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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.
On 14 January, we published a review entitled Investment opportunities at this point of the cycle. We aimed to provide a balanced view between the threats and opportunities Volta faces at this stage of the cycle. While MTM losses are likely to increase, and some of the market prices of Volta’s holdings will not reflect their long-term value, there are upsides. We note that (i) spreads are likely to widen, (ii) more mis-pricing opportunities are likely to emerge, (iii) Volta has a broad diversification and a good credit track record, and (iv) its profile is very different from 2007-08. The long-term cashflows on which dividends depend may increase, not decrease.