Twenty Seven Co Ltd
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Based in Australia
Company profile

Twenty Seven Co. Limited is an Australia-based mineral exploration company. The Company is focused on minerals exploration across licenses in Western Australia and New South Wales (NSW). Its Projects include Rover Project, Mount Dimer Gold Project, Yarbu Gold Project, and NSW Projects. The Rover Project is located approximately 30 kilometers (km) east of Sandstone in WA, which is a base metal and gold-rich mineral region associated with the Archean greenstone belts of the Central Yilgarn Craton. The Mount Dimer Gold Project consists of a mining lease (M77/515) and exploration license (E77/2383), located circa approximately 100 km North-East of Southern Cross. The Yarbu Gold Project is located on the Marda-Diemals greenstone belt adjacent to Ramelius Resources. The Company's NSW Projects consists of three prospects, such as Midas, Trident and Perseus, located in the Broken Hill Block in New South Wales.

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2,000,000

GWG Holdings, Inc. Reports Results for the Three and Nine Months Ended September 30, 2021 and Full Year Ended December 31, 2020

9:08 am ET December 8, 2021 (Globe Newswire) Print

With Financial Filings Current, GWGH Reopens Sales of the L Bond

Company Now in Compliance with Nasdaq SEC Reporting Listing Requirements

GWG Holdings, Inc. (Nasdaq: GWGH), an innovative financial services firm based in Dallas, Texas that is a leader in providing unique investment solutions and, through its passive investment in The Beneficient Company Group, L.P., unique liquidity solutions and services for the owners of illiquid investments, announced its financial and operating results. The results reflect consolidated accounting and financial reporting of GWGH and The Beneficient Company Group, L.P. and its consolidated subsidiaries (collectively, Beneficient). GWGH and Beneficient are referred to collectively as the Companies.

"It is a new day for GWG Holdings," said Murray Holland, GWGH's Chairman and Chief Executive Officer. "After completing our financial filings to bring us current, and resuming our L Bond offering, we have emerged more determined than ever to fulfill our investors' needs for the products we offer and yield we deliver. It is great to be back."

Recent Corporate Developments

1. Financial and Operating Highlights

                                                      Quarter to Date                 Year to Date
($ Thousands except per share information)            3Q21            3Q20            3Q21            3Q20             FY 2020          FY 2019
Income Statement
Revenues                                              $    33,786     $    68,012     $    37,259     $    119,742     $    124,371     $    92,276
Expenses                                              76,269          87,111          216,464         272,149          349,281          171,873
Net Loss Attributable to Common                       (50,578     )   (48,898     )   (169,881    )   (120,475     )   (168,545     )   70,471
Net Loss per diluted common share                     (2.44       )   (1.60       )   (8.18       )   (3.95        )   (6.01        )   2.06
Balance Sheet
Investment in life insurance policies, at fair value  761,560         787,260         761,560         787,260          791,911          796,039
Investments in alternative assets, at fair value      226,138         221,245         226,138         221,245          221,894          342,012
Total L Bonds                                         1,551,912       1,426,623       1,551,912       1,426,623        1,519,006        1,293,530
Metrics
Capital Raised from L Bonds                           --              114,730         155,170         317,302          440,195          403,397
Cash and restricted cash                              67,723          115,668         67,723          115,668          124,160          115,790
Life Insurance Portfolio                              1,801,306       1,921,067       1,801,306       1,921,067        1,900,715        2,020,973
Face Value of Matured Policies                        43,217          39,803          104,662         105,194          125,109          125,148
TTM Benefits / Premiums (%)                           171.0           220.0           171.0           220.0            179.4            196.0

-- Face amount of policy benefits as of the end of the period presented.

-- The ratio of policy benefits realized to premiums paid on a trailing twelve-month (TTM) basis.

