12 November 2012
When I wrote in September I outlined how matters were progressing with the
restructuring of EEA Life Settlements PCC Limited (the “Fund”). I also gave
you my best estimate of the timescale to implement those options and changes.
A copy of that letter is posted on EEA’s website at www.eeafm.com
– Life Settlements.
I expected that we would be filing the Fund’s financial statements for the
period ended 31 December 2011 in the middle of October, after which we would
be able to submit our restructure proposals to the Guernsey Financial Services
Commission for approval. The financial statements are very close to being
finalised with just a couple of technical details required by the auditors
still outstanding. The Fund’s board of directors is working to finalise the
financial statements as soon as possible and I will write to you again once
our plans have been approved by the GFSC. We will then have a much more
accurate timescale for the restructuring.
In the meantime, I have enclosed the latest Quarterly Portfolio Statistics for
the Fund. You may have seen this before as it is sent to your professional
intermediary and would normally be accompanied with comment from him/her or
EEA. This shows you the finer detail of the policies held by the Fund and
underlines its broad diversification. You will also be aware that we are
showing the provisional monthly net asset value of the portfolio on the EEA
As mentioned previously, I and the rest of the Board share your frustration at
the ongoing delay. I can assure you that we are working hard to bring matters
to a satisfactory conclusion.
If you have any questions please contact your professional intermediary.