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EEA Life Settlements Fund PCC Limited – 1 October 2021 Redemptions of Continuing Shares

EEA Life Settlements Fund PCC Limited (the Fund) – 1 October 2021 Redemptions of Continuing Shares

The Fund has redeemed approximately $1.45 million of shares across all Continuing Cells in respect of the 1 October 2021 Redemption Day.

The aggregate Redemption Values of redemption requests has exceeded the level of Available Cash held as at 30 September 2021 for 11 of the 13 Continuing Cells. As a result, the Fund’s board of directors (the Board) has exercised its power to restrict redemptions of Shares in each of those 11 relevant Continuing Cells to the amount of Available Cash attributable to each such Continuing Cell. In calculating the level of Available Cash for each Cell at 30 September 2021, the Board exercised its discretion to exclude an amount consisting of cash and receivables to pay the premia on Current Underlying Investments for one year which means that, in aggregate, $23.6m was excluded across all Continuing and Run-Off Cells when determining the level of Available Cash.

In consequence, the redemption of a proportion of each Continuing Shareholder’s Shares in those 11 Continuing Cells has been postponed until the next Redemption Day (i.e. until 4 January 2022 Redemption Day), subject to further postponement if, on that day, a Cell’s outstanding redemption requests have an aggregate Redemption Value which exceeds the Available Cash held by the Cell as at such Redemption Day. Any such deferred redemptions will generally have priority over subsequent redemption requests, in accordance with the terms of the Fund’s Articles of Incorporation.

Where a redemption has been made, the actual number of a relevant holder’s Continuing Shares that have been redeemed and the redemption proceeds that are payable will be confirmed on a contract note to be mailed to the relevant Continuing Shareholder in due course. Payment of redemption proceeds will normally be made within 30 days of the dealing day, subject to receipt of any requested original paperwork.

As a result of the above, the redemption requests for each Continuing Cell have been dealt with as set out here; this also details the outstanding redemption requests for each Continuing Cell following the 1 October 2021 redemptions.

© EEA Fund Management (Guernsey) Limited 2015.
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