Meteor Senior Life Settlements
The Meteor Senior Life Settlements Sterling Fund is part of EEA Life Settlements Fund PCC Limited (“EEA”).
The current Net Asset Values “NAV”s or share prices of the four Meteor cells as at 28th February 2017 are as follows:
Meteor Senior Life Settlements Sterling Fund (Option 1) Continuing Shares £112.33
Meteor Senior Life Settlements Sterling Fund (Option 1) Run-Off Shares £112.01
Meteor Senior Life Settlements Sterling Fund II (Option 2) Continuing Shares £100.43
Meteor Senior Life Settlements Sterling Fund II (Option 2) Run-Off Shares £100.28
NAVs are calculated and published by EEA on a monthly basis, usually at the end of the month following that to which they refer
Run-Off Shares - Redemptions
To date, the proportion of Option 1 Run-Off Shares redeemed is 46.77%, for Option 2 the figure is 45.80%. In January 2017, EEA announced that it did not have sufficient Available Cash as at the December 2016 valuation to make a redemption at that time but stated that it would keep the cash position under review with the intention to make a further distribution “…as cash levels permit”. It is next scheduled to assess the Available Cash position at the 30th June 2017 valuation during July. We will update this information as soon as possible after any further announcements from EEA concerning the redemption of Run-Off Shares,
Details of the redemptions made to date and an outlook for future distributions is included in our “Your questions answered” document about Run-Off Shares, which can be located here.
Continuing Shares – Redemptions
On 8th February 2017, Meteor received the proceeds of the redemptions made at the 3rd January 2017 Redemption Day and sent BACs payments were sent to those shareholders whose shares were redeemed.
To date, EEA has not yet fully met all of the requests made in respect of both Meteor Continuing Cells for the initial Redemption Day of 31st December 2015. In both cases the unmet part of the request has been carried forward to the 3rd April Redemption Day. No redemptions have been made in respect of requests submitted for any later Redemption Days, those requests have also been carried forward to the April Redemption Day. If any redemptions are possible at that time, priority will be given to the earliest requests in respect of each Cell. EEA is expected to make an announcement at the end of April regarding its ability to make a further redemption at that time.
Redemptions to date and the priority EEA gives to requests is explained in more detail in our "Your questions answered” document.
The first Redemption Day in respect of which new requests can be made is the 2nd October 2017 Redemption Day. Any such request must be received by Meteor no later than 22nd June 2017. A form on which you can submit your request can be downloaded here.
At around the same time as EEA publishes its monthly share prices, it also provides a factsheet giving more information about the Fund and the cash held in each Cell. On a quarterly basis it provides an update and Portfolio Statistics, which contains more detailed information. These documents as well as other ad-hoc announcements of new developments can be found on its website at http://www.eeafmg.gg/eea-life-settlements-fund/
This information should be read in conjunction with previous Meteor updates as well as the regular six-monthly Statements and other information previously provided by Meteor.