CATCo Reinsurance Opps Fund Ltd Conversion Ratio and Admission to Listing (4370F)
17 May 2017 - 9:07PM
UK Regulatory
TIDMCAT
RNS Number : 4370F
CATCo Reinsurance Opps Fund Ltd
17 May 2017
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Conversion Ratio for C Shares and Admission to trading on the
Specalist Fund Segment
To: London Stock Exchange Date: 17 May, 2017
and Bermuda Stock Exchange
Conversion Ratio for C Shares
The Net Asset Values as at the Calculation Time (being 17 May
2017) for an Ordinary Share and a C Share were $1.2636 and $1.0211
respectively. Accordingly, the Conversion Ratio for conversion of
the C Shares, as calculated in accordance with the Company's
Bye-laws, is 0.8081 Ordinary Shares for every one C Share held. The
calculation of the Conversion Ratio has been certified as being
performed in accordance with the Bye-laws and as being
arithmetically accurate by the Company's auditors.
On the basis of the Conversion Ratio, a holder of 1,000 C Shares
will receive 808 new Ordinary Shares upon Conversion.
Entitlements will be rounded down to the nearest whole share.
Ordinary Shares issued on Conversion will rank pari passu with, and
will have the same rights as, the Ordinary Shares already in
issue.
Further details of the Conversion and rights attaching to the C
Shares are set out in the Bye-laws and described in the Company's
prospectus dated 29 September 2015 (the "Prospectus"). Capitalised
words and terms used in this announcement shall have the same
meaning as ascribed to them in the Prospectus.
Admission to trading on the Specialist Fund Segment
On the basis of the Conversion Ratio, application has been made
to the London Stock Exchange for 82,835,718 Ordinary Shares to be
admitted to trading on the specialist fund segment of the London
Stock Exchange's main market for listed securities. It is
anticipated that such admission will become effective, and that
dealings in the Ordinary Shares will commence, on 23 May 2017.
Immediately following admission, the Company will have 356,060,391
Ordinary Shares in issue.
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 23 May 2017. Application has also been made to list
the new Ordinary Shares on the Bermuda Stock Exchange. The C Shares
will also be permanently removed from trading on the Bermuda Stock
Exchange with effect from the opening of trading at 9.00 a.m.
(Bermuda time) on 23 May 2017.
Capitalised terms used in this Announcement have the meaning
given to them in the Prospectus. This Announcement contains Inside
Information as defined under the Market Abuse Regulation (EU) No.
596/2014
For further information:
Judith Wynne
General Counsel
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Chief Operating Officer
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0) 20 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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