Restructuring Update - EEA Life Settlements Fund PCC Limited (the “Fund”)
Following requests from shareholders requesting further information in light
of the announcement of 18 November 2013, I wanted to provide you with an
update on where things stand with the proposed restructuring, given that it
had been anticipated that the restructuring would become effective on 1
November 2013 subject always to obtaining the approval of the Guernsey
Financial Services Commission (the “GFSC”).
By way of background, the directors of the Fund (the "Board") have been in
regular contact with the GFSC in relation to the restructuring proposal over a
number of months. During these discussions the GFSC indicated that it would
require shareholders to vote on the restructuring proposal before it
considered granting the necessary regulatory approvals in order that the
restructuring could proceed, and this was reflected in the Circular and the
accompanying Q&A document.
Following the 18 October 2013 announcement of the approval of the
restructuring proposal by shareholders at the 17 October 2013 EGM and Class
Meeting, the Board made a submission to the GFSC seeking approval for the
It was only in discussions with the GFSC following this submission that it
became clear that the GFSC would now require further information, including
the receipt of audited accounts of the Fund for the 2012 financial year,
before it would consider providing the necessary approvals to enable the
restructuring to become effective. Shareholders will be aware that the 2012
audited accounts are overdue because of the delay in finalising the 2011
audited accounts. The new auditors were appointed on 29 August 2013 and, with
the assistance of the Board, are proceeding with the audit of the 2012
accounts. The Board and the Fund's investment manager are working with the
GFSC to provide this information as soon as possible.
The Board will continue to update shareholders on progress.