CATCo Reinsurance Opps Fund Ltd Compulsory Acqn of Shares (6951G)

TIDMCAT

RNS Number : 6951G

CATCo Reinsurance Opps Fund Ltd

21 November 2022

CATCo Reinsurance Opportunities Fund Limited (the "Company")

21 November 2022

Partial Compulsory Redemption of Shares

This announcement contains inside information

Further to the approval given by the Company's Shareholders on 6 April 2020 to enable compulsory redemptions of the Ordinary Shares and C Shares (as described in the Circular to Shareholders dated 13 March 2020), the Company today announces that it will return an aggregate amount of approximately USD 17.8m on 29 November 2022 (the "Redemption Date") by way of a compulsory partial redemption of up to 1,379,103 Ordinary Shares and 754,104 C Shares (the "Eighth Redemption"). Approximately 91.73% of the Company's total issued share capital will be redeemed (consisting of 92.36% of the Ordinary Shares currently in issue, and 90.60% of the C Shares).

The Eighth Redemption will be effected at USD 3.3355 per Ordinary Share and USD 17.5042 per C Share, being the relevant respective NAV per Ordinary Share and NAV per C Share, as at 30 September 2022. The Redemption will be effected pro rata to holdings of Ordinary Shares and C Shares respectively on the register at the close of business on the Redemption Date, which is the record date for the purposes of the Eighth Redemption, being 29 November 2022. As at today's date, the Company has 1,493,131 Ordinary Shares and 832,376 C Shares in issue, the total number of Shares in issue being 2,325,507.

Fractions of Ordinary Shares and C Shares will not be redeemed and so the number of Ordinary Shares and C Shares to be redeemed for each shareholder will be rounded down to the nearest whole number of Ordinary Shares and C Shares, as appropriate.

The amount to be applied to the partial redemption of Ordinary Shares and C Shares comprises monies from the Company's existing cash balances.

All Ordinary Shares and C Shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, Ordinary Shares and C Shares will be incapable of transfer.

The Ordinary Shares and C Shares will be disabled in CREST after close of business on the Redemption Date and the existing ISIN numbers, BMG1961Q2905 for the Ordinary Shares and BMG1961Q3085 for the C Shares, (the "Old ISINs") will expire.

The new ISIN numbers, which are BMG1961Q3242 in respect of the remaining Ordinary Shares and BMG1961Q3168 in respect of the remaining C Shares which have not been redeemed (the "New ISINs") will be enabled and available for transactions from and including 30 November 2022.

Up to and including the Redemption Date, Ordinary Shares and C Shares will continue to be traded under the Old ISINs and as such, a purchaser of such Ordinary Shares or C Shares, as the case may be, would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISINs. The Ordinary Shares and C Shares will be marked Ex in relation to the Eighth Redemption on 30 November 2022.

Shareholders should note that the Board retains absolute discretion as to the execution, extent and timing of any further returns of capital.

Expected timetable for redemption:

 
 Announcement of redemption notice                   21 November 
                                                            2022 
 Redemption Record Date                              29 November 
                                                            2022 
                                                    ------------ 
 Redemption Date and expiry of Old ISIN numbers      29 November 
                                                            2022 
                                                    ------------ 
 New ISIN numbers enabled                            30 November 
                                                            2022 
                                                    ------------ 
 Ex Date for Ordinary and C Shares                   30 November 
                                                            2022 
                                                    ------------ 
 Redemption monies paid to uncertificated holdings    6 December 
  and certificated holdings                                 2022 
                                                    ------------ 
 Redemption monies paid to certificated holdings      8 December 
                                                            2022 
                                                    ------------ 
 

Capitalised terms used but not defined in this announcement shall bear the meanings ascribed to them in the Circular to Shareholders dated 13 March 2020.

Enquiries:

 
For further information: 
Markel CATCo Investment Management    Numis Securities Limited 
 Ltd. 
 Judith Wynne                          David Benda / Hugh Jonathan 
 General Counsel                       Telephone: [phone] 
 Telephone: [phone]            1000 
 Email: [e-mail] 
 Mark Way 
 Chief of Investor Marketing 
 Telephone: [phone] 
 Email: [e-mail] 
 

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November 21, 2022 02:00 ET (07:00 GMT)