Issue of Equity (6782T)
09 December 2011 - 7:43PM
UK Regulatory
TIDMCAT
RNS Number : 6782T
CATCo Reinsurance Opps Fund Ltd
09 December 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")
Net Asset Value(s) and Placing Price of new C-shares
Net Asset Value(s)
CATCo Investment Management Ltd, as Company Secretary, announces
the unaudited net asset values of the Company's Ordinary Shares and
C-shares of USD$1.0801 and USD$1.0314, respectively, as at the
close of business on 30 November 2011.
On the 15 November 2011 the Board declared a final dividend of
USD$0.051 for both the Ordinary and C-shares. The record date was 2
December 2011 and both the Ordinary and C-shares went ex-dividend
on 30 November 2011.
Issue of new C-shares
Further to the announcement of 22 November, CATCo is pleased to
announce the placing price of the new C shares to be issued under
the Second Closing. A placing price of USD$1.0520 per C-share was
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").
The issue of new equity is a result of the placing commitments from
institutional investors of USD$125 million which were announced to
the market on 22 November 2011 (the "Placing").
The Placing Price for the new tranche of C-shares is calculated
below taking into consideration the Company's dividend
declaration:
C-share NAV as at 30 November 2011 (Ex-dividend) USD$1.0314
-------------------------------------------------- ------------
Issue price for Placing C-share USD$1.0520
-------------------------------------------------- ------------
Number of New C-shares to be issued 118,821,292
-------------------------------------------------- ------------
These 118,821,292 new C-shares form the Second Closing of a
wider placing of up to 400 million New Shares to be admitted to
trading on the Specialist Fund Market ("SFM"), which opened on 18
May 2011.
Timetable for the Second Closing
Admission of the second tranche of C-shares 16 December 2011
to trading on the London Stock Exchange's
Specialist Fund Market
--------------------------------------------- -----------------
CREST accounts to be credited in respect 16 December 2011
of the Depository Interests representing
the second tranche of C-shares
--------------------------------------------- -----------------
Admission of the second tranche of C-shares 16 December 2011
and the existing Ordinary Shares to trading
on the Bermuda Stock Exchange
--------------------------------------------- -----------------
Application has been made for these new C-shares to be admitted
to trading on the London Stock Exchange's Specialist Fund Market.
Trading is expected to commence on 16 December 2011. On Admission
the Company will have in issue 87,642,000 Ordinary Shares and
244,118,029 C-shares.
Conversion of Second Closing C-shares into Ordinary Shares
In respect of the C-shares issued at both the First Closing and
to be issued at the Second Closing, it is intended that such
C-shares will convert into Ordinary Shares shortly after the date
on which the Side Pocket Investment attributable to the New Zealand
and the Japanese earthquakes is no longer designated as such and
the relevant SP Shares held by the Company in respect of such
exposures have converted back into Master Fund Shares.
Defined terms used in this Announcement shall have the same
meaning as ascribed to them in the Company's Supplementary
Prospectus dated 1 December 2011 and Prospectus dated 18 May
2011.
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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