Life Settlement Assets PLC Capital Reorganisation (8651L)

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RNS Number : 8651L

Life Settlement Assets PLC

04 May 2020

Life Settlement Assets PLC

LEI: 2138003OL2VBXWG1BZ27

(the "Company" or "LSA")

Merger calculation and dividend declaration

The Company announces that, pursuant to the terms set out in the Circular published by the Company on 2 April 2020 (the "Circular"), the number of new A Ordinary Shares of US$0.01 to be admitted following the re-designation of D and E Ordinary Shares is a total of 3,832,668.

Of the total, 2,700,812 result from the re-designation of D Ordinary Shares and 1,131,856 from the re-designation of E Ordinary Shares. The remaining 6,526,496 D and E Ordinary Shares not re-designated as A Ordinary Shares will be re-designated as Deferred Shares.

Application has been made to the London Stock Exchange for the admission of the new A Ordinary Shares to commence dealing at 8:00 a.m. tomorrow, 5 May 2020, on the Specialist Fund Segment of the Main Market. The shares will rank pari passu with the existing A Ordinary Shares.

Application has also been made to the London Stock Exchange to de-list and cancel the D and E Ordinary Share Classes, expected to become effective at 8:00 a.m. tomorrow.

The Deferred Shares do not form part of the Company's capital and therefore are not listed. The Company will repurchase and cancel all Deferred Shares as soon as practicable.

Expected timetable

 
                                                             2020 
 CREST accounts credited for revised                        5 May 
  holdings of new A Ordinary Shares 
                                          ----------------------- 
 Expected despatch of share certificates   Week commencing 11 May 
  for holdings of new A Ordinary Shares 
                                          ----------------------- 
 

Dividend declaration

Pursuant to the terms of the Circular, the Company declares special dividends payable to D and E Ordinary Shareholders on the register immediately prior to the date of the Merger as follows:

- for D Ordinary Shareholders, a special dividend of 4.94932 cents per share totalling US$435,173

- for E Ordinary Shareholders, a special dividend of 35.99451 cents per share totalling US$563,891

The record date of the share register that will be used to determine who is eligible for a dividend is 30 April 2020. The above dividends will be paid on 30 June 2020.

Total voting rights

The Company announces that following admission its issued share capital will consist of 43,724,059 A Ordinary Shares of $0.01 each and 14,596,098 B 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 58,320,157. 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.

All capitalised terms in this announcement have the meaning given to them in the Circular, unless otherwise defined herein.

Enquiries:

Life Settlement Assets plc

Michael Baines (Chairman)

020 7258 5990

Acheron Capital Limited (Investment Manager)

Jean-Michel Paul

020 7258 5990

Shore Capital (Financial Adviser and Broker)

Robert Finlay

020 7601 6115

ISCA Administration Services Limited

Company Secretary

01392 487056

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May 04, 2020 11:18 ET (15:18 GMT)