On the 31st of March, EEA published an update on the EEA website. Link and details below.
In summary, the update says that they have decided to pause work on their proposal, citing a number of issues including the ongoing litigation, recent maturities and regulatory approvals needed. I suspect the board has had some pretty negative feedback from regulators on their listing ideas.
Despite the above, the Board of Directors write on to say “The Board is of the view that the only viable options at this point are to progress with the Proposals… or to start streamlining the Fund in order to maximise returns to Shareholders as the Fund’s portfolio matures”
So they may still try and push for the Listing and/or a merger of cells, a merger of the cells could save the fund a considerable amount, but potentially many holders will then incur a foreign exchange cost on distributions received, and it could be very negative to shareholders those that have a redemption in place and are close to the front of the queue. So in my view that part of the proposal is tinkering around the edges, either way shareholders should be on alert for the next update that mangement say will come at the latest on the 30th June.
The link to the News section is as follows:
https://www.eeafmg.com/update-on-proposed-rollover-into-a-new-closed-ended-fund/
and a direct Link to the article is here