Meteor Senior Life Settlements
The Meteor Senior Life Settlements Sterling Fund is part of EEA Life Settlements Fund PCC Limited.
The current Net Asset Values “NAV”s or share prices of the four Meteor cells as at 29th September 2017 are as follows:
Meteor Senior Life Settlements Sterling Fund (Option 1) Continuing Shares £99.03
Meteor Senior Life Settlements Sterling Fund (Option 1) Run-Off Shares £98.80
Meteor Senior Life Settlements Sterling Fund II (Option 2) Continuing Shares £88.53
Meteor Senior Life Settlements Sterling Fund II (Option 2) Run-Off Shares £88.46
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’s recently published factsheet providing current values and an indication of cash held at the 29th September 2017, indicates that the Available Cash in both Meteor Run-Off Cells was around 5.22% of the respective NAVs of those Cells. This would usually be considered too small a proportion to allow for a redemption at this time. However, two large maturities were added to EEA’s Maturity Schedule on 18th October 2017 which will improve the amount of Available Cash from its September 29th position. We will provide updates on the Available Cash position of the Cells as soon as it becomes available.
To date, EEA has redeemed to 57.3% of the Run-Off Shares for Option 1 and 56.5% for Option 2. The most recent redemption was in April 2017 with the proceeds being paid in May 2017.
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 - October 2017 Redemption Day
On 17th October 2017, EEA announced that it had made a redemption of Continuing Shares. In respect of Option 1, it has redeemed 76.62% of the remaining requests outstanding from the January 2017 Redemption Day. For Option 2, all of the remaining requests from the October 2016 Redemption Day have been redeemed, alongside 32.14% of the outstanding requests from the January 2017 Redemption Day. For both Cells, no redemptions have been made in respect of requests originally made for the April 2017, July 2017 or October 2017 Redemption Days. The EEA announcements states that it will pay the proceeds of the redemptions “as soon as practicable”. We will update the information on this web page as soon as possible after any further news of the redemptions is available.
Redemptions to date and the priority EEA gives to requests is explained in more detail in our "Your questions answered” document. This document will be updated as son as possible after the redemptions above have been made.
The first Redemption Day in respect of which new requests can be made is the 2nd April 2018 Redemption Day. Any such request must be received by Meteor no later than 15th December 2017. A form on which you can submit your request can 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.