Third Quarter 2021 vs. 2020:

-- Reported third quarter 2021 net loss of $50.6 million, compared to $48.9 million in the third quarter of 2020:

    -- Third quarter net loss was primarily driven by higher interest expense as result of increased average debt balances and interest rates, combined with a lower gain on life insurance policies as a result of the adjustment to the portfolio mortality multiplier and lower revenue recognized from the change in fair value of life insurance policies

    -- Third quarter net loss was primarily driven by higher interest expense as result of increased average debt balances and interest rates, combined with a lower gain on life insurance policies as a result of the adjustment to the portfolio mortality multiplier and lower revenue recognized from the change in fair value of life insurance policies

    -- Continued to realize policy benefits from the life insurance portfolio:

      -- Realized $43.2 million of face amount of policy benefits from 26 life insurance policies during the third quarter 2021, compared to $39.8 million from 21 life insurance policies during the third quarter of 2020

      -- Realized $43.2 million of face amount of policy benefits from 26 life insurance policies during the third quarter 2021, compared to $39.8 million from 21 life insurance policies during the third quarter of 2020

      -- Mortality performance continues to perform consistently with the Actual-to-Expected Analysis, using the updated portfolio mortality multiplier established in the second quarter of 2021:

        -- Third quarter 2021 - $43.2 million actual vs. $36.4 million expected

        -- Third quarter 2021 - $43.2 million actual vs. $36.4 million expected

        -- TTM policy benefits realized continues to outpace premiums paid

        -- Investments in alternative assets, at fair value increased $4.9 million compared to the same period of prior year

        Nine Months Ended 2021 vs. 2020:

        -- Reported year to date 2021 net loss of $169.9 million, compared to $120.5 million in the prior year:

          -- The same factors impacting the quarter to date net loss also drove the net loss for the year to date period

          -- The same factors impacting the quarter to date net loss also drove the net loss for the year to date period

          -- Continued to realize policy benefits from the life insurance portfolio:

            -- Realized $104.7 million of face amount of policy benefits from 74 life insurance policies during the nine months ended 2021, compared to $105.2 million from 70 life insurance policies during the prior period

            -- Realized $104.7 million of face amount of policy benefits from 74 life insurance policies during the nine months ended 2021, compared to $105.2 million from 70 life insurance policies during the prior period

            -- Mortality performance continues to perform consistently with the Actual-to-Expected Analysis, using the updated portfolio mortality multiplier established in the second quarter of 2021:

              -- Year to date 2021 - $104.7 million actual vs. $106.9 million expected

              -- Year to date 2021 - $104.7 million actual vs. $106.9 million expected

              -- TTM policy benefits realized continues to outpace premiums paid

              -- Beneficient executed 10 liquidity transactions with an aggregate net asset value of investments in alternative assets of $5.6 million.

              Fiscal Year 2020 vs 2019:

              -- Reported 2020 net loss of $168.5 million, compared to net income of $70.5 million in fiscal year 2019:

                -- The results of operations for 2020 reflect the consolidation of Beneficient compared to an equity method investment in 2019; the net income for 2019 was primarily driven by a net gain of $243.0 million realized upon the consolidation of Beneficient

                -- The results of operations for 2020 reflect the consolidation of Beneficient compared to an equity method investment in 2019; the net income for 2019 was primarily driven by a net gain of $243.0 million realized upon the consolidation of Beneficient

                -- Continued to realize policy benefits from the life insurance portfolio:

                  -- Realized $125.1 million of face amount of policy benefits from 92 life insurance policies during fiscal year 2020, compared to $125.1 million from 78 life insurance policies during the prior year

                  -- Realized $125.1 million of face amount of policy benefits from 92 life insurance policies during fiscal year 2020, compared to $125.1 million from 78 life insurance policies during the prior year

                  -- Mortality performance performed consistently with the Actual-to-Expected Analysis:

                    -- Fiscal year 2020 - $125.1 million actual vs. $133.8 million expected

                    -- Fiscal year 2020 - $125.1 million actual vs. $133.8 million expected

                    -- TTM policy benefits realized continues to outpace premiums paid

                    -- Beneficient executed nine liquidity transactions with an aggregate net asset value of investments in alternative assets of $15.1 million.

