CATCo Reinsurance Opps Fund Ltd Conversion of Securities (7234J)

TIDMCAT

RNS Number : 7234J

CATCo Reinsurance Opps Fund Ltd

10 August 2012

CATCo Reinsurance Opportunities Fund Ltd. (the "Company")

C Share Conversion Ratio and Admission of New Ordinary Shares

 
 To: SFM, London Stock Exchange    Date: 10 August 2012 
  and the Bermuda Stock Exchange

Further to its announcement of 8 August 2012, the Board of the Company is pleased to announce the following information in relation to the conversion of its C Shares.

Conversion Ratio for C Shares

The Net Asset Values as at the Calculation Time (being 8 August 2012) for an Ordinary Share and a C Share were $0.98 and $1.1329 respectively. Accordingly, the Conversion Ratio for conversion of the C Shares, as calculated in accordance with the Company's prospectus dated 18 May 2011 (the "Prospectus"), is 1.15602825 Ordinary Shares for every one C Share held.

On the basis of the Conversion Ratio, a holder of 1,000 C Shares will receive 1,156 new Ordinary Shares upon Conversion.

Entitlements will be rounded down to the nearest whole share.

Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue.

Further details of the Conversion and rights attaching to the C Shares are set out in the Prospectus.

Admission to trading on the Specialist Fund Market of the London Stock Exchange

On the basis of the Conversion Ratio, application has been made to the London Stock Exchange for 282,207,337 Ordinary Shares to be admitted to trading on the Specialist Fund Market. It is anticipated that such admission will become effective, and that dealings in the Ordinary Shares will commence, on 13 August 2012. As a result of this share issue, the Company has in issue 369,849,337 Ordinary Shares.

Cancellation of C Shares

The C Shares will be permanently removed from trading on the London Stock Exchange with effect from the opening of trading at 8.00 a.m. on 13 August 2012.

Expected timetable

 
 Record date for Conversion           Close of business on 10 August 
  and C Share register closes          2012 
 Dealings in new Ordinary             13 August 2012 
  Shares commence 
 Crediting of CREST accounts          13 August 2012 
  with new Ordinary Shares 
 Share certificates in respect        Week commencing 13 August 
  of new Ordinary Shares despatched    2012

Defined words and terms used in this announcement shall have the same meaning as ascribed to them in the Prospectus.

-Ends-

For further information, please contact:

Jason Bibb, Director/Michael Toyer, Head of Investment Operations

CATCo Investment Management Ltd

Telephone: +1 441 531 2227

Email: jason.bibb@catcoim.com

Email: Michael.toyer@catcoim.com

David Benda / Hugh Jonathan

Numis Securities Limited

Telephone: +44 (0)20 7260 1000

This information is provided by RNS