Alternative Asset Opps PCC Ltd Net Asset Value(s) (9810L)
August 19 2013 - 4:28AM
UK Regulatory
TIDMTLI
RNS Number : 9810L
Alternative Asset Opps PCC Ltd
19 August 2013
Alternative Asset Opportunities PCC Limited (the "Company")
19 August 2013
The Board of Alternative Asset Opportunities PCC Limited (the
"Company") announces that the net asset value of the US Traded Life
Interests Fund at 31 July 2013 was 56.8 pence per share. This
represents an increase of 1.2 pence per share from the NAV at 30
June 2013. During the month LE adjustments on 4 policies reduced
NAV by 0.3 pence per share and a profit equivalent to 2.1 pence per
share was recognised from the maturity of one policy on one life
with a face value of US$5,000,000.
Exchange rate movements had no material impact during the month.
The Company's borrowings as at 31 July 2013 stood at US$6,439,000.
Net cash, taking into account cash balances and capital debtors
(being the above maturity proceeds and one of the two policy
maturities announced in June not yet received but both since
received in August), amounted to US$1,429,000.
As previously announced, the Board has for some time been
concerned at the low level of maturities compared to the life
expectancy (LE) projections from our panel of assessors. Earlier
this year it therefore requested the Investment Manager to resume
the programme of obtaining LE updates, covering a significant
portion of the portfolio. Given the difficulties in assessing LEs,
the Board is also considering the appropriateness of the 12%
discount rate (IRR) utilised in its valuation in the light of the
higher IRR requirements of policy buyers seen on many transactions
during the last 2-3 years. This work is ongoing and is expected to
be completed by early September. The Board will advise Shareholders
of the outcome, which will be reflected in the audited financial
results for the year ended 30 June 2013.
Enquiries:
Peter Ingram Tel: 020 7065 1467
Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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