REG - Life Settlement - Share buy-back programme

Life Settlement AssetsAnnouncement

05/06/2024 07:00

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RNS Number : 0964R  Life Settlement Assets PLC  05 June 2024

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

LEI: 2138003OL2VBXWG1BZ27

Share Buyback Programme

Life Settlements Assets PLC ("the Company") notes the discount at which the
Company's share price trades as compared to its net asset value ("NAV") per
Ordinary Share. Accordingly, the Board is today announcing the commencement of
a Share Buyback Programme (the "Programme"). The Company has allocated certain
funds to the Share Buyback Programme which will only be undertaken where the
Board believe it to be in the shareholders' best interests at the prevailing
share price and accretive to NAV per Ordinary Share. The Company will review
this allocation on an ongoing basis considering inter alia the Company's
ongoing liquidity position, the opportunity cost of paying off policy advances
as well as the discount to NAV at which the shares trade.

 

The Company has appointed its broker, Shore Capital Stockbrokers Ltd ("Shore")
to make market purchases of shares of the Company in accordance with certain
pre-set parameters pursuant to the Programme. There is no certainty that any
buybacks will be conducted or that the full Buyback allocation will be
utilised.

 

The maximum number of shares acquired shall not, in aggregate, exceed 14.99%
of the Company's issued share capital  under the general authority granted by
the Company's shareholders at the annual general meeting on 14 June 2023.The
continuation of the Programme beyond the conclusion of the Company's next
Annual General Meeting to be held on 18 June 2024 will be subject to the
Company obtaining fresh general authority from its shareholders at such Annual
General Meeting.

 

Any market purchase of shares pursuant to the Programme on any dealing day
could represent a significant proportion of the daily trading volume in the
shares on the main market of the London Stock Exchange and could exceed 25 per
cent. of the average daily trading volume.

 

It is intended that Shares repurchased under the Programme shall be cancelled.

 

Any market purchase of Ordinary Shares pursuant to the Programme will be
announced no later than 7.30am on the business day following the day on which
the purchase occurred.

 

The investment vehicle (Tomson Pte Ltd) wholly owned by Jean-Michel Paul, the
founder of Acheron Capital Limited, which provides the Company with investment
management services holds 5,154,152 Shares (10.34%) of the issued share
capital of the Company has indicated to the Company that it may sell up to a
maximum of 1 million shares in the Programme.

 

The Company will continue to review all available options to return capital to
shareholders in the most optimal way, including special dividends.

 

For further information contact

Michael Baines (Chair)

c/o ISCA Administration Services Limited

01392 487056

 

Shore Capital (Financial Adviser and Broker)

Gillian Martin / Anita Ghanekar / Harry Davies-Ball

020 7408 4090

 

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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