TLI Alt. AO. Prfnpv

    Stock Exchange Announcement

Alternative Asset Opportunities PCC Limited

10 June 2005

Investment update

Since the last investment update, the flow of policies for assessment has been
strong and the bid success rate has improved considerably. Policies with a face
(i.e. insurance) value of an additional $1.49 billion have been analysed and
new bids have been made on 291 policies with a face value of $516 million. As
at 9 June, deals agreed or completed amounted to approximately $ 43.5 million,
at cost, with 308 outstanding bids of approximately $116 million, at cost.

The number of policies currently in portfolio is 39 (excluding the previously
matured policy). The current annual premium requirements in respect of the
existing policies in portfolio amount to approximately $2.6 million. The
aggregate amount which would become payable upon maturity of the whole of the
current portfolio is approximately $73.3 million

In addition, as at 9 June, the Company had a further 22 policies which were
close to completion and a further 19 policies where bids had been accepted. As
referred to previously, until a policy is in portfolio, there is a risk that a
counter-bid will be received.

In the last investment update, reference was made to discussions by
Surrenda-link with a number of third parties with regard to the potential
acquisition of portfolios of previously acquired policies. Discussions have
proceeded well and outline terms have now been agreed with one third party
source, which is intended to lead to the supply of policy batches in the order
of $5 to $10 million per month. Surrenda-link is at an advanced stage of
discussions with another third party supplier with regard to a portfolio with
an investment value in the region of $10 million. Discussions with other third
party suppliers of previously acquired policies are ongoing.

As referred to in the last announcement, the Board will review the level of
progress with Surrenda-link and its advisers following the end of the Company's
financial year end on 30 June. The results of such review and a further
investment update will follow by early August.

Enquiries:                                                                     
                                                                               
Peter Clode/Ernie Hayes                                       Tel: 01244 317999
                                                                               
Surrenda-link Limited                                                          
                                                                               
Simon White                                                  Tel: 020 7859 9000
                                                                               
RCM (UK) Limited                                                               
                                                                               
Nigel Massey                                                 Tel: 01481 727111        
                                                                               
Kleinwort Benson Channel Islands Fund                                          
Services                                                                       
                                                                               
Company Secretary                                                              




END

Alternative Asset Opps Pcc (LSE:TLI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Alternative Asset Opps Pcc (LSE:TLI)
Historical Stock Chart
From Jul 2023 to Jul 2024