ACCESS Newswire
16 Oct 2020, 01:43 GMT+10
Company Reports Book Value of $0.37 per Share
BOCA RATON, FL / ACCESSWIRE / October 15, 2020 / Emergent Capital, Inc. (OTCQX:EMGC) ('Emergent' or the 'Company'), today reported its financial results for the third fiscal quarter ended August 31, 2020.
Emergent indirectly owns a 27.5% equity investment, having an estimated fair value of approximately $152.5 million at August 31, 2020, in White Eagle Asset Portfolio, LP ('White Eagle'), which holds a portfolio of life settlements and was previously a wholly-owned subsidiary of the Company. The Company primarily earns income through change in fair value and distributions from its equity investment in White Eagle.
Third Quarter 2020 and Recent Highlights
White Eagle Portfolio Highlights
'White Eagle performed well in the third quarter with 13 policy maturities that yielded an aggregate benefit of $43.2 million,' said Pat Curry, Emergent's Chairman and Chief Executive Officer. 'While COVID-19 has slowed the processing times to produce and confirm death certificates in certain states, which has impacted White Eagle collections, we believe this to be a temporary issue that will not have a lasting or material impact on distributions.'
Three Months Ended August 31, 2020 Financial Results Summary
Nine Months Ended August 31, 2020 Financial Results Summary
Investment in Limited Partnership Quarterly Highlights:
Investment in Limited Partnership Nine Months Ended August 31, 2020
Subsequent Event
On October 15, 2020, Emergent and its wholly-owned subsidiary Red Reef Alternative Investment, LLC filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. More information was disclosed by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission on October 15, 2020.
The Company had 158,655,140 shares of common stock outstanding, treasury shares of 608,000 and an undiluted book value of $0.37 per share at August 31, 2020.
About Emergent Capital, Inc.
Emergent (OTCQX: EMGC) is a specialty finance company that invests in life settlements. More information about Emergent can be found at www.emergentcapital.com.
Safe Harbor Statement
This press release may contain certain 'forward-looking statements' relating to the business of Emergent Capital, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are 'forward-looking statements.' These forward-looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, and involve known and unknown risks and uncertainties. Although Emergent believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Emergent does not assume a duty to update these forward-looking statements.
Company Contact:
Investor Relations
Rob Fink
FNK IR
646.809.4048
[email protected]
www.emergentcapital.com
Emergent Capital, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
Emergent Capital, Inc.
CONSOLIDATED BALANCE SHEETS
* Derived from audited consolidated financial statements.
SOURCE: Emergent Capital, Inc.
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