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 31st July 2019 are as follows:
Meteor Senior Life Settlements Sterling Fund (Option 1) Continuing Shares £112.49
Meteor Senior Life Settlements Sterling Fund (Option 1) Run-Off Shares £112.19
Meteor Senior Life Settlements Sterling Fund II (Option 2) Continuing Shares £100.57
Meteor Senior Life Settlements Sterling Fund II (Option 2) Run-Off Shares £100.44
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
On 2nd May 2019, we received the proceeds from the redemption of Run-Off Shares in each of the two Meteor Run-Off Cells. Shares were redeemed at the prices prevailing from the 31st March 2019 valuation and represented around 12.4% of the shares remaining in each Cell. Including this latest redemption, Option 1 Shareholders have had 70.26% of their Run-Off Shares redeemed and Option 2 Shareholders, 69.72%. The proceeds have been allocated to individual Accounts and, where we have payment details, paid to customers on 2nd May 2019.
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. This will be updated after the redemption proceeds above have been received and paid.
Continuing Shares – Redemptions
On 24th July 2019, we received contact notes confirming the redemption of Shares in both Meteor Continuing Cells at the July 2019 Redemption Day. The shares were redeemed at the prices prevailing at the 28th June 2019 valuation. The proceeds are expected towards the end of July.
For Option 1: All remaining requests outstanding from the April 2018 Redemption Day have been met alongside 14.59% of the requests originating from the July 2018 Redemption Day. The remainder of the July 2018 requests and all requests made in respect of later Redemption Days have been carried forward to the October 2019 Redemption Day.
For Option 2: 63.39% of remaining requests from the January 2018 Redemption Day were met. The remainder of the January 2018 requests and all requests made in respect of later Redemption Days have been carried forward to the October 2019 Redemption Day.
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 January 2020 Redemption Day. Any such request must be received by Meteor no later than 23rd September 2019. 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.