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Share Buyback Programme

6 Aug 2019 07:00

RNS Number : 9710H
Life Settlement Assets PLC
06 August 2019
 

6 August 2019

Life Settlement Assets PLC (the "Company" or "LSA")

LEI: 2138003OL2VBXWG1BZ27

Share Buyback Programme

Further to the Company's announcements of 14 May 2019 and 13 June 2019, the Company announces the launch of a buyback programme in respect of up to a maximum of US$0.5 million for D Ordinary Shares and up to a maximum of US$0.5 million for E Ordinary Shares ("Buyback Programme").

The Buyback Programme will commence with effect from 12 August 2019 and shall continue until the earlier of the maximum amounts being repurchased and 24 September 2019. The maximum amount of money allocated for the Buyback Programme is US$0.5 million for D Ordinary Shares and US$0.5 million for E Ordinary Shares.

The Company has engaged Shore Capital Stockbrokers ("Shore"), the Company's broker, to conduct the Buyback Programme, which will be independently managed by Shore, the Company's broker, which will make trading decisions independently and without the influence of the Company.

Pursuant to, and during the term of, the Buyback Programme, the Company may purchase D Ordinary Shares and E Ordinary Shares provided that:

1) the maximum price which may be paid for D Ordinary Shares or E Ordinary Shares on the Exchange is the higher of:

a. an amount equal to 5% above the average of the middle market quotations for an Ordinary Share of the relevant class as derived from the Daily Official List of the London Stock Exchange plc for the five business days immediately preceding the day on which that Ordinary Share is contracted to be purchased; and

b. an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out at the relevant time.

2) any purchase of Ordinary Shares will be made in the market for cash at prices below the latest estimated monthly net asset value per share of the relevant class (as determined by the Directors).

D Ordinary Shares and E Ordinary Shares purchased under the Buyback Programme will be cancelled and consequently will reduce the number of Ordinary Shares of that class. As Ordinary Shares will not be acquired above the prevailing net asset value per share, the Buyback Programme is expected to enhance net asset value per D Ordinary Share and E Ordinary Share.

Due to the limited liquidity in trading of the Company's D Ordinary Shares and E Ordinary Shares, purchases under the Buyback Programme on any trading day are likely to represent a significant proportion of the daily trading volume in the shares of that class (and are likely to exceed the 25% threshold of the average daily trading volume in both the month preceding this announcement and the 20 trading days preceding the date of the purchase as is set out in the Commission Delegated Regulation (EU) 2016/1052) and, as such, the Company would be deviating from the safe harbour set out in Article 5(1) of the Market Abuse Regulation (Regulation 596/2014).

The Company will announce any market repurchase no later than 7.30am on the business day following the calendar on which the repurchase occurred.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.The Company confirms that it currently has no other unpublished price sensitive information other than what has been disclosed above.

Enquiries:

Acheron Capital Limited (Investment Manager) 

Jean-Michel Paul 

020 7258 5990 

 

Shore Capital (Financial Adviser and Broker) 

Robert Finlay

020 7408 4080

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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29th Apr 20207:30 amRNSSuspension - Life Settlement Assets PLC
29th Apr 20207:00 amRNSResult of Meeting
27th Apr 20203:26 pmRNSAnnual Financial Report
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27th Mar 202012:59 pmRNSNet Asset Value(s)
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24th Dec 201911:36 amRNSHolding(s) in Company
18th Dec 20197:00 amRNSUpdate re share capital structure
13th Dec 20197:00 amRNSDirectorate Change
28th Nov 20197:00 amRNSNet Asset Value(s)
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27th Sep 20197:00 amRNSDirectorate Change
27th Sep 20197:00 amRNSHalf-year Report
25th Sep 20197:00 amRNSNet Asset Value(s)
12th Sep 20197:00 amRNSTransaction in Own Shares
2nd Sep 20195:18 pmRNSTotal Voting Rights
23rd Aug 20197:00 amRNSTransaction in Own Shares
22nd Aug 20197:00 amRNSTransaction in Own Shares
21st Aug 20197:00 amRNSTransaction in Own Shares
20th Aug 20197:00 amRNSTransaction in Own Shares
19th Aug 20197:00 amRNSTransaction in Own Shares
16th Aug 20197:00 amRNSTransaction in Own Shares
15th Aug 20197:00 amRNSTransaction in Own Shares
14th Aug 20197:00 amRNSTransaction in Own Shares
13th Aug 20197:00 amRNSTransaction in Own Shares
6th Aug 20197:00 amRNSShare Buyback Programme
1st Aug 20194:21 pmRNSTotal Voting Rights
25th Jul 20197:00 amRNSNet Asset Value(s)
19th Jul 20193:23 pmRNSHolding(s) in Company
15th Jul 20199:27 amRNSDirector/PDMR Shareholding
10th Jul 20199:00 amRNSPolicy Maturities
5th Jul 20191:48 pmRNSDirector/PDMR Shareholding
3rd Jul 201912:21 pmRNSResults of Tender Offer and General/Class Meetings
24th Jun 20197:00 amRNSNet Asset Value(s)
20th Jun 20192:56 pmRNSShare Premium Account & Dividend Declaration
13th Jun 20195:31 pmRNSResult of AGM
6th Jun 20197:00 amRNSNet Asset Value(s)
4th Jun 201911:53 amRNSTender Offer
12

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