SEC Form 3 · accession 0001144204-17-040591

EMERGENT CAPITAL, INC. · EMGC

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Evermore Global Advisors, LLC

10% Owner

Period of report

Jul 28, 2017

Accepted (ET)

Aug 4, 2017 · 4:22 pm EDT

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0001494448

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F1	holding	—	—		—	11,185,000	I	By client

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Warrants (rights to buy) to purchase Common Stock^F1,F3,F2	$0.20	holding	—	—	—	—	Jul 28, 2025	Common Stock	2,907,821	—	I

Explanation of responses

F1The securities are held by Evermore Global Advisors, LLC ("Evermore") on behalf of its investment advisory client, Sirius International Insurance Corporation (publ) ("Sirius"). Evermore has sole voting and dispositive power with respect to the securities, but disclaims beneficial interest in such securities except to the extent of its indirect pecuniary interest therein.
F2The Warrants will vest at later times tied to the conversion of the Issuer's outstanding senior unsecured convertible notes outstanding as of July 28, 2017 (the "Outstanding Convertible Notes") into shares of the Issuer's common stock on a 1 to 1 basis; provided that upon the earliest date on which (x) at least 50% of the aggregate principal amount of the Outstanding Convertible Notes are converted into shares of the Issuer's common stock, or (y) all of the Outstanding Convertible Notes are no longer outstanding, then all remaining shares of the Issuer's common stock under the Warrants will vest and become immediately exercisable.
F3Subject to adjustment in accordance with Article 3 of the Warrants.

Remarks

Evermore acquired 37,500,000 shares of Common Stock and Warrants to Purchase 9,750,000 shares of Common Stock of the Issuer on behalf of its investment advisory clients, including the Evermore Global Value Fund and Sirius. Evermore has sole voting and dispositive power with respect to these securities, but disclaims beneficial interest in such securities except to the extent of its indirect pecuniary interest in the securities owned by Sirius and reported above in Table I and Table II.