REG - CATCo Re-ins Opps Fd - Transaction in Own Shares - Compulsory Redemption

CATCo Reinsurance Opportunities FundAnnouncement

23/12/2020 07:01

RNS Number : 3987J
  
CATCo Reinsurance Opps Fund Ltd
  
23 December 2020
  
 

CATCo Reinsurance Opportunities Fund Limited (the "Company")
23 December 2020
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 8.0m on 11 January 2021 (the "Redemption Date") by way of a compulsory partial redemption of up to 7,541,478 Ordinary Shares and 11,808,699 C Shares (the "Sixth Redemption"). Approximately 6.55% of the Company's total issued share capital will be redeemed (consisting of 4.5% of the Ordinary Shares currently in issue, and 9.3% of the C Shares).
The Sixth Redemption will be effected at USD 0.2652 per Ordinary Share and USD 0.5081 per C Share, being the relevant respective NAV per Ordinary Share and NAV per C Share, as at 30 November 2020. 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 Sixth Redemption, being 11 January 2021. As at today's date, the Company has 168,898,993 Ordinary Shares and 126,369,585 C Shares in issue, the total number of Shares in issue being 295,268,578.
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, BMG1961Q2582 for the Ordinary Shares and BMG1961Q2665 for the C Shares, (the "Old ISINs") will expire.
The new ISIN numbers, which are BMG1961Q2749 in respect of the remaining Ordinary Shares and BMG1961Q2822 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 12 January 2021. 
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 Sixth Redemption on 12 January 2021.
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


23 December 2020




Redemption Record Date


11 January 2021




Redemption Date and expiry of Old ISIN numbers


11 January 2021




New ISIN numbers enabled


12 January 2021




Ex Date for Ordinary and C Shares


12 January 2021




Redemption monies paid to uncertificated holdings and certificated holdings


    15 January 2021




Redemption monies paid to certificated holdings


21 January 2021



 
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 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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