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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:
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organised or incorporated under the laws of any foreign jurisdiction; and
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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.
Volta unusually issued an intra-month trading update on 24 March 2020. The key points were as follows: i) liquidity has been managed so that Volta’s cash is close to €3m in excess of the amount ($20m) needed to close the repo and so it will not be a forced seller of assets; ii) the MTM is highly volatile but at that date was down ca.35% on end-February; iii) ultimate losses will reflect the broadly diversified portfolio, which has macroeconomic sensitivities, not stock-specific ones; iv) Volta’s $ assets are largely unhedged and $ exposure is ca.50% after currency risk management. The discount implies significant deterioration in the macroeconomic outlook.
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