REG - Life Settlement - AGM Statement

Life Settlement AssetsAnnouncement

14/06/2023 16:15

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RNS Number : 7479C  Life Settlement Assets PLC  14 June 2023

LIFE SETTLEMENT ASSETS PLC

 

LEI: 2138003OL2VBXWG1BZ27

 

(the "Company" or "LSA")

 

ANNUAL GENERAL MEETING - 14 June 2023

 

Comments by Chairman on dividend policy and strategic direction

 

The Board of LSA are pleased to announce that all the resolutions proposed at
the Company's Annual General Meeting held today were approved by Shareholders
on a poll.

At the Annual General Meeting, Chairman Michael Baines made the following
comments on dividend policy and strategic direction:

With the long running litigation against MBC behind us, the Company is in a
significantly better position to implement its strategy of unlocking value for
Shareholders.  As stated in our 2022 Annual Report, this outcome removes an
important area of risk, builds value, and unlocks alternatives for the
deployment of funds arising on the maturity of policies.

 

In relation to the Company's asset portfolio, which offers returns
uncorrelated to financial markets, we aim to build on the existing track
record of converting the face value of the policies held into realised NAV for
Shareholders.  This will enable us to be focused on providing cash returns to
Shareholders as policy maturations permit, through dividend declarations,
supplemented by special dividends, or, when appropriate through the repurchase
of the Company's shares in accordance with our buyback authorities.

 

 

Enquiries:

For further information, please visit https://www.lsaplc.com/
(https://url.avanan.click/v2/___https:/www.lsaplc.com/___.YXAxZTpzaG9yZWNhcDphOm86NTMxM2UxNDhiOTZlZTUzZDU0M2FkMDY0MzBhODBjODA6NjpkMjlkOmU5OWMzYjcwM2QzYTYzZjIzMzRhZjQxM2Y5NzY2MGYyZmM0MmNlZDY4MjRiNDFiMjA2ZjhlZTNjZDU0ZWM1M2Y6cDpU)
, or contact:

 

Acheron Capital Limited (Investment Manager)

Jean-Michel Paul

020 7258 5990

 

Shore Capital (Financial Adviser and Broker)

Robert Finlay

020 7408 4080

 

ISCA Administration Services Limited

Company
Secretary                                                                                                      

Tel: 01392 487056

 

Notes to Editors

 

Background on MBC litigation

 

The Board had known for a number of years that Mutual Benefits Keep Policy
Trust ("MBC"), which held fractional policies in the United States, was
approaching the end of its life and would be seeking to dispose of the
remaining life policies, some in which the Company already held a partial
underlying interest. The Company through the Acheron Portfolio Trust engaged
lawyers in the US to protect its interests in the US Courts in the fractional
policies and if appropriate acquire further interests in any policies held by
MBC if made available when MBC ceased. The Board in association with the
Acheron Portfolio Trust and its Investment Manager, Acheron Capital Limited,
sought to ensure any outcome protected the Company's Stakeholders. In the
second half of 2022, and through the US Courts who were overseeing the winding
down of MBC, a sale process of all the MBC policies was instigated. Acheron
Portfolio Trust actively participated in this sale process to acquire the
policies at a price beneficially appropriate to the Company. During 2022, the
Company sought to accumulate cash reserves through taking out policy advances
on its wholly owned policies and suspending dividend distributions. An offer
was made for the policies in the last quarter of 2022, which was overseen by
and subject to the approval of the US Courts. The offer was approved by the
Lower Court on 26 January 2023 and by the Higher Court on 2 March 2023 and the
purchase was concluded on 28 March 2023.The transfer of policies will be
undertaken over the coming months.

 

About LSA

 

LSA is a closed-ended investment company which manages portfolios of whole
and fractional interests in life settlement policies issued by life insurance
companies operating predominantly in the United States.

 

 

 

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