3 Jul 2019 12:21
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: 01245 209780
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.