Investors in suspended traded life policy fund EEA Life Settlements will share £56m in proceeds from the sale of some of its assets, though a shareholder group has voiced concerns the deal strips future value from the fund.
An undisclosed purchaser of 188 of the fund's US life insurance policies, all with estimated maturity dates of more than four years, bought the dollar denominated assets for $130m (£83.3m). The board of directors of the fund intends to distribute £56m of that to holders of run-off shares, who EEA said make up around 60% of shareholders in the fund, with proceeds paid in early November 2015. Prior to the sale the board put the total value of the fund at $588m (£376.8m) at the end of July, down from $602m in May. Adopt an investor The asset sale comes hot on the heels of an an...
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