Results of Tender Offer and General/Class Meetings

RNS Number : 3823E

Life Settlement Assets PLC

03 July 2019

 

Life Settlement Assets PLC

LEI: 2138003OL2VBXWG1BZ27

(the "Company" or "LSA")

Results of the Tender Offer

Results of General Meeting and Ordinary Share Class Meetings

Life Settlement Assets plc today announces the results of the Tender Offer, the General Meeting and the A Ordinary Share Class Meeting (the "Meetings"), as set out in the circular to Shareholders published by the Company on 4 June 2019 (the "Circular"). The Tender Offer closed at 1.00 p.m. on 1 July 2019.

Result of Tender Offer

The Board announces that a total of 33,474,675 A Ordinary Shares, being 73.7 per cent. of the Company's A Ordinary Shares in issue as at the Record Date, were tendered under the Tender Offer. As a result, the Tender Offer was oversubscribed and in total 5,555,555 A Ordinary Shares were validly tendered under the Tender Offer, including any Ordinary Shares validly tendered in excess of the Basic Entitlement. All A Ordinary Shares validly tendered under the Tender Offer will be satisfied in full. Excess applications have been scaled back and allocated on a pro-rata basis. The A Ordinary Shares repurchased under the Tender Offer will be cancelled.

It is expected that payments will be made in respect of successfully tendered uncertificated A Ordinary Shares through CREST and that, as applicable, cheques will be dispatched in respect of successfully tendered certificated A Ordinary Shares, within five business days or as soon as practicable after 4 July 2019.

In respect of tendered shares not repurchased due to scaling back of Excess Applications, balancing share certificates will be despatched and CREST accounts will be settled within five business days or as soon as practicable after 4 July 2019.

Result of Meetings

The Company is pleased to announce that at the General Meeting and subsequent A Ordinary Share Class Meeting held earlier today, each of the Special Resolutions proposed in the notices of Meetings, required for the implementation of the Tender Offer, were duly passed.

Additionally, the Special Resolution proposed in the notice of Annual General Meeting ("AGM") was passed at the adjourned B Ordinary Share Class Meeting.

Total Voting Rights

Following implementation of the Tender Offer, the Company will have 39,891,391 A Ordinary Shares of $0.01 each, 14,596,098 B Ordinary Shares of $0.01 each, 9,292,561 D Ordinary Shares of $0.01 each and 1,733,269 E Ordinary Shares of $0.01 each. The Company holds no shares in Treasury.

Each Share carries the same voting rights (save in respect of matters relating solely to a specific Share Class) therefore the total number of voting rights in the Company is 65,513,319. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires.

Enquiries:

Acheron Capital Limited (Investment Manager) 

Jean-Michel Paul 

020 7258 5990 

Shore Capital (Financial Adviser and Broker) 

Robert Finlay

020 7601 6115 

George Bayer / Kerry Higgins 

Maitland Administration Services Limited 

Company Secretary                                                                                                         

Tel: [phone] 

TB Cardew (Financial PR) 

Shan Shan Willenbrock 

020 7930 0777 

Notes to Editors

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. The life settlement market enables individuals to sell their life insurance policies to investors at a higher cash value than they would otherwise receive from insurance companies (if they were cancelled or surrendered at the date of sale). The Company aims to manage 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.  LSA is listed on the Specialist Fund Segment of the Main Market of the London Stock Exchange.

 

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