CATCo Reinsurance Opps Fund Ltd Transaction in Own Shares - Compulsory Redemption (3987J)
December 23 2020 - 2:00AM
UK Regulatory
TIDMCAT
RNS Number : 3987J
CATCo Reinsurance Opps Fund Ltd
23 December 2020
CATCo Reinsurance Opportunities Fund Limited (the "Company")
23 December 2020
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 8.0m on 11 January 2021 (the
"Redemption Date") by way of a compulsory partial redemption of up
to 7,541,478 Ordinary Shares and 11,808,699 C Shares (the "Sixth
Redemption"). Approximately 6.55% of the Company's total issued
share capital will be redeemed (consisting of 4.5% of the Ordinary
Shares currently in issue, and 9.3% of the C Shares).
The Sixth Redemption will be effected at USD 0.2652 per Ordinary
Share and USD 0.5081 per C Share, being the relevant respective NAV
per Ordinary Share and NAV per C Share, as at 30 November 2020. 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 Sixth Redemption, being 11 January 2021. As at today's date,
the Company has 168,898,993 Ordinary Shares and 126,369,585 C
Shares in issue, the total number of Shares in issue being
295,268,578.
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, BMG1961Q2582 for the Ordinary Shares and BMG1961Q2665 for
the C Shares, (the "Old ISINs") will expire.
The new ISIN numbers, which are BMG1961Q2749 in respect of the
remaining Ordinary Shares and BMG1961Q2822 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
12 January 2021.
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 Sixth Redemption
on 12 January 2021.
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 23 December
2020
Redemption Record Date 11 January
2021
--------------
Redemption Date and expiry of Old ISIN numbers 11 January
2021
--------------
New ISIN numbers enabled 12 January
2021
--------------
Ex Date for Ordinary and C Shares 12 January
2021
--------------
Redemption monies paid to uncertificated holdings 15 January
and certificated holdings 2021
--------------
Redemption monies paid to certificated holdings 21 January
2021
--------------
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
Telephone: +1 441 493 9005 1000
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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END
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