Life Settlement Assets PLC on Monday said a US federal district court judge approved the magistrate’s report on the sale of a $24 million portfolio of life policies to Acheron Portfolio Trust.

The London-based investment trust focused on the US said the proceeds of the sale of its Mutual Benefits Keep Policy Trust portfolio will be distributed to MBC’s investors, net of all transaction, legal and wind-down costs. This is currently anticipated to be around $5 million, according to the MBC trustee.

Life Settlement said the face value attributed to the portfolio was around $167 million, as of December 1, of which around 63% is attributable to Acheron’s interests.

Life Settlement said, while under US law there is a 14-day period for any to be made, it expects completion to occur by the end of March. It said it will make a further announcement once the sale has been completed.

Shares in Life Settlement were up 3.3% to $1.55 each in London on Monday morning.

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