REG - CATCo Re-ins Opps Fd - Partial Compulsory Redemption of Shares

CATCo Reinsurance Opportunities FundAnnouncement

13/11/2024 07:15

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RNS Number : 9797L  CATCo Reinsurance Opps Fund Ltd  13 November 2024

13 November 2024

CATCo Reinsurance Opportunities Fund Limited (the "Company")

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
21m on 27 November 2024 (the "Redemption Date") by way of a compulsory
partial redemption of up to 109,323 Ordinary Shares and 74,889 C Shares (the
"Ninth Redemption"). Approximately 95.73% of the Company's total issued share
capital will be redeemed (consisting of 95.81% of the Ordinary Shares
currently in issue, and 95.61% of the C Shares).

The Ninth Redemption will be effected at USD 41.6197 per Ordinary Share and
USD 221.6594 per C Share, being the relevant respective NAV per Ordinary Share
and NAV per C Share, as at 30 September 2024. 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 Ninth Redemption, being 21 November 2024. As at
today's date, the Company has 114,104 Ordinary Shares and 78,324 C Shares in
issue, the total number of Shares in issue being 192,428.

 

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, BMG1961Q3242
for the Ordinary Shares and BMG1961Q3168 for the C Shares, (the "Old ISINs")
will expire.

The new ISIN numbers, which are BMG1961Q3325 in respect of the remaining
Ordinary Shares and BMG1961Q3408 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 22 November 2024.

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 Ninth
Redemption on 22 November 2024.

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                           13 November 2024
 Redemption Record Date                                      21 November 2024
 Redemption Date and expiry of Old ISIN numbers              21 November 2024
 New ISIN numbers enabled                                    22 November 2024
 Ex Date for Ordinary and C Shares                           22 November 2024
 Redemption monies paid to CREST holders                     27 November 2024
 Redemption monies paid and issued to certificated holdings  29 November 2024

 

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.

 

 For further information:
 Markel CATCo Investment Management Ltd.                                                                      Numis Securities Limited

 Mark Way                                                                                                     David Benda / Hugh Jonathan

 Chief of Investor Marketing                                                                                  Telephone: +44 (0) 20 7260 1000

 Telephone: +1 441 493 9001

 Email: mark.way@markelcatco.com

 

 

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