CATCo Reinsurance Opps Fund Ltd Portfolio Update - additional Side Pocket releases (5013Z)
21 September 2020 - 4:00PM
UK Regulatory
TIDMCAT
RNS Number : 5013Z
CATCo Reinsurance Opps Fund Ltd
21 September 2020
FOR IMMEDIATE RELEASE
21 September 2020
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Side Pocket Release Update
To: SFS, London Stock Exchange and Bermuda Stock Exchange
The Company is pleased to announce that it has been advised of a
further release of Side Pocket Investment ("SPI") capital amounting
to approximately $68.9 million. This is expected to be paid to the
Company during September 2020, following which the Company intends
to use it to carry out a fifth compulsory redemption of its shares,
in addition to the $25.6 million of SPI capital announced on 27
August 2020. In total, therefore, the Company expects to distribute
$94.6 million by way of this compulsory redemption.
The updated breakdown of the payments to the Ordinary
Shareholders and C Shareholders is approximately $15.9 million and
approximately $78.6 million respectively.
Subsequent to Shareholder approval being given on 26 March 2019
to put the Company's portfolios into run-off, and including this
fifth compulsory redemption, the Company will have returned a total
of approximately $263.3 million to Shareholders by way of
compulsory redemptions, dividend, a tender offer and share
buybacks, of which approximately $57.6 million will have been paid
to the Ordinary Shareholders and approximately $205.7 million to
the C Shareholders
The Company will issue further details of the expected timetable
for this fifth compulsory redemption on or around 30 September
2020.
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
David Benda / Hugh Jonathan
Judith Wynne Telephone: +44 (0) 20 7260
General Counsel 1000
Telephone: +1 441 493 9005
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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END
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