                    2. ExAlt Trusts' Investment in Alternative Assets

                    As of September 30, 2021, Beneficient's loan portfolio had exposure to 111 professionally managed alternative investment funds, comprised of 301 underlying investments, and approximately 99 percent of Beneficient's loan portfolio was collateralized by investments in private companies. Beneficient's loan portfolio diversification spans across these industry sectors and geographic regions:

                                                                September 30, 2021        December 31, 2020
                    Industry Sector                             Value         Percent of  Value         Percent of
                                                                              Total                     Total
                    Software and Services                       $   30,700    13.6  %     $   23,310    10.5  %
                    Semiconductors and Semiconductor Equipment  29,656        13.1  %     21,271        9.6   %
                    Diversified Financials                      29,051        12.8  %     28,462        12.8  %
                    Food and Staples Retailing                  26,986        11.9  %     24,450        11.0  %
                    Telecommunication Services                  24,859        11.0  %     27,401        12.3  %
                    Utilities                                   23,208        10.3  %     21,740        9.8   %
                    Not Applicable (e.g., Escrow, Earnouts)     15,524        6.9   %     18,138        8.2   %
                    Health Care Equipment and Services          12,056        5.3   %     14,682        6.6   %
                    Other                                       34,098        15.1  %     42,440        19.2  %
                    Total                                       $   226,138   100.0 %     $   221,894   100.0 %
                    
                                     September 30, 2021        December 31, 2020
                    Geography        Value         Percent of  Value         Percent of
                                                   Total                     Total
                    North America    $   97,182    43.0  %     $   96,056    43.3  %
                    Asia             48,421        21.4  %     42,475        19.1  %
                    Southern Europe  30,912        13.7  %     36,229        16.3  %
                    South America    27,248        12.0  %     24,767        11.2  %
                    Western Europe   20,773        9.2   %     21,064        9.5   %
                    Other            1,602         0.7   %     1,303         0.6   %
                    Total            $   226,138   100.0 %     $   221,894   100.0 %
                    

                    _______________________________________________________________

                    -- Industries in this category each comprise less than 5 percent as of September 30, 2021.

                    -- Locations in this category each comprise less than 5 percent.

                    Assets in the collateral portfolio consist primarily of interests in alternative investment vehicles (also referred to as funds) that are managed by a group of U.S. and non-U.S. based alternative asset management firms that invest in a variety of financial markets and utilize a variety of investment strategies. The vintages of the funds in the collateral portfolio as of September 30, 2021 ranged from 1993 to 2021.

                    3. Life Insurance Portfolio Statistics as of September 30, 2021

                    Portfolio Summary:

                    Total life insurance portfolio face value of policy benefits (in thousands)  $ 1,801,306
                    Average face value per policy (in thousands)                                 $ 1,831
                    Average face value per insured life (in thousands)                           $ 1,984
                    Weighted average age of insured (years)                                        83.6
                    Weighted average life expectancy estimate (years)                              6.44
                    Total number of policies                                                     984
                    Number of unique lives                                                       908
                    Demographics                                                                   74% Male; 26% Female
                    Number of smokers                                                              36
                    Largest policy as % of total portfolio face value                            0.7                    %
                    Average policy as % of total portfolio                                       0.1                    %
                    Average annual premium as % of face value                                    4.1                    %
                    

                    Distribution of Policies and Benefits by Current Age of Insured:

                                                                        Percentage of Total
                    Min Age  Max Age  Number of Policies  Policy        Number of   Policy      Weighted
                                                          Benefits      Policies    Benefits    Average LE
                                                                                                (Years)
                    64       69       23                  $  22,735     2.3   %     1.2   %     11.4
                    70       74       168                 198,473       17.1  %     11.0  %     10.1
                    75       79       197                 340,040       20.0  %     18.9  %     9.3
                    80       84       197                 350,391       20.0  %     19.5  %     7.5
                    85       89       210                 489,899       21.3  %     27.2  %     4.8
                    90       94       155                 334,534       15.8  %     18.6  %     3.1
                    95       101      34                  65,234        3.5   %     3.6   %     2.2
                    Total             984                 $  1,801,306  100.0 %     100.0 %     6.4
                    

                    Webcast Details

                    Management will host a webcast Thursday, December 9, 2021 at 11:00 a.m. EST to discuss financial and operating results. The webcast will give viewers audio and access to PowerPoint slides that illustrate points made during the presentation. To register for the webcast, go to http://get.gwgh.com/q32021webcastinvite.

