Life Settlement Assets PLC Cancels 269,582 A Ordinary Shares in Buyback at $1.775 Each

Details of the 24 June 2026 Share Purchase and Cancellation

Life Settlement Assets PLC confirmed via a Regulatory News Service announcement that on 24 June 2026 it purchased 269,582 A Ordinary Shares of US$0.01 each for cancellation at a price of $1.775 per share. The transaction was conducted pursuant to the share buyback programme that the Company put in place on 16 March 2026. The announcement does not disclose the total aggregate cost of this specific Tranche, though investors may calculate an approximate gross consideration from the figures provided.

The shares purchased have been cancelled rather than transferred to treasury, meaning they no longer form part of the Company's issued Capital/">Share Capital. This distinction is relevant for shareholders assessing voting rights and ownership percentages, as cancelled shares cease to carry any entitlement. The Company stated that there are no A Ordinary Shares currently held in treasury, reinforcing that the entire reduction in share count reflects outright cancellation.

Life Settlement Assets' Revised A Ordinary Share Capital Following Cancellation

Following the cancellation of the 269,582 A Ordinary Shares, Life Settlement Assets PLC now has 41,746,503 A Ordinary Shares in issue. This figure is explicitly confirmed in the announcement as the appropriate denominator for shareholders who need to determine whether they are required to notify the Company or the FCA of an interest in, or a change to an interest in, the Company's shares under the FCA's Disclosure Guidance and Transparency Rules (DGTR).

The reduction in the number of shares in issue, all else being equal, will mechanically increase the proportional ownership stake held by any shareholder who did not sell shares into the buyback. Shareholders holding positions close to the 3%, 5%, 10%, or other disclosure thresholds under DGTR should take note, as the revised denominator may bring them closer to — or over — a notification threshold even without any change in their absolute holding.

Background to the LSAA Share Buyback Programme Launched in March 2026

The buyback programme underpinning this transaction was originally announced by Life Settlement Assets PLC on 16 March 2026. The current announcement does not reproduce the original programme terms, including the total number of shares authorised for repurchase, the maximum price ceiling, or the programme's scheduled end date. The company did not disclose this figure in the announcement. Investors seeking full programme parameters would need to refer to the 16 March 2026 announcement directly.

Share buyback programmes are a commonly used capital management tool for investment trusts, often deployed when shares trade at a discount to net asset value (NAV). By purchasing and cancelling shares, the trust reduces Supply in the market, which can — in theory — support the share price relative to NAV. Whether this is the stated rationale for LSAA's programme is not confirmed in the current announcement, but the structure of a cancellation-based buyback is consistent with that approach in the investment trust sector.

How Life Settlement Assets PLC Generates Returns for Investors

Life Settlement Assets PLC is a closed-ended investment Trust Company that invests in, and manages, portfolios of whole and fractional interests in life settlement policies. These policies are issued by Life insurance companies operating predominantly in the United States. The life settlement market involves the purchase of existing life insurance policies from their original policyholders, typically at a price above the surrender value but below the Face Value of the death benefit.

According to the notes accompanying the announcement, the Company seeks to generate long-term returns for investors by investing in the life settlement market through each of its separate share classes. Its investment objective is to manage portfolios of life settlement products so that the realised value of policy maturities exceeds the aggregate cost of acquiring those policies, including ongoing premiums, management fees, and other operational costs. The closed-ended structure means the Company does not routinely issue or redeem shares based on investor flows, making Buybacks one of the primary mechanisms through which it can manage its share capital.

The Role of A Ordinary Shares Within LSAA's Multi-Class Structure

Life Settlement Assets PLC operates through separate share classes, as referenced in the notes to the announcement. The current transaction specifically relates to A Ordinary Shares of US$0.01 each, denominated in US dollars, which reflects the predominantly US-dollar nature of the Company's underlying life settlement investments. The announcement does not address any other share classes in issue, nor does it reference any buyback activity in relation to those classes.

The multi-class share structure in closed-ended investment trusts can allow different investor groups to gain exposure to distinct underlying portfolios or risk profiles, while remaining under the same corporate umbrella. For LSAA, each Share Class is associated with a separate portfolio, and the Company's overall performance should be assessed with that structure in mind. Investors holding shares other than the A Ordinary Shares should refer to class-specific disclosures for relevant denominators and capital management updates.

