CATCo Reinsurance Opps Fund Ltd Dividend Declaration and Update C Share Conversion (3765N)
January 29 2016 - 2:01AM
UK Regulatory
TIDMCAT
RNS Number : 3765N
