CATCo Reinsurance Opps Fund Ltd Issue of Equity - Correction (8982X)

TIDMCAT

RNS Number : 8982X

CATCo Reinsurance Opps Fund Ltd

29 November 2017

THIS RELEASE REPLACES NO. 7652X WHICH WAS ANNOUNCED YESTERDAY.

The number of Ordinary shares was incorrectly reported.

All other details remain unchanged.

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S. PERSONS.

CATCo Reinsurance Opportunities Fund Ltd.

Result of Equity Issue

 
   To: Specialist Fund Segment,                         Date: 28 November 2017 
    London Stock Exchange and 
    Bermuda Stock Exchange 
 

Following its announcement on 8 November 2017, the Company is pleased to announce that it has received applications and commitments for a total of 543,000,000 new C Shares pursuant to the Initial Placing and Offer at the price of US$1 per share, raising gross proceeds of US$543,000,000. Accordingly applications under the Offer and commitments under the Initial Placing will all be met in full. The Company received commitments for a total of 528,845,098 C Shares through the Initial Placing and applications for a total of 14,154,902 C Shares through the Offer.

Application has been made for 543,000,000 C Shares to be issued pursuant to the Initial Placing and Offer to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange. It is expected that Admission will become effective, and dealings will commence, at 8:00am (London time) on 1 December 2017.

Following Admission, the number of Ordinary Shares that the Company has in issue will be 391,666,430 and the number of C Shares that the Company has in issue will be 543,000,000. The C Shares carry the right to attend or vote at any general meeting of the Company in the same manner as the Ordinary Shares. Accordingly, the total number of voting rights in the Company will be 934,666,430 and the figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

The Company will instruct Euroclear on or around 1 December 2017 (or as soon as practicable thereafter) to credit the appropriate stock accounts in CREST of the placees and subscribers (on a delivery versus payment basis) with their respective entitlements to Depositary Interests in respect of C Shares. Temporary documents of title will not be issued pending the dispatch by post of definitive certificates for C Shares in certificated form, which is expected to take place in the week commencing 11 December 2017.

Tony Belisle, Chief Executive, Markel CATCo Investment Management Ltd., said:

"We are delighted with the tremendous support shown by existing and new investors for Markel CATCo's specialised ILS investment opportunity. The fundraise will ensure the Company continues to meet the growing demand from our buyers for our unique reinsurance protections."

For further information, please contact:

Judith Wynne, General Counsel

Mobile: [phone]

Telephone: [phone]

Email: [e-mail]

Mark Way, Chief Operating Officer

Mobile: [phone]

Telephone: [phone]

Email: [e-mail]

Numis Securities Limited

Hugh Jonathan / Harry Trueman

Telephone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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November 29, 2017 11:41 ET (16:41 GMT)