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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 our note Yield (10%, covered and growing) + capital growth, we explored how favourable market conditions mean that CLO vehicles can refinance debt cheaply, and that this was expected to lift total returns by 1%-1.5% p.a. for several years. The strong CLO equity returns in recent months show that value has already been created through this process. A high and growing dividend yield, well covered by cash earnings and combined with capital growth, could be attractive to a range of buyers. The detail of the FY’21 report and accounts will be reviewed in our next Monthly. Despite the positive outlook, Volta still trades at a 15% discount to NAV.
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