Life Settlement Assets PLC Results of Tender Offer and General/Class Meetings (3823E)
03 July 2019 - 9:21PM
UK Regulatory
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RNS Number : 3823E
Life Settlement Assets PLC
03 July 2019
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.
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.
END
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