REG - CATCo Re-ins Opps Fd - Additional Side Pocket releases

CATCo Reinsurance Opportunities FundAnnouncement

24/11/2020 13:00

RNS Number : 3587G
  
CATCo Reinsurance Opps Fund Ltd
  
24 November 2020
  
 

FOR IMMEDIATE RELEASE
 
24 November 2020
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Side Pocket Release Update
 
 
To: SFS, London Stock Exchange and Bermuda Stock Exchange



The Company is pleased to announce that it has been advised of a further release of Side Pocket Investment ("SPI") capital amounting to approximately $8 million. This is expected to be paid to the Company during January 2021, following which the Company intends to use it to carry out a sixth compulsory redemption of its shares.
 
The updated breakdown of the payments to the Ordinary Shareholders and C Shareholders is approximately $2 million and approximately $6 million respectively.
 
Subsequent to Shareholder approval being given on 26 March 2019 to put the Company's portfolios into run-off, and including this sixth compulsory redemption, the Company will have returned a total of approximately $271.3 million to Shareholders by way of compulsory redemptions, dividend, a tender offer and share buybacks, of which approximately $59.6 million will have been paid to the Ordinary Shareholders and approximately $211.7 million to the C Shareholders
 
The Company will issue further details of the expected timetable for this sixth compulsory redemption shortly.
 
This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.
 



For further information:








Markel CATCo Investment Management Ltd.
 
Judith Wynne
General Counsel
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
 
Mark Way
Chief of Investor Marketing
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com


Numis Securities Limited
 
David Benda / Hugh Jonathan
Telephone: +44 (0) 20 7260 1000



 

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