Alternative Asset Opps PCC Ltd Shareholder Update (4865M)
October 13 2016 - 8:54AM
UK Regulatory
TIDMTLI
RNS Number : 4865M
Alternative Asset Opps PCC Ltd
13 October 2016
Alternative Asset Opportunities PCC Limited
(the "Company")
13 October 2016
Shareholder Update
The Board advises that following approval of the change to the
investment objective by shareholders at the Extraordinary General
Meeting held on 10 October 2016, the filing of documentation to
transfer the ownership and beneficiary of each policy to the
purchaser has commenced. It is expected that completion of such
transfers will take place in batches on a weekly basis with most of
the transfers being completed over the course of the next 3-4
weeks. Thereafter, while timings cannot be guaranteed, shareholders
are advised of the following indicative timetable:
Early November Circular to be posted to shareholders to propose an Extraordinary General Meeting to wind-up the Company
Early December Extraordinary General Meeting to be held to
propose the winding-up and appointment of liquidator
Early January 2017 Liquidator to make first payment to shareholders
The Board also wishes to clarify its policy on the conversion of
funds held in US Dollars to Sterling. Following shareholder
approval in 2011, the Board has no powers to hedge currency
exposure and it therefore intends to convert all substantial
balances held in US Dollars to Sterling as they arise. Accordingly,
US$ 4 million of the Company's existing cash holdings was converted
into Sterling on 13 October. Policy sale proceeds will hereafter be
exchanged into Sterling as and when practical and cost effective to
do so.
The Board will continue to provide regular update announcements
to shareholders throughout this process.
Enquiries:
Tracey Lago
Company Secretary Tel: 020 3246 7405
This information is provided by RNS
The company news service from the London Stock Exchange
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