TIDMCAT
RNS Number : 0316F
CATCo Reinsurance Opps Fund Ltd
15 May 2017
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR
TO U.S. PERSONS. THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY
SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS
IN ANY JURISDICTION.
15 May 2017
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Proposed Capital Raise
The Company today announces that the Board and Markel CATCo
Investment Management Ltd. ("Markel CATCo"), the Company's
investment manager, both believe that the Company remains
appropriately positioned to continue to deliver attractive returns
through its focused investment strategy.
Following recent discussions held between Markel CATCo and
existing and potential new reinsurance counterparties regarding a
number of mid-year opportunities, Markel CATCo intends to raise
further funds to satisfy this demand via the Markel CATCo
Diversified Fund (a segregated account of Markel CATCo Reinsurance
Fund Ltd), in which the Company invests substantially all of its
assets (the "Master Fund").
These further opportunities will allow Markel CATCo to continue
to diversify the Master Fund's portfolio, while maintaining the
indicative maximum net return profile of approximately 16% on
invested capital (inclusive of the 2% attritional loss
reserve).
The Board and Markel CATCo believe that it is appropriate to
offer this opportunity to investors in the Company, in response to
continued demand from both current shareholders and new investors.
Proceeds of the fundraise will be used to meet a proportion of the
demand from new investors.
Any new Ordinary Shares ("New Shares") issued under the proposed
capital raise will be issued at a premium of 2% to the unaudited
net asset value ("NAV") per share as at 30 April 2017, which will
be announced on 16 May 2017.
How to participate
Qualified investors (as defined in section 86(7) of the
Financial Services and Markets Act 2000 (as amended)) are invited
to apply for New Shares by contacting Numis Securities Limited
("Numis") using the contact details below. The decision to allot
New Shares to any qualified investor shall be at the absolute
discretion of the Company and Numis.
Expected timetable
Fund raise opens 17 May 2017
============================= =====================
Latest time and date for
receipt of commitments under
the issuance Noon 25 May 2017
============================= =====================
Announcement of results of
issuance 7.00 a.m. 26 May 2017
============================= =====================
Admission and dealings in
New Shares on the Specialist
Fund Segment of the London
Stock Exchange's Main Market 8.00 a.m. 31 May 2017
----------------------------- ---------------------
Ends
For further information:
Judith Wynne
General Counsel
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9000
Email: judith.wynne@markelcatco.com
Mark Way
Chief Operating Officer
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9000
Email: mark.way@markelcatco.com
Numis Securities Limited
Hugh Jonathan / Chris Gook
Telephone: +44 (0) 20 7260 1000
Important notice
This Announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
This Announcement has been issued by and is the sole
responsibility of the Company.
No representation or warranty express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Numis or by any of its respective
affiliates or agents as to or in relation to, the accuracy or
completeness of this Announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
Neither this Announcement nor anything contained herein shall
form the basis of, or be relied upon in connection with, any offer
or commitment whatsoever in any jurisdiction.
This Announcement and the information contained herein is not
for publication, release or distribution, directly or indirectly,
in or into the United States, Australia, Canada, Japan or South
Africa or any jurisdiction in which the same would be unlawful.
This Announcement does not constitute an offer to sell or issue or
the solicitation of an offer to buy or acquire shares in the
capital of the Company.
Shares in the Company have not been, or will not be, registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act") or with any securities regulatory authority of any State or
other jurisdiction of the United States, and accordingly may not be
offered, sold or transferred within the United States except
pursuant to an exemption from, or in a transaction not subject to,
registration under the Securities Act. No offering of the New
Shares is being made in the United States or to U.S. persons as
defined in and in accordance with Regulation S under the Securities
Act. The Company has not been and will not be registered under the
U.S. Investment Company Act of 1940, as amended and investors will
not be entitled to the benefits of that Act.
Numis, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting for the Company and
is acting for no-one else in connection with the issue and will not
be responsible to anyone other than the Company for providing the
protections afforded to its clients nor for providing advice in
relation to the proposed issue or any other matter referred to
herein. To the fullest extent permitted by law recipients agree
that Numis shall not have any liability (direct or indirect) for or
in connection with this Announcement or any matters arising out of
or in connection herewith. Numis has not authorised the contents
of, or any part of, this document.
This Announcement is for information purposes only and does not
constitute an invitation to subscribe for or otherwise acquire or
dispose of securities in the Company in any jurisdiction. The
information contained in this Announcement is for background
purposes only and does not purport to be full or complete. This
Announcement does not constitute or form part of any offer to issue
or sell, or any solicitation of any offer to subscribe or purchase,
any investments in any jurisdiction nor shall it (or the fact of
its distribution) form the basis of, or be relied on in connection
with, any contract therefor.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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