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 2.9m (58.07%) of the shares converted them to the new Run-off Classes during the Fund Restructuring, which became effective on 1st January 2014.
Redemptions – Run-off shares are automatically redeemed by EEA as and when there is enough “Available Cash” to pay the redemptions, nominally twice a year. Everyone gets a similar proportion of shares (by value) redeemed on each Redemption Day but the actual amounts can vary slightly between different Run-off Cells.
.............. Run-off Shares History: Click on button at Right
The table below summarises the status of the Run-off Shares and redemptions over the years.
As of February 2018, 1.8m (62%) of the shares have been redeemed for $214m (38% of the valuation at suspension). The NAV of the remaining 1.1m Run-off shares is $148m giving a projected total loss of $206m (36% in USD terms) to be realised over the next 5-7 years.
At 31st January 2018 the fifteen Run-off Cells were valued at $147m, including $37m (25%) of gross cash. Holding back an amount as a “premium reserve and accrued expenses” leaves $15.1m (10.3%) as “Available Cash” which EEA made as Redemption payments during March 2018 Click Here for details
............. Run-off Shares Current Status : Click on button at Right
The table below summarises the current status of the Run-off Shares and redemptions.
Please contact us if you have questions related to your Run-off shareholding.