Life Settlement Assets PLC Update on MBC Auction (9270R)

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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: [phone]

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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March 06, 2023 02:00 ET (07:00 GMT)