Following on from the success of the last Tender Offer we have updated pricing and per the 2018 10 NAV's from EEA Life are looing to purchase more shares from holders that are seeking liquidity. More details araveilable here: https://southeycapital.com/EEAinvestors/
At the begining of the year, Southey Capital offered investors via voluntary tender a process to sell their shares in the EEA Life Settlements Fund, settlement of those shares is now in progress. The fund itself has had a difficult start to the year with a substantial differnce in maturities, from plan. We expect further reductions/writedowns during the year if maturities lag, and corresponding reduction in NAV.
Bloomberg reported the ongoing struggles of Noble Group to cope with its Debt burden of c. $3bn, in the near term, quoting Southey Capital on our view of Noble to manage asset sales and short term cashflow.
In Tradewinds most recent update on Rickmers Maritime, Southey Capital was quoted in relation to the restructuring of the Trust's bonds in Singapore and Germany and recent trading prices.
2017 02 - Hanjin Shipping
In Tradewinds most recent update on Hanjin shipping we re-interated that a liquidation of the Hanjin would most likely see no change in the secondary market price of claims.
Tradewinds quoted Southey Capital in regards to our recovery estimates to creditors of Hanjin Shipping, potential creditors only have a limited amount of time to file a claim, but recovories could be low.
EEA Fund Mangement, the fund group behind EEA Life Settlements Fund, has published an updated Q&A. Southey Capital is making a market in the shares of the company on behalf of clients.
Share holders received this week good news in the form of a buy-back letter. If the motion is carried at the next AGM, towards the end of June, then shareholders will receive a distribution based on 80% of their holdings.
Southey Capital has expanded its regulatory footprint by being granted Passport status in major EU countries including Germany, Austria, Netherlands, France, Italy and Luxembourg, to name but a few.