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“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.
In this note, we remind investors of Volta’s many attractions, and examine what would be required for the Volta 9%+ yield to be seriously threatened. We note the broad diversification of underlying cashflows, the consistency of income and monthly returns, and the manager’s excellent track record. We also explore the business dynamics in a downturn and how investor sentiment may be less volatile with increased cov-lite documentation. The discount appears anomalous relative to peers given Volta’s track record and the issues identified above.
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