Alternative Asset Opps PCC Ltd Net Asset Value(s) (6880J)
June 16 2014 - 4:25AM
UK Regulatory
TIDMTLI
RNS Number : 6880J
Alternative Asset Opps PCC Ltd
16 June 2014
Alternative Asset Opportunities PCC Limited (the "Company")
16 June 2014
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 May 2014 was 46.1 pence per share. This
represents an increase of 0.9 pence per share from the NAV at 30
April 2014. It is estimated that exchange rate movements during the
month had a positive impact of approximately 0.3 pence per share.
The Company's borrowings as at 31 May 2014 showed a nil balance.
Net cash, taking into account cash balances and capital debtors
(being the maturity proceeds from the two policies on two lives
announced on 12 May and 23 May 2014), amounted to US$5,654,005.
As advised on 28 May 2014, the Company has received notification
of one further policy maturity on one life with a face value of
US$350,000, which once certified will add approximately 0.2 pence
to the NAV per share. This is not included in the cash balances and
capital debtors figure above.
The Company is close to completing the rolling programme begun
in April 2013 to update the portfolio valuation using
newly-obtained medical records and assessments of Life Expectancy
from three independent sources.
It is not practicable to revalue every policy in company's
portfolio. This applies to two sub-sections of the portfolio: those
with face values of under $600,000, where the costs of regular
reviews seem unjustified, and those where it has not been possible
to obtain updated medical records. Following discussions with its
investment advisers, SL Investment Management, the Board has
decided to change the basis of the valuation for these two groups
of policies to Valuation Basic Table (VBT), the standard population
mortality table in the US. Together these policies have a face
value of US$28.2 million, representing 20% of the total
portfolio.
The impact of the change in valuation is a write-down at the end
of May 2014 of US$0.58 million, being the equivalent of 0.5 pence
per share, and is reflected in the NAV at 31 May 2014.
The following table shows the distribution by death benefit of
the policies in the portfolio by LE band as at 31 May 2014.
LE band (years) No. of lives Total death % of death Total valuation % of valuation
benefit benefit US$000
US$000
----------------- ------------- ------------ ----------- ---------------- ---------------
0 <= LE < 1 0 0 0.0 0 0.0
----------------- ------------- ------------ ----------- ---------------- ---------------
1 <= LE < 2 0 0 0.0 0 0.0
----------------- ------------- ------------ ----------- ---------------- ---------------
2 <= LE < 3 4 8,116 5.7 4,807 9.6
----------------- ------------- ------------ ----------- ---------------- ---------------
3 <= LE < 4 14 21,881 15.3 10,224 20.4
----------------- ------------- ------------ ----------- ---------------- ---------------
4 <= LE < 5 27 53,348 37.3 18,788 37.4
----------------- ------------- ------------ ----------- ---------------- ---------------
5 <= LE < 6 24 38,467 26.9 12,438 24.8
----------------- ------------- ------------ ----------- ---------------- ---------------
6 <= LE < 7 4 9,328 6.5 1,983 4.0
----------------- ------------- ------------ ----------- ---------------- ---------------
7 <= LE < 8 5 10,250 7.2 1,650 3.3
----------------- ------------- ------------ ----------- ---------------- ---------------
LE >= 8 1 1,500 1.0 305 0.6
----------------- ------------- ------------ ----------- ---------------- ---------------
Total 79 142,889 100.0 50,195 100.0
----------------- ------------- ------------ ----------- ---------------- ---------------
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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