CATCo Reinsurance Opps Fund Ltd Circ re. Compulsory Redemption of Shares (9749D)
25 February 2020 - 6:00PM
UK Regulatory
TIDMCAT
RNS Number : 9749D
CATCo Reinsurance Opps Fund Ltd
25 February 2020
25 February 2020
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Proposed Amendment to the Company's Bye-Laws to permit
redemptions of the Company's
Ordinary Shares and C Shares
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 per cent of its
Master Fund Shares as at 30 June 2019 and has, to date, returned
capital to its Shareholders by means of a reverse tender offer (as
announced on 6 September 2019) and a series of share buybacks
conducted during the fourth quarter of 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 31 December
2019 Net Asset Values).
Ordinary Share portfolio C share portfolio
Cash 6.3% (US$5.1m*) 8.5% (US$19.1m*)
------------------------- ------------------
Shares in respect
of:
------------------------- ------------------
Side pocket shares:
------------------------- ------------------
From 2019 26.0% (US$21.1m) 38.7% (US$87.3m)
------------------------- ------------------
From 2018 26.4% (US$21.5m) 52.8% (US$119.2m)
------------------------- ------------------
From 2017 30.0% (US$24.4m)
------------------------- ------------------
From 2016 11.3% (US$9.2m)
------------------------- ------------------
* Approximately 90 per cent of cash to be distributed and
approximately 10 per cent withheld for expenses.
The Board has, having consulted with its advisers and major
shareholders, concluded that the most appropriate method by which
to return the further net proceeds of the Company's exercise of the
Special Redemption Right is to conduct compulsory redemptions at
the prevailing Net Asset Value per Ordinary or C Shares, as the
case may be in relation to the Company's Ordinary and C Shares
(each a "Compulsory Redemption").
The Company is not currently permitted to redeem Shares in this
manner under its Bye-laws and, consequently, the Company will, as
soon as practicable, publish a circular to Shareholders (the
"Compulsory Redemption Circular") setting out its specific
proposals for conducting the Compulsory Redemptions (the
"Compulsory Redemption Proposal").
The separate approvals of the Shareholders as a whole, the
Ordinary Shareholders as a class and C Shareholders as a class is
required to permit the Company to carry out Compulsory Redemptions.
Approval will be sought at a Special General Meeting and separate
Class Meetings. Notices convening the Special General Meeting and
Class Meetings will be set out in the Compulsory Redemption
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
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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