REG - Life Settlement - Portfolio Update - Update on MBC finalisation

Life Settlement AssetsAnnouncement

28/03/2025 11:45

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RNS Number : 7291C  Life Settlement Assets PLC  28 March 2025

This announcement contains inside information

 

Life Settlement Assets PLC (the "Company" or "LSA")

LEI: 2138003OL2VBXWG1BZ27

Update on MBC finalisation

The Company provides an update on the finalisation of the absorption of the
MBC portfolio in the Company's asset base.

LSA, the closed end investment trust which manages portfolios of whole
interests in life settlement policies issued by life insurance companies, has
made steady progress during 2024  on the finalisation of administrative
arrangements relating to the MBC action.  During 2024 the Company reported
that on 28 August 2024 it received notification that funds amounting to USD
9.7 million had been received by the Company, comprising the first tranche of
the MBC sale proceeds of USD 5.7 million and the return of overpaid premiums
of USD 4.0 million.  The impact of this refund was reflected in the 31 July
2024 Net Asset Value of USD 2.33 per share released to the market on 16
September 2024.

The second and final tranche of the MBC sale proceeds of up to USD 6.0 million
is expected to be received by the Company during 2025 and has previously been
included in the Company's NAV.

However, since the year end further examination of the portfolio acquired from
the MBC Trustee by LSA's Investment Manager has revealed that the MBC Trustee
had previously not exercised an extension to a particular policy which
extended the maturity from 100 to 120 years.  This is likely to have a
detrimental impact on the NAV of USD 3-4%.  A further announcement regarding
this will be made in due course.

Michael Baines, Chairman of LSA, said, "This news relating to a previous
decision taken by the MBC Trustee is disappointing, and it underlines the
correctness of our strategy to take full control of all our policies, removing
the dependence on external third parties to maintain the value in our
policies.  Despite the  decision taken by the MBC Trustee, the results of
the acquisition have been very favourable for the Company."

 

For further information, please contact:

Acheron Capital Limited (Investment Manager)

Jean-Michel Paul

020 7258 5990

 

Shore Capital (Financial Adviser and Broker)

Gillian Martin / Anita Ghanekar / Harry Davies-Ball

020 7408 4090

 

ISCA Administration Services Limited (the Company Secretary) on

01392 487056; or lsa@iscaadmin.co.uk

 

28 March 2025

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