TIDMTLI

RNS Number : 3480R

Alternative Asset Opps PCC Ltd

08 December 2016

Alternative Asset Opportunities PCC Limited

(the "Company")

8 December 2016

Shareholder Update

The Board advises that in relation to the portfolio disposal process, at close of 2 December 2016 a total of 76 policies had been fully transferred to the buyers, Vida Longevity L.P and Life Equity LLC and aggregate funds of US$43 million had been received. Funds received include the refund of associated premium payments made since the risk transfer date of 12 September to keep the policies valid and in effect.

There are four policies remaining in the transfer process for which aggregate funds of US$967,000 (equivalent to approximately 1p per share) are due to be received (including the refund of associated premium payments); the outstanding transfers are expected to complete shortly.

In accordance with the Board's cash policy, the majority of funds received have been converted into Sterling, retaining only sufficient US Dollars for payables due. The Company's current cash balances amount to GBGBP38.8 million and US$287,847. Following the appointment of Liquidators, as referred to below, the Liquidators may, but shall not be obliged to, make interim liquidation distributions to Shareholders followed by a final distribution. The Board has been advised that the Liquidators currently anticipate making a first distribution to Shareholders in early January 2017.

The net asset value of the Company at 30 November 2016, taking into account provision for estimated running costs of the Company and expenses which may be incurred in the proposed liquidation process was 54.3 pence per share. The associated exchange rate at 30 November was GBP1/US$1.249. This figure may also be used as the estimate for the final asset value, although this figure is provided for information only.

Result of Extraordinary General Meeting

Following the Extraordinary General Meeting held earlier today, the Board is pleased to announce that the following Resolutions put to Shareholders were passed.

Resolutions 1 and 2 were proposed and passed as Special Resolutions; Resolutions 3, 4 and 5 were proposed and passed as Ordinary Resolutions:

Resolution 1:

THAT the Company be and is hereby wound up voluntarily pursuant to Section 391(1)(b) of The Companies (Guernsey) Law, 2008 as amended.

Resolution 2:

THAT subject to the approval of Resolution 3, the Liquidators (as defined below) be empowered to:

(a) make such distributions to the Shareholders up to and including the date of the final liquidation distribution payable to Shareholders as they think fit provided that the amount payable is GBP5.00 per Shareholder or more; and

(b) following all the payments made in accordance with (2)(a) above, pay the balance of distributable amounts to Marie Curie (registered charity number 207994), whose registered office is at 89 Albert Embankment, London SE1 7TP.

Resolution 3:

THAT Gareth Rutt Morris and Andrew Martin Sheridan of FRP Advisory LLP, Kings Orchard, 1 Queen Street, Bristol BS2 0HQ be and are appointed as the liquidators to the Company (the "Liquidators"), with power to act jointly and severally for the purpose of the winding up of the Company and any power conferred on the Liquidators by law, the Articles or by this Resolution may be exercised by them, such appointment becoming effective on the passing of this Resolution.

Resolution 4:

THAT the remuneration of the Liquidators be determined on the basis of time properly spent by them and members of their staff in attending to matters arising prior to and during the winding up of the Company (including those falling outside of its statutory duties, undertaken at the request of the members) as set out in the Liquidators' letter of engagement dated on or around the date of the Extraordinary General Meeting, and that they be and are hereby authorised to draw such remuneration monthly or at such longer intervals as they may determine and to pay any expenses properly incurred by them in respect of the winding up.

Resolution 5:

THAT the Company's books and records be held by the Manager of the Company, Allianz Global Investors GmbH, UK Branch to the order of the Liquidators until the expiry of six years after the date of dissolution of the Company, when they may be disposed of.

The full schedule of proxy votes can be found on the Company's website www.allianzglobalinvestors.co.uk/tli

In accordance with the Circular dated 8 November 2016, the listing of the Company's Shares on the Official List and trading on the Main Market is expected to be cancelled with effect from 8:00am on 9 December 2016.

A copy of the Circular is available for viewing on the Company's website and at http://www.morningstar.co.uk/uk/NSM

Enquiries:

Tracey Lago

   Company Secretary     Tel: 020 3246 7405

Alastair Moreton

   Stockdale Securities    Tel: 020 7601 6118

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

December 08, 2016 07:38 ET (12:38 GMT)

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