CATCo Reinsurance Opps Fund Ltd Compulsory Acqn of Shares (7883W)
April 30 2021 - 2:00AM
UK Regulatory
TIDMCAT
RNS Number : 7883W
CATCo Reinsurance Opps Fund Ltd
30 April 2021
CATCo Reinsurance Opportunities Fund Limited (the "Company")
30 April 2021
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 19.2m on 11 May 2021 (the
"Redemption Date") by way of a compulsory partial redemption of up
to 12,052,463 Ordinary Shares and 31,330,556.90 C Shares (the
"Seventh Redemption"). Approximately 15.72% of the Company's total
issued share capital will be redeemed (consisting of 7.47% of the
Ordinary Shares currently in issue, and 27.35% of the C
Shares).
The Seventh Redemption will be effected at USD 0.2821 per
Ordinary Share and USD 0.5043 per C Share, being the relevant
respective NAV per Ordinary Share and NAV per C Share, as at 31
March 2021. 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 Seventh Redemption, being 11 May 2021. As
at today's date, the Company has 161,357,581 Ordinary Shares and
114,560,954 C Shares in issue, the total number of Shares in issue
being 275,918,535.
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, BMG1961Q2749 for the Ordinary Shares and BMG1961Q2822 for
the C Shares, (the "Old ISINs") will expire.
The new ISIN numbers, which are BMG1961Q2905 in respect of the
remaining Ordinary Shares and BMG1961Q3085 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 May 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 Seventh
Redemption on 12 May 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 30 April 2021
Redemption Record Date 11 May 2021
--------------
Redemption Date and expiry of Old ISIN numbers 11 May 2021
--------------
New ISIN numbers enabled 12 May 2021
--------------
Ex Date for Ordinary and C Shares 12 May 2021
--------------
Redemption monies paid to uncertificated holdings 19 May 2021
and certificated holdings
--------------
Redemption monies paid to certificated holdings 21 May 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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