Alternative Asset Opps PCC Ltd Proposed disposal of portfolio - Update (8379K)
2016年9月26日 - 9:33PM
RNSを含む英国規制内ニュース (英語)
TIDMTLI
RNS Number : 8379K
Alternative Asset Opps PCC Ltd
26 September 2016
For immediate release on 26 September 2016
This announcement contains inside information
Alternative Asset Opportunities PCC Limited
Proposed Disposal of the Portfolio - Update
The Board of Alternative Asset Opportunities PCC Limited (the
"Company") announced on 13 September 2016 that it had conditionally
agreed to sell 71 of the Company's 80 policies for a total cash
consideration of $40.0 million, subject to adjustment (the
"Disposal"). The Disposal requires changes to the Company's current
investment objective and policy which are material and therefore
subject to the approval of Shareholders at an Extraordinary General
Meeting convened for 10 October 2016 (the "Proposal").
The Board is pleased to announce today that it has conditionally
agreed to sell the remaining nine policies for an aggregate
consideration of $3.25 million. Six policies are being acquired by
Vida Longevity Fund, L.P. on the same terms agreed for the 71
policies (and therefore subject to shareholder approval) and three
policies are being acquired by Life Equity LLC which are not
conditional upon shareholder approval. In aggregate, therefore, the
Company has conditionally agreed to sell its entire policy
portfolio for a consideration of $43.25 million which represents a
premium of approximately 6.1 per cent. to its book value of $40.77
million as at 31 August 2016 and adjusted for the planned COI
increases referred to in the announcement on 16 September 2016.
If Shareholders approve the Proposal at the forthcoming
Extraordinary General Meeting and the Disposal completes, it is
expected that the Company will soon thereafter put forward
proposals for a members' voluntary winding up or other
restructuring.
Following completion of the Disposal, the sale of the remaining
nine policies referred to above and the winding-up, on the basis of
the assumptions set out below, it is estimated that Shareholders
should receive a capital return of approximately 51 pence per
Share:
o receipt of proceeds of $43.25 million pursuant to the Disposal
and the sale of the remaining nine policies in the portfolio;
o transaction costs of approximately 0.6 pence per Share
including fees payable to the Investment Manager and the expenses
incurred in relation to the Disposal;
o eventual costs of winding-up the Company, including premiums,
the running expenses of the Company and the Shareholder
resolutions, of approximately 0.6 pence per Share;
o the retention by the liquidator of an amount to meet any
unascertained or unknown liabilities of the Company; and
o an exchange rate of GBP1:$1.30.
Shareholders should note that the estimate of the capital return
above is for illustrative purposes only and should not be relied
upon. In particular, adverse movements in the exchange rate - that
is to say a weaker Dollar relative to Sterling - will reduce the
aggregate capital return per Share ultimately made.
Enquiries
Stockdale Securities Limited 020 7601 6118
Alastair Moreton/Rose Ramsden
Tracey Lago 020 3246 7405
Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 26, 2016 08:33 ET (12:33 GMT)
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