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.