CATCo Reinsurance Opps Fund Ltd Transaction in Own Shares - Compulsory Redemption (0144X)
25 August 2020 - 4:00PM
UK Regulatory
TIDMCAT
RNS Number : 0144X
CATCo Reinsurance Opps Fund Ltd
25 August 2020
CATCo Reinsurance Opportunities Fund Limited (the "Company")
25 August 2020
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 37.9m on 2 September 2020
(the "Redemption Date") by way of a compulsory partial redemption
of up to 26,335,590 Ordinary Shares and 60,151,839 C Shares (the
"Fourth Redemption"). Approximately 14.54% of the Company's total
issued share capital will be redeemed (consisting of 10.32% of the
Ordinary Shares currently in issue, and 17.71% of the C
Shares).
The Fourth Redemption will be effected at USD 0.2658 per
Ordinary Share and USD 0.5137 per C Share, being the relevant
respective NAV per Ordinary Share and NAV per C Share, as at 31
July 2020. 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 Fourth Redemption, being 2 September 2020.
As at today's date, the Company has 255,098,892 Ordinary Shares and
339,707,793 C Shares in issue, the total number of Shares in issue
being 594,806,685.
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, BMG1961Q2178 for the Ordinary Shares and BMG1961Q2251 for
the C Shares, (the "Old ISINs") will expire.
The new ISIN numbers, which are BMG1961Q2335 in respect of the
remaining Ordinary Shares and BMG1961Q2418 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 3
September 2020.
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.
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 25 August 2020
Redemption Record Date 2 September
2020
---------------
Redemption Date and expiry of Old ISIN numbers 2 September
2020
---------------
New ISIN numbers enabled 3 September
2020
---------------
Redemption monies paid to uncertificated holdings 8 September
and certificated holdings 2020
---------------
Redemption monies paid to certificated holdings 14 September
2020
---------------
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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