th December, not the 21st and the conversion rate is 2.9981, not 3.9981.
The correct version of the annoucement is the following :
The fifth Annual General Meeting (AGM) of Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") was held on 16th December 2011. All resolution (listed below) was passed.
1. To adopt the audited financial statements of the Company for the year ended 31 July 2011, including the reports of the Directors and the Auditors (the "Accounts").
2. To reappoint KPMG Channel Islands Limited of 20 New Street, St Peter Port, Guernsey as the Company's Auditors to hold office until the conclusion of the next AGM.
3. To authorise the Board to negotiate and fix the remuneration of the Auditors in respect of the year ending 31 July 2012.
4. To re-elect Christian Jimenez as an Independent Director of the Company for a term of three years.
5. To approve a final dividend for the period ended 31 July 2011 in respect of the Company's ordinary shares of €0.22 per share, with an ex dividend date of 20 December 2011, a record date of 22 December 2011 and a payment date of 16 January 2012.
6. To approve a proposal by the Board that Volta shareholders may, in accordance with Article 29.(18)* of the Company's Memorandum and Articles of Incorporation, elect to receive the final dividend for the period ended 31 July 2011 and any future dividends either in cash or Volta shares**.
* Article 29. (18) states as follows: Subject to the Laws, the Board may, if authorised by an ordinary resolution, offer those Members of a particular class of shares in respect of any dividend the right to elect to receive shares by way of a scrip dividend instead of cash.
** The conversion price will be computed as the Volume Weighted Average Price ("VWAP") of the Company's shares during the 4 weeks preceding the AGM minus the €0.22 dividend. For semi-annual dividend, the conversion price will be computed as the VWAP of the Company's shares during the 4 weeks preceding the Board at which such dividend is decided minus the dividend per share.
In line with the computation mechanism set out in Resolution 6, the conversion price that has been retained is €2.9981 per share. As a consequence, every Volta's shareholder will have to choose to receive either €22 cents per share or to receive three new shares for every 41 shares*** or any combination of both formulas. The default option will be payment in cash.
Ex dividend date is the 20th December 2011, record date the 22nd December 2011 and payment date the 16th of January 2012.
*** The payment of dividend in shares in certain jurisdictions may be restricted (for example, such payment may not be offered within the United States or to of the account of US persons without a public offering duly documented and accepted by the relevant U.S. authorities) or prohibited by law. Shareholders are required to inform themselves about and to observe any such restriction and prohibition. [Nothing contained in this notice constitutes legal advice nor is it to be relied on in making an investment or other decision].
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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 €514 billion in assets under management as of the end of June 2011. AXA IM employs approximately 2,389 people around the world and operates out of 21 countries.
CONTACTS
Company Secretary
State Street (Guernsey) Limited
volta.finance@ais.statestreet.com
+44 (0) 1481 715601
Portfolio Administrator
Deutsche Bank
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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