Net Asset Value, Interim Dividend announcement and (1211S)
November 15 2011 - 6:20AM
UK Regulatory
TIDMCAT
RNS Number : 1211S
CATCo Reinsurance Opps Fund Ltd
15 November 2011
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Net Asset Value, Interim Dividend announcement and Corporate
Governance Update
To: SFM, London Stock Exchange Date: 15 November 2011
and Bermuda Stock Exchange
Net Asset Value Calculation
CATCo Investment Management Ltd, as Company Secretary, announces
the unaudited net asset values of the Company's Ordinary Shares and
C Shares of $1.123 and $1.0751, respectively, as at the close of
business on 31 October 2011.
Current Portfolio update
As at the date of this announcement CATCo Reinsurance
Opportunities Fund Ltd (the "Company") holds 182,281.74 shares in
CATCo Diversified Fund (the "Master Fund") and 19,014.68 shares
representing side pocket investments of the Master Fund (issued in
relation to the two significant earthquakes that have occurred in
the first quarter of 2011 in New Zealand and in Japan)("SP
Shares"). The unaudited value of the current portfolio of the
Company at 31 October 2011 is US$232.4 million, of which US$211.2
million (90.8 per cent.) is attributable to its holding of shares
in the Master Fund ("Master Fund Shares") and US$21.3 million (9.2
per cent.) is attributable to its holding of SP Shares.
Dividend Announcement
At launch, the Board of the Company indicated the intention to
pay an annual dividend in respect of a Fiscal Year of an amount
equal to LIBOR plus 5 per cent of the Net Asset Value as at the end
of the relevant Fiscal Year. This intention was extended to holders
of C Shares at the time of the issue of C Shares in May this
year.
On 6 October 2011 the Board also announced that it is
considering fund raising options to take advantage of the current
high premium rates. It is currently the Board's intention that
share issues pursuant to any new fund raise should not be entitled
to any dividend payable in respect of the 2011 year.
The Board is declaring a final dividend of US$0.051 in respect
of the Ordinary Shares and a final dividend of US$0.051 in respect
of the C Shares. The record date for these dividends will be 2
December 2011 and therefore the Ordinary Shares and the C Shares
will go ex-dividend on 30 November 2011. It is expected that these
final dividends will be paid to shareholders in March 2012.
For the avoidance of doubt, any shares issued as part of any
fund raising noted above will not be eligible for this final
dividends.
Adoption of Corporate Governance code
The Company is domiciled in Bermuda which has no corporate
governance regime equivalent to the UK Corporate Governance Code
published by the Financial Reporting Council. However, since launch
the Company has become a member of the AIC and is now classified
within the Specialist: Reinsurance Sector.
In conjunction with the AIC Code, the AIC has produced the AIC
Guide. This is a comprehensive guide on corporate governance which
describes the relevance and applicability of each recommendation of
the UK Corporate Governance Code to investment companies and
documents how the AIC Code translates the UK Corporate Governance
Code into a framework suitable for the industry's unique
structure.
Save as set out below, the Company now complies with the AIC
Guide, and in accordance with the AIC Guide will be meeting its
obligations in relation to the UK Corporate Governance Code. The
Company's corporate governance practices depart from the UK
Corporate Governance Code as follows:
There is no chief executive of the Company nor has the Company
so far established a separate nominations committee or formal
process to assess the performance of the individual Directors. The
Board exercises central management and control and is satisfied
that any relevant issues can be properly considered by the
Directors as a whole;
The Directors are satisfied that the requirement for a formal
policy on executive remuneration is not applicable as the Company
does not currently employ executive directors: as a result there is
no remuneration committee. However the Directors determine the
remuneration of non-executive Directors within the limits set out
in the Bye-laws and in cognisance of the principles of the UK
Corporate Governance Code; and
The Company's audit committee is comprised of all the Directors
and is chaired by Mr. Barbour. The audit committee has the remit to
meet bi-annually and to consider, inter alia: (i) annual and
interim accounts, (ii) auditor reports and (iii) terms of
appointment and remuneration for the Auditors (including overseeing
the independence of the Auditors particularly as it relates to the
provision of non-audit services).
Master Fund and Reinsurer update
CATCO Reinsurance Fund Ltd ("the Master Fund SAC"), the Bermuda
segregated accounts company of which the Master Fund is a
segregated account, issued 147,505 Master Fund Shares from 20 May
2011 to the date of this announcement. It is expected that the
Master Fund SAC will open a new segregated account in January 2012,
and that the Reinsurer will open further segregated accounts in
relation to such new Master Fund SAC segregated account.
The unaudited net asset value per Master Fund Share of the
series held by the Company as at 31 October 2011 is US$1.075.
Following further subscription by the Master Fund SAC, the
Reinsurer issued 127,535,096 preference shares to the Master Fund
SAC from 20 May 2011 to the date of this announcement.
For further information, please contact:
Jason Bibb
CATCo Investment Management Ltd
Telephone: +1 (441) 531 2227
Email: jason.bibb@catcoim.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0) 20 7260 1000
Michael Toyer / John Whiley
Prime Management Ltd
Telephone: +1 (441) 295 0329
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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