Hardman & Co Research: Q&A with Hardman analyst

In this note, we provide investors with a detailed Q&A with Volta's Directors and Manager on the key issues as we see them today. These are structured into risk management (exposed sectors where loans are typically >30% below par make up just 10% of the portfolio, solvency is strong and there appears to still be a liquid market at a modest discount for many assets). We consider Volta's re-investment opportunities and focus on the revised dividend prospects. Volta marks to market most of its assets and thus captures both "real" losses and investor sentiment (ca. two thirds of March's losses), which may reverse over the next year or two.

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