TIDMCAT
RNS Number : 5084S
CATCo Reinsurance Opps Fund Ltd
22 November 2011
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA
OR JAPAN OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR
DISTRIBUTION IS UNLAWFUL
CATCo Reinsurance Opportunities Fund Ltd.
("CATCo" or the "Company")
Result of Placing of new C Shares to raise USD 125 million
INTRODUCTION
CATCo is pleased to announce today that it has received placing
commitments from institutional investors of USD 125 million
(approximately USD 122.2 million net of commissions and expenses)
in relation to the issue of new C Shares (CATC.L) at a placing
price which will be calculated as the net asset value per C Share
as at the close of business on 30 November 2011 plus 2 per cent
(the "Placing Price"). It is anticipated that the new C Shares will
be issued and admitted to trading on the Specialist Fund Market of
the London Stock Exchange (the "SFM") and the Bermuda Stock
Exchange (the "BSX") on 16 December 2011 (the "Second
Closing").
The issue of these new C Shares will form the Second Closing of
a wider placing of up to 400 million New Shares to be admitted to
trading on the SFM and the BSX (the "Placing"), which opened on 18
May 2011. The new C Shares will be of the same class as the
125,296,737 C Shares already issued. The new C Shares will not rank
for the dividend in respect of the existing C Shares as announced
on 15 November 2011 (with a record date of 2 December 2011) but
will rank pari passu with the existing C Shares in all other
respects.
Since CATCo's formation in December 2010 the Company has now
raised a total of USD 338 million. CATCo Reinsurance Fund Ltd. (the
"Master Fund") has also completed a successful placing, raising
more than double the funds raised by CATCo under the Second
Closing.
TIMETABLE:
For the Second Closing
Admission of the new C Shares to trading on 16 December
the London Stock Exchange's Specialist Fund 2011
Market and the Bermuda Stock Exchange
----------------------------------------------- ------------
CREST accounts to be credited in respect of 16 December
the Depository Interests representing the new 2011
C Shares
----------------------------------------------- ------------
Application will be made for the new C Shares to be admitted to
trading on the SFM and the Bermuda Stock Exchange. Trading is
expected to commence on 16 December 2011.
Tony Belisle, CEO of CATCo Investment Management Ltd, the
investment manager of the Company, said: "This is the fourth fund
raise that CATCo has successfully completed within 12 months and
reflects the confidence institutional investors have in CATCo.
CATCo has proven its strength despite all of the catastrophes that
have occurred around the globe over the last year. The ability to
react quickly and take advantage of price changes in the
reinsurance sector has both accelerated CATCo's progress and
demonstrated the strength and specialist knowledge of the
team."
Commenting on today's announcement, Anthony Taylor, Chairman of
CATCo said: "This recent fund raise will allow CATCo to continue to
seek to capitalise on opportunities in the reinsurance sector and,
as demonstrated by our dividend statement last week, continue to
seek attractive shareholder returns"
THE SECOND CLOSING:
It is expected that the new C Shares, to be issued as C Shares
of the same class as those issued at the first closing of the
Placing (the "First Closing"), will be issued at the Second
Closing, expected to be on 16 December 2011.
The Second Closing is conditional upon, inter alia:
(a) admission occurring in relation to the new C Shares; and
(b) the Placing Agreement between the Company, CATCo Investment
Management Limited and Numis Securities Limited having become
unconditional in respect of the Second Closing and not having been
terminated in accordance with its terms before such admission.
If these conditions are not met, the Second Closing will not
proceed.
The Placing Price of the new C Shares to be issued at the Second
Closing will be the NAV per C Share as at 30 November 2011 plus 2
per cent. It is expected that the Company will notify investors of
the final Issue Price by the publication of an announcement through
a Regulatory Information Service on or prior to 12 December
2011.
ADDITIONAL INFORMATION ON THE COMPANY
Directors' and Other Interests
Anthony Taylor acquired 100,000 new C Shares at the First
Closing. Following this purchase, Mr Taylor had an interest of
210,000 shares (split 110,000 Ordinary shares and 100,000 C
Shares), representing 0.099 per cent. of the issued share capital
of the Company at the First Closing. Mr Taylor intends to acquire
$100,000 of further C Shares at the Second Closing.
Alastair Barbour acquired 40,450 new C Shares at the First
Closing, representing 0.019 per cent. of the issued share capital
of the Company at the First Closing, and intends to acquire $50,000
of further C Shares at the Second Closing.
Sunil Talwar and Sandeep Nanda (both of whom are directors of
CATCO Reinsurance Fund Ltd, the Bermuda segregated accounts company
into which the Company invests) intend to subscribe for $100,000
and $25,000 C Shares respectively at the Second Closing.
For further information contact:
CATCo Reinsurance Opportunities Fund Ltd
+1 (441) 531 2227
Jason Bibb (Chief Operating Officer) +44 (0) 7786 116
Mark Way (Corporate Communications Director) 991
----------------------------------------------- -------------------
Numis Securities Limited
David Benda (Corporate Broking)
Hugh Jonathan (Corporate Finance)
Will Kostoris (Corporate Finance) 0207 260 1000
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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