REG - Life Settlement - Update on MBC Auction

Life Settlement AssetsAnnouncement

30/12/2022 07:00

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RNS Number : 2594L  Life Settlement Assets PLC  30 December 2022

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

LEI: 2138003OL2VBXWG1BZ27

Further update re sale of Mutual Benefits Keep Policy Trust ("MBC")

 

 

Further to the Company's announcement of the 12 December, LSA today notes the
formal filing on 28 December 2022 with the US Court of the Southern District
of Florida, Miami Division (the "Court") by MBC of its motion to the Court to
approve the sale of a portfolio of life policies (the "Portfolio") to Acheron
Portfolio Trust ("APT") (on behalf of LSA) for a gross consideration of $24
million (subject to adjustment for changes in the Portfolio such as
maturities).  The motion, which includes a settlement agreement with APT, is
expected to be heard by the Court on 26 January 2023.  If approved by the
Court the proceeds of the sale, net of all transaction, legal and wind down
costs which are not expected to exceed $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.

 

LSA expects to be able to comment further after the court hearing.

 

30 December 2022

 

 

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 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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