REG - Life Settlement - Update on MBC Auction

Life Settlement AssetsAnnouncement

06/03/2023 07:00

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RNS Number : 9270R  Life Settlement Assets PLC  06 March 2023

Life Settlement Assets PLC (the "Company")

LEI: 2138003OL2VBXWG1BZ27

 

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

 

Further to the Company's announcement of 27 January 2023, the Board of LSA is
pleased to announce that US federal district court judge has received,
affirmed and adopted the magistrate's report and, accordingly, the sale of the
portfolio of life policies ("the Portfolio") to Acheron Portfolio Trust
("APT") (on behalf of LSA) has been approved.

 

The sale of the Portfolio to APT is for a gross consideration of $24 million
(subject to adjustment for changes in the Portfolio such as maturities). The
proceeds of the sale, net of all transaction, legal and wind down costs which
are anticipated by the MBC trustee to be $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.

 

Whilst under US law there is a 14-day period for any appeal to be made, the
Board expects completion to occur before the end of March and the Company will
make a further announcement once the sale has been completed.

 

 

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 4050

 

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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