Life Settlement Assets PLC Update on MBC Auction (9270R)
March 06 2023 - 1:00AM
UK Regulatory
TIDMLSAA
RNS Number : 9270R
Life Settlement Assets PLC
06 March 2023
Life Settlement Assets PLC (the "Company")
LEI: 2138003OL2VBXWG1BZ27
Further update re sale of Mutual Benefits Keep Policy Trust
("MBC")
Further to the Company's announcement of 27 January 2023, the
Board of LSA is pleased to announce that US federal district court
judge has received, affirmed and adopted the magistrate's report
and, accordingly, the sale of the portfolio of life policies ("the
Portfolio") to Acheron Portfolio Trust ("APT") (on behalf of LSA)
has been approved.
The sale of the Portfolio to APT is for a gross consideration of
$24 million (subject to adjustment for changes in the Portfolio
such as maturities). The proceeds of the sale, net of all
transaction, legal and wind down costs which are anticipated by the
MBC trustee to be $5 million, will be distributed to MBC's
investors, including APT (as a current investor). As at 1 December
2022 the face value attributed to the Portfolio was US$167 million,
of which approximately 63% is attributable to APT's interests.
Whilst under US law there is a 14-day period for any appeal to
be made, the Board expects completion to occur before the end of
March and the Company will make a further announcement once the
sale has been completed.
For further information contact
Acheron Capital Limited (Investment Manager)
Jean-Michel Paul
020 7258 5990
Shore Capital (Financial Adviser and Broker)
Robert Finlay
020 7408 4050
ISCA Administration Services Limited
Company Secretary
Tel: 01392 487056
Notes to Editors
Life Settlement Assets PLC is a closed-ended investment trust
company which invests in, and manages, portfolios of whole and
fractional interests in life settlement policies issued by life
insurance companies operating predominantly in the United States.
The Company seeks to generate long-term returns for investors by
investing in the life settlement market, through each of the
separate Share Classes. The Company aims to manage its investment
in portfolios of life settlement products so that the realised
value of the policy maturities exceeds the aggregate cost of
acquiring the policies, ongoing premiums, management fees and other
operational costs.
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END
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