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Life Settlement Assets PLC on Friday said that the court hearing for the sale of its life policies to Acheron Portfolio Trust is to be heard on January 26, 2023.
Life Settlement is a London-based investment trust focused on the US.
The firm filed a motion on Wednesday with the US Court of the Southern District of Florida, Miami Division, to approve the sale of life policies to Acheron Portfolio Trust for a gross consideration of $24 million.
The motion, which includes a settlement agreement with APT, is expected to be heard by the court on January 26, 2023.
If approved, the proceeds of the sale, net of all transaction, legal and wind down costs which are not expected to exceed UDS5 million, will be distributed to investors.
This includes APT as a current investor.
As at December 1, the face value attributed to the portfolio was $167 million, of which 63% is attributable to APT’s interests.
Life Settlement said it would comment further after the court hearing.
Life Settlement shares were last traded at $1.40 in London on Wednesday.
By Holly Beveridge; Alliance News reporter
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