Alternative Asset Opps PCC Ltd Net Asset Value(s) (1015K)
September 16 2016 - 9:08AM
UK Regulatory
TIDMTLI
RNS Number : 1015K
Alternative Asset Opps PCC Ltd
16 September 2016
Alternative Asset Opportunities PCC Limited (the "Company")
16 September 2016
Net Asset Value at 31 August 2016
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 August 2016 was 52.0 pence per share. This
represents an increase of 0.2 pence per share from the NAV at 31
July 2016.
It is estimated that exchange rate movements during the month
had a positive impact of approximately 0.7 pence per share.
Valuation changes and LE updates had a positive impact of 0.7 pence
per share. Premiums and other administration expenses cost
approximately 0.9 pence per share.
The Company's borrowings as at 31 August 2016 stood at US$nil.
Total cash amounted to US$5,471,150.
Proposed Disposal of the Portfolio
Further to the announcement made on 13 September 2016 of the
proposed change of investment objective and policy to facilitate
the disposal of the portfolio to Vida Longevity Fund L.P.; the
Board is pleased to confirm the receipt into escrow of the full
$40m purchase price.
The valuation above does not take into account the effect of the
disposal agreement.
Cost of Insurance ("COI") increases
Shareholders are reminded of the announcements released in May
2016 referring to potential increases in COI for six Transamerica
policies representing a total face value of $9.9m. During the
period, the Company was formally notified of COI increases for the
final two of these six policies, representing a total face value of
$1.3m, which had a negative impact of approximately 0.4 pence per
share and is included in the movement above.
As set out in the circular to shareholders dated 13 September
2016, the Company has also recently been made aware of planned COI
increases by a further insurer. Such increases will affect six
policies with an aggregate face value of $11.95m. While the Company
has not received formal notification, it is now able to estimate
that the average premium increase is in the region of 64% thereby
reducing the net asset value by approximately 2.3 pence per share.
The effect of these COI increases has not been incorporated
above.
Enquiries:
Charles Tracy Tracey Lago
Chairman Company Secretary Tel: 020 3246 7405
Alastair Moreton
Stockdale Securities Corporate Broker Tel: 020 7601 6118
This information is provided by RNS
The company news service from the London Stock Exchange
END
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