REG - CATCo Re-ins Opps Fd - Compulsory Acqn of Shares

CATCo Reinsurance Opportunities FundAnnouncement

21/11/2022 07:00

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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 and certificated holdings  6 December 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 Ltd.                          Numis Securities Limited

 Judith Wynne                                                     David Benda / Hugh Jonathan

 General Counsel                                                  Telephone: +44 (0) 20 7260 1000

 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

 

 

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