Life Settlement Assets PLC AGM Statement (7479C)
14 Giugno 2023 - 5:14PM
UK Regulatory
TIDMLSAA
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/ ,
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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END
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June 14, 2023 11:14 ET (15:14 GMT)
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