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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.
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organised or incorporated under the laws of any foreign jurisdiction; and
formed by a U.S. person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organised or incorporated, and owned, by accredited investors (as defined in the rules of the U.S. Securities and Exchange Commission) who are not natural persons, estates or trusts.
“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.
As we outlined in our 11 January 2011 report, Volta’s seven yield uplifts, Volta’s model generates yield uplifts from i) structured debt yield better than mainstream debt, ii) CLO yields are above structured debt, iii) Volta’s flexible mandate earns a yield over the CLO market, iv) re-investments are at an above-average spread over the market, v) re-investment offers a material pickup against maturing business, and vi) the potential further pickup in Volta’s dividend as its assets’ valuations approach expected cashflows, rather than having sentiment-driven discounts. These support its high dividend yield. The NAV discount appears anomalous to these returns.
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