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 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
On 25th January 2017, EEA’s updated Q&A document indicated that no redemption of Run-Off Shares will take place following the December 2016 valuation. The document states “Given levels of Available Cash… in the Run Off Cells as at 30 December 2016, no distribution was made as at the end of December 2016. The Fund’s board will keep the cash position under review and intends to make a further distribution as cash levels permit”.
Nominally, EEA’s assessments of whether it has sufficient Available Cash to make a redemption are scheduled to take place at the June and December valuations each year. However, as EEA’s ability to make redemptions is chiefly reliant on the rate of policy maturities, which are not predictable, it has seldom been able to keep to this timetable. For example, the last distribution was made ahead of schedule in October 2016 with proceeds paid in November 2016. We will update this information as soon as possible in the event that EEA makes an announcement of the next distribution but cannot predict when the next redemption will be made.
To date, the proportion of Option 1 Run-Off Shares redeemed is 46.77%, for Option 2 the figure is 45.80%.
Continuing Shares – Redemptions
On 8th February 2017, Meteor received the proceeds of the redemptions made at the 3rd January 2017 Redemption Day. EEA met 85.59% of the remaining redemption requests outstanding from the December 2015 Redemption Day in respect of Option 1 Continuing Shares. This leaves 0.92% of those requests outstanding. For Option 2, 47.72% of the remaining December 2015 requests were met, leaving 5.8% of those requests still to be met. In both cases the unmet part of the request has been carried forward to the 3rd April Redemption Day. No redemptions were made in respect of requests submitted for any Redemption Day later than the December 2015 Redemption Day, 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.
On 8th February 2017, Meteor sent BACs payments were sent to those shareholders whose shares were redeemed.
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 3rd July 2017 Redemption Day. Any such request must be received by Meteor no later than 24th March 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. The EEA Updates listed below are provided for information purposes only and represent the views and opinions of EEA which may not necessarily be shared by Meteor.