                    After the webcast is completed, a replay of it can be accessed at http://get.gwgh.com/q32021webcast.

                    About GWG Holdings, Inc.

                    GWG Holdings, Inc. (Nasdaq: GWGH) is an innovative financial services firm based in Dallas, Texas that is a leader in providing unique investment solutions and, through its passive investment in The Beneficient Company Group, L.P., unique liquidity solutions and services for the owners of illiquid investments. The Beneficient Company Group, L.P. has exposure to a diversified and growing portfolio of alternative assets containing 111 professionally managed alternative investment funds as of September 30, 2021.

                    Through GWGH's subsidiary, GWG Life, LLC, GWGH also owns and manages a diverse portfolio of life insurance policies that, as of September 30, 2021, included $1.8 billion in face value of life insurance policy benefits.

                    For more information about GWG Holdings, email info@gwgh.com or visit www.gwgh.com. For more information about Beneficient, email askben@beneficient.com or visit www.trustben.com.

                    Cautionary Statement Regarding Forward-Looking Statements

                    This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "would," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about our estimates regarding future revenue and financial performance. We may not actually achieve the expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the expectations disclosed in the forward-looking statements that we make. More information about potential factors that could affect our business and financial results is contained in our filings with the Securities and Exchange Commission ("SEC"), including our Quarterly Report on Form 10-Q filed with the SEC on November 19, 2021, and Annual Report on Form 10-K filed with the SEC on November 5, 2021. Additional information will also be set forth in our future quarterly reports on Form 10-Q, annual reports on Form 10-K, and other filings that we make with the SEC. We do not intend, and undertake no duty, to release publicly any updates or revisions to any forward-looking statements contained herein.

                    Media Contact:

                    Dan Callahan

                    Director of Communication

                    GWG Holdings, Inc.

                    (612) 787-5744

                    dcallahan@gwgh.com

                    GWG HOLDINGS, INC. AND SUBSIDIARIES

                    CONDENSED CONSOLIDATED BALANCE SHEETS

                    (dollars in thousands)

