Half-Yearly Report 30 June 2021
Half-Yearly Report
for the six months ended
Contents
|
Strategic Update |
|
|
Introduction |
3 |
|
Highlights and Company Performance |
4 |
|
Chairman's Statement |
5 |
|
Key Performance Indicators (KPIs) |
7 |
|
Directors' Statement of Principal Risks and Uncertainties |
8 |
|
Directors' Statement of Responsibilities |
|
|
in Respect of the Financial Statements |
8 |
|
Financial Statements |
|
|
Condensed Statement of Comprehensive Income |
10 |
|
Condensed Statement of Financial Position |
11 |
|
Condensed Statement of Changes in Equity |
12 |
|
Condensed Cash Flow Statement |
13 |
|
Notes to the Condensed Financial Statements |
14 |
|
Additional Information |
|
|
Additional Information |
21 |
|
Shareholder Information |
|
|
Company Information |
25 |
|
Glossary |
26 |
Half-Yearly Report 2021 /Life Settlement Assets PLC /1
Strategic Update
Introduction
The Company's objective is to generate long-term returns for investors by managing its portfolios of life settlement interests so that the realised value of the Policies at maturity exceeds the aggregate cost of acquiring the Policies, ongoing premiums, management fees and other operational costs.
COMPANY STRUCTURE
Reflecting the development of the Company through the acquisition of portfolios of interests in life settlement policies, each portfolio was placed into a separate asset trust and reflected by a separate Share Class.
Following the merger of the D Ordinary Shares and E Ordinary Shares into the A Ordinary Shares on
A Ordinary Shareholders
Services Agreement
Acheron
Beneficial interest
(attributable to the A Ordinary Shares)
Investment
Management
Agreement
Acheron Portfolio Trust*
US Life Insurance Policies
The Company's principal strategic partner relationship is with the Trust's Investment Manager,
As more fully described in the Chairman's Statement on page 5, the A and B Share Classes were merged on
Half-Yearly Report 2021 /Life Settlement Assets PLC /3
Highlights and Company Performance
HIGHLIGHTS
- Distributions totalling
USD 2.6 million made during the period - Total maturities for the first six months amounted to
USD 25.8 million (HY2020:USD 12.2 million ), generating gains
from life settlement portfolios ofUSD 14.2 million (HY2020: gains ofUSD 0.6 million ) - Total net profit of
USD 8.6 million (HY2020: loss ofUSD 2.9 million )
COMPANY PERFORMANCE
Performance analysis by Share Class is provided in the tables below.
|
As at |
As at |
Percentage |
|
|
30 June |
31 December* |
change |
|
|
LSAA |
2021 |
2020 |
(%) |
|
Net assets attributable |
|||
|
to Shareholders (USD '000) |
105,930 |
100,200 |
5.7 |
|
Shares in issue** |
49,826,784 |
49,826,784 |
- |
|
NAV per share (USD) |
2.13 |
2.01 |
5.7 |
|
Closing share price (USD)*** |
1.60 |
1.90 |
(15.8) |
|
(Discount) to NAV (%) |
(24.7) |
(5.5) |
(19.2) |
* To aid comparison these figures have been restated to include the Class B share figures at
- As at
31 December 2020 , there were 58,320,157 total shares in issue within Classes A and B. To aid comparison the post-merger shares in issue of 49,826,784 has been used for31 December 2020 . - The
31 December 2020 closing price reflects the share price for Class A only.
|
As at |
As at |
Percentage |
|
|
30 June |
30 June |
change |
|
|
2021 |
2020 |
(%) |
|
|
Total maturities (USD '000) |
25,787 |
12,202 |
111.3 |
|
Net income from portfolio (USD '000) |
14,630 |
1,053 |
1,289.4 |
|
Profit/(loss) for the period (USD '000)* |
8,553 |
(2,855) |
399.6 |
* This includes a contribution of
4 /Life Settlement Assets PLC /Half-Yearly Report 2021
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