There were a total of 8.6m EEA shares issued between 2006 and 2011, of which 4.9m were still in issue when the Fund was suspended on 30th November 2011. In October 2013, holders of 2m (41.9%) of the shares became Continuing shares during the Fund Restructuring, which became effective on 1st January 2014.
Redemptions – If you have already requested redemptions then the request will be automatically carried forward quarter-by-quarter until your request is 100% fulfilled.
At 29th December 2017 the 13 Continuing Cells were valued at $99m, including $21.9m(22%) of gross cash. Holding back an amount as a “premium reserve and accrued expenses” leaves $6.4m (6.5%) as “Available Cash” for potential redemption payments to Continuing shareholders. EEA have announced that during February or March 2018 they will make Redemption payments of $5.46m as of 2nd January 2018.
WARNING – If you haven’t yet requested redemption of some or all of your Continuing shares, then you are approaching a point when EEA can reinvest your remaining shares in ongoing “Other Instruments” including new Life Policies “similar to the existing ones”. Once this occurs, your ability to redeem your shares for cash will be restricted by the valuation, charges and timelines for the new instruments. The new investments will be managed by the same people that have “managed” your EEA investment over the past ten years.
Please contact us to discuss this situation in more detail. Please note the following deadlines for submitting new Continuing Share redemption requests :
- Redemption Day 2 April 2018– Too late. Request deadline was 28 or 29 Dec 2017
- Redemption Day 2 July 2018– Request deadline 5.00pm (Guernsey), 29 March 2018
- Redemption Day 1 Oct 2018– Request deadline 5.00pm (Guernsey), 28 June 2018
Earlier deadline dates will apply if you are invested through a platform, pension or other nominee.