                                                                                                                                                                                                                      September 30,         December 31,
                                                                                                                                                                                                                      2021 (unaudited)      2020
                    ASSETS
                    Cash and cash equivalents                                                                                                                                                                         $    42,207           $    85,249
                    Restricted cash                                                                                                                                                                                   25,516                38,911
                    Investment in life insurance policies, at fair value                                                                                                                                              761,560               791,911
                    Life insurance policy benefits receivable, net                                                                                                                                                    33,105                14,334
                    Investment in alternative assets, at fair value                                                                                                                                                   226,138               221,894
                    Equity method investment                                                                                                                                                                          664                   8,582
                    Other assets                                                                                                                                                                                      33,256                36,326
                    Goodwill                                                                                                                                                                                          2,367,750             2,367,750
                    TOTAL ASSETS                                                                                                                                                                                      $    3,490,196        $    3,564,957
                    LIABILITIES & STOCKHOLDERS' EQUITY
                    LIABILITIES
                    Senior credit facilities with LNV Corporation and National Founders LP                                                                                                                            $    327,702          $    193,730
                    L Bonds                                                                                                                                                                                           1,279,808             1,246,902
                    Seller Trust L Bonds                                                                                                                                                                              272,104               272,104
                    Debt due to related parties                                                                                                                                                                       77,362                76,260
                    Interest and dividends payable                                                                                                                                                                    24,440                24,080
                    Accounts payable and accrued expenses                                                                                                                                                             30,448                26,505
                    Deferred tax liability, net                                                                                                                                                                       51,328                51,469
                    TOTAL LIABILITIES                                                                                                                                                                                 2,063,192             1,891,050
                    Redeemable noncontrolling interests                                                                                                                                                               1,226,020             1,233,093
                    STOCKHOLDERS' EQUITY
                    Redeemable preferred stock
                    (par value $0.001; shares authorized 100,000; shares outstanding 41,681 and 56,855; liquidation preference of $41,925 and $57,187 as of September 30, 2021 and December 31, 2020, respectively)   31,069                46,241
                    Series 2 redeemable preferred stock
                    (par value $0.001; shares authorized 150,000; shares outstanding 86,707 and 129,887; liquidation preference of $87,212 and $130,645 as of September 30, 2021 and December 31, 2020, respectively) 67,410                110,592
                    Common stock
                    (par value $0.001; shares authorized 210,000,000; shares issued and outstanding, 33,097,118 and 33,094,664 as of September 30, 2021 and December 31, 2020, respectively)                          33                    33
                    Common stock in treasury, at cost (12,337,264 shares as of both September 30, 2021 and December 31, 2020)                                                                                         (67,406        )      (67,406        )
                    Additional paid-in capital                                                                                                                                                                        265,812               274,023
                    Accumulated deficit                                                                                                                                                                               (412,621       )      (251,111       )
                    TOTAL GWG HOLDINGS STOCKHOLDERS' (DEFICIT) EQUITY                                                                                                                                                 (115,703       )      112,372
                    Noncontrolling interests                                                                                                                                                                          316,687               328,442
                    TOTAL STOCKHOLDERS' EQUITY                                                                                                                                                                        200,984               440,814
                    TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                                                                                                                                                          $    3,490,196        $    3,564,957
                    

                    GWG HOLDINGS, INC. AND SUBSIDIARIES

                    CONSOLIDATED STATEMENTS OF OPERATIONS

                    (dollars in thousands)

                    (unaudited)

                                                                               Three Months Ended                    Nine Months Ended
                                                                               September 30,                         September 30,
                                                                               2021               2020               2021               2020
                    REVENUE
                    Gain on life insurance policies, net                       $     15,484       $     14,122       $     17,923       $     43,355
                    Investment income, net                                     17,554             56,705             21,417             41,590
                    Interest income                                            213                278                835                1,293
                    Other income (loss)                                        535                (3,093        )    (2,916         )   33,504
                    TOTAL REVENUE                                              33,786             68,012             37,259             119,742
                    EXPENSES
                    Interest expense                                           45,096             40,792             128,605            113,805
                    Employee compensation and benefits                         14,871             33,777             43,977             123,321
                    Legal and professional fees                                6,650              7,830              20,832             21,636
                    Other expenses                                             9,652              4,712              23,050             13,387
                    TOTAL EXPENSES                                             76,269             87,111             216,464            272,149
                    LOSS BEFORE INCOME TAXES                                   (42,483       )    (19,099       )    (179,205       )   (152,407       )
                    INCOME TAX EXPENSE (BENEFIT)                               655                3,618              173                (14,545        )
                    NET LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENT         (43,138       )    (22,717       )    (179,378       )   (137,862       )
                    Loss from equity method investment                         (4,949        )    (1,431        )    (11,898        )   (4,279         )
                    NET LOSS                                                   (48,087       )    (24,148       )    (191,276       )   (142,141       )
                    Net (income) loss attributable to noncontrolling interests (87           )    (21,181       )    29,766             32,901
                    Less: Preferred stock dividends                            2,404              3,569              8,371              11,235
                    NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS               $     (50,578 )    $     (48,898 )    $     (169,881 )   $     (120,475 )
                    NET LOSS PER COMMON SHARE
                    Basic                                                      $     (2.44   )    $     (1.60   )    $     (8.18    )   $     (3.95    )
                    Diluted                                                    $     (2.44   )    $     (1.60   )    $     (8.18    )   $     (3.95    )
                    WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
                    Basic                                                      20,759,854         30,477,792         20,758,910         30,516,331
                    Diluted                                                    20,759,854         30,477,792         20,758,910         30,516,331
                    

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