CATCo Reinsurance Opps Fund Ltd Return of cap-reverse tender offer & share buyback (7904G)
26 July 2019 - 4:00PM
UK Regulatory
TIDMCAT
RNS Number : 7904G
CATCo Reinsurance Opps Fund Ltd
26 July 2019
26 July 2019
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Return of Capital by Reverse Tender Offer and Share buybacks
The Company issued a circular to Shareholders dated 28 February
2019 (the "February 2019 Circular") concerning the proposed
implementation of the orderly run-off of the Company's portfolios
(the "Run-Offs") by means of a change to the Company's investment
policy to enable the Company to redeem all of the Company's Master
Fund Shares attributable to the Ordinary or C Shares, as the case
may be (the "Proposals"), and distributing the net proceeds thereof
to the relevant class of Shareholders. The Proposals were approved
at class meetings of the Ordinary and C shareholders of the Company
held on 26 March 2019.
Accordingly, as set out in the Circular, the Company exercised
the Special Redemption Right in respect of 100% of its Master Fund
Shares as at 30 June 2019.
As at the date of this announcement, the Ordinary Share
portfolio and the C Share portfolio comprise cash and the following
shares (in each case as a percentage of the Net Asset Value of the
relevant share class and by value, determined using 30 June 2019
Net Asset Values).
Ordinary Share portfolio C share portfolio
Cash 14.0% (US$15.0m) 9.0% (US$25.2m)
------------------------- --------------------
Shares in respect
of [1]:
------------------------- --------------------
Contracts that go
"off risk during 2019 34.1% (US$36.7m) 59.1% (US$165.3m)
------------------------- --------------------
Side pocket shares:
------------------------- --------------------
From 2018 15.3% (US$16.4m) 31.9% (US$89.1m)
------------------------- --------------------
From 2017 27.9% (US$30.0m)
------------------------- --------------------
From 2016 8.7% (US$9.3m)
------------------------- --------------------
The Board has, having consulted with its advisers, concluded
that the most appropriate method by which to return the net
proceeds of the Company's exercise of the Special Redemption Right
is to conduct a reverse tender offer in relation to the Company's
Ordinary and C Shares. As a consequence, the Company will, as soon
as practicable, publish a circular to Shareholders (the "Reverse
Tender Offer Circular") setting out its specific proposals for
conducting the reverse tender offer.
Additionally, in order to be able to deal efficiently with
subsequent distributions, the Company is proposing to seek the
approval of the Ordinary and C Shareholders to conduct share
buybacks (the "Buyback Proposal").
The separate approval of the Ordinary Shareholders and C
Shareholders of the Buyback Proposal will be sought at separate
Class Meetings. Notices convening the necessary Class Meetings will
be set out in the Reverse Tender Offer Circular.
The information in this announcement should be read in
conjunction with the full text of the February 2019 Circular.
Capitalised terms used in this announcement shall, unless the
context otherwise requires, bear the meaning given to them in the
February 2019 Circular.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
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
[1] There can be no assurance that covered loss events will not
occur in respect of any such investment in the Master Fund and/or
that such shares will be redeemed in full or in part as at 31
December 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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