TIDMTLI

RNS Number : 6031U

Alternative Asset Opps PCC Ltd

17 October 2014

Alternative Asset Opportunities PCC Limited (the "Company")

17 October 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 30 September 2014 was 44.1 pence per share. This represents an increase of 1.3 pence per share from the NAV at 31 August 2014. It is estimated that exchange rate movements during the month had a positive impact of approximately 1.0 penny per share. In addition a profit equivalent to 1.3 pence per share was recognised from the maturity of one policy on one life with a face value of US$2,500,000.

During the month of September, TwentyFirst, one the Company's LE underwriters, released information about changes to their mortality tables based on an update to their senior mortality database. As a result, TwentyFirst has adjusted its mortality tables for insureds at advanced ages, primarily those aged 90 and older to reflect lower overall mortality rates.

Following these adjustments, TwentyFirst reissued copies of LE certificates obtained by the Company in the previous six months. The revised LEs do not take into account any recent medical history. but have, nonetheless, been incorporated into the valuation alongside the existing LEs from the two other LE underwriters. These LE adjustments on 13 policies representing 12 lives reduced the NAV as at 30 September 2014 by 0.5 pence per share. If the average LE adjustment based on this sample had been applied across the whole portfolio the Board estimates there would have been a further reduction in the NAV at 30 September 2014 of 1.8 pence per share. The Board has not sought any further new LEs from TwentyFirst but will continue to incorporate new LEs into NAV calculations as and when they are received.

The Company's borrowings as at 30 September 2014 stood at US$1,000,000 which was subsequently repaid on 15 October 2014. Net cash as at 30 September 2014, taking into account cash balances amounted to US$2,485,005.

Enquiries:

 
 Peter Ingram         Tel: 020 7065 1467 
  Company Secretary

This information is provided by RNS

The company news service from the London Stock Exchange

END

NAVGGGWUUUPCURM

Alternative Asset Opps Pcc (LSE:TLI)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Alternative Asset Opps Pcc Charts.
Alternative Asset Opps Pcc (LSE:TLI)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Alternative Asset Opps Pcc Charts.