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13 Oct 2016 13:54
Alternative Asset Opportunities PCC Limited
(the "Company")
13 October 2016
Shareholder Update
The Board advises that following approval of the change to the investment objective by shareholders at the Extraordinary General Meeting held on 10 October 2016, the filing of documentation to transfer the ownership and beneficiary of each policy to the purchaser has commenced. It is expected that completion of such transfers will take place in batches on a weekly basis with most of the transfers being completed over the course of the next 3-4 weeks. Thereafter, while timings cannot be guaranteed, shareholders are advised of the following indicative timetable:
Early November Circular to be posted to shareholders to propose an Extraordinary General Meeting to wind-up the Company
Early December Extraordinary General Meeting to be held to propose the winding-up and appointment of liquidator
Early January 2017 Liquidator to make first payment to shareholders
The Board also wishes to clarify its policy on the conversion of funds held in US Dollars to Sterling. Following shareholder approval in 2011, the Board has no powers to hedge currency exposure and it therefore intends to convert all substantial balances held in US Dollars to Sterling as they arise. Accordingly, US$ 4 million of the Company's existing cash holdings was converted into Sterling on 13 October. Policy sale proceeds will hereafter be exchanged into Sterling as and when practical and cost effective to do so.
The Board will continue to provide regular update announcements to shareholders throughout this process.
Enquiries:
Tracey Lago
Company Secretary Tel: 020 3246 7405
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