FCA Disclosure Obligations: What the New Share Count Means for LSAA Shareholders

The announcement explicitly highlights that the figure of 41,746,503 A Ordinary Shares in issue may be used by shareholders as the denominator for the calculations required under the FCA's Disclosure Guidance and Transparency Rules (DGTR). These rules require certain shareholders — typically those holding 3% or more of a company's voting shares — to notify both the company and the FCA when their interest crosses prescribed thresholds. The updated denominator figure must be used in these calculations to ensure compliance.

Any shareholder whose proportional holding has changed as a result of this cancellation — even without any direct trading activity on their part — should assess whether a notification obligation has been triggered. Legal and compliance teams at institutional shareholders in particular should be alert to the impact of reduced share counts on their disclosure calculations. The Company's corporate broker, Cavendish Capital Markets Limited, and the Company Secretary at ISCA Administration Services Limited, are the points of contact listed in the announcement for further enquiries.

Cavendish Capital Markets and ISCA Administration: Adviser and Secretary Roles

The announcement identifies Cavendish Capital Markets Limited as the Company's corporate broker, with named contacts including Robert Peel and Andrew Worne for corporate finance and broking matters, and Justin Zawoda-Martin, Daniel Balabanoff, and Pauline Tribe for sales. Cavendish Capital Markets is a well-established UK broker with significant experience in the small and mid-cap investment trust and specialist finance sector.

ISCA Administration Services Limited, based in Exeter and contactable on 01392 487056, acts as Company Secretary and is also the administrative point of contact for Life Settlement Assets PLC. The Chair, Michael Baines, is listed as the primary management contact for further information, reachable care of ISCA. This administrative arrangement is typical for smaller closed-ended investment trusts that outsource company secretarial and administrative functions to specialist providers.

Ongoing Buyback Activity: What Further Announcements May Follow

The Company has confirmed in the announcement that it will make further announcements in due course following the completion of any further purchases pursuant to the buyback programme. This wording indicates that the programme remains active and that additional share purchases and cancellations may be forthcoming, though no timetable or remaining Volume has been specified in the current disclosure.

Investors may be watching for subsequent transaction-in-own-shares announcements to assess the pace and scale of the buyback. Each cancellation announcement will update the total shares in issue, providing a running record of the programme's progress. The frequency and size of future tranches could offer indirect signals about the Company's assessment of its shares relative to underlying asset values, though the announcement makes no explicit statement on this point, and investors should not interpret buyback activity as a guarantee of future performance or share price support.

Share Price Context and Market Considerations for LSAA

The buyback was executed at a price of $1.775 per A Ordinary Share. The announcement does not provide a comparison to the Company's prevailing net asset value per share at the time of the transaction, nor does it offer commentary on whether the shares were trading at a premium or discount to NAV on the date of purchase. The immediate share price impact was not clear from available public information.

In the investment trust sector, buybacks conducted at a discount to NAV are generally regarded as enhancing value for remaining shareholders on a per-share basis, since assets are effectively being acquired more cheaply than the underlying portfolio implies they are worth. However, whether that condition applied here cannot be confirmed from the information provided in this announcement alone. Investors wishing to assess the value implications of the buyback in detail should consult the most recent published NAV per share for the A Ordinary Share class alongside the transaction price of $1.775.

Life Settlement Assets PLC: Strategic Positioning in the US Life Settlement Market

The US life settlement market involves the secondary trading of life insurance policies, and Life Settlement Assets PLC has positioned itself as a specialist vehicle providing UK-listed investors with access to this Asset Class. The market's returns are driven primarily by the timing of policy maturities, the premiums required to keep policies in force, and the Acquisition cost of each policy. These factors are largely uncorrelated with traditional Equity and bond markets, which can make life settlement assets an attractive diversifier within a broader investment portfolio.

The Company's strategy, as described in the announcement's notes, is to ensure that realised policy maturities exceed the total cost base — comprising acquisition cost, ongoing premiums, management fees, and operational expenses. This model requires careful Portfolio Management and actuarial assessment of life expectancy estimates. Capital management activity such as share buybacks takes place alongside this core investment process and reflects the Board's broader approach to balancing shareholder returns and Portfolio Investment over the long term.