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 September 2018 are as follows:
Meteor Senior Life Settlements Sterling Fund (Option 1) Continuing Shares £110.22
Meteor Senior Life Settlements Sterling Fund (Option 1) Run-Off Shares £109.96
Meteor Senior Life Settlements Sterling Fund II (Option 2) Continuing Shares £98.54
Meteor Senior Life Settlements Sterling Fund II (Option 2) Run-Off Shares £98.44
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
EEA has announced that it has redeemed Run-Off Shares in both the Option 1 and Option 2 Cells on 8th October 2018 based on the September 2018 valuation. Holders of Option 1 Run-Off Shares will receive approximately £12.50 per existing share; for Option 2, the distribution is approximately £11.19 per share. In both cases the number of shares redeemed will be a little under 11.37% of the shares currently held. Meteor expects to receive the proceeds from the redemptions in late October or early November 2018.
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
Meteor has received the redemption proceeds from the redemption of both Option 1 and Option 2 Continuing Shares at the July 2018 Redemption Day and BACS payments made to redeeming shareholders on 7th August 2018. The redemptions were made in respect of requests originally made for the July 2017 Redemption Day. Those requests have yet to be redeemed in full. The unmet part of those requests have been carried forward to the October 2018 Redemption Day alongside the requests outstanding from the October 2017, January 2018, April 2018 and July 2018 Redemption Days.
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 1st April 2019 Redemption Day. Any such request must be received by Meteor no later than 20th December 2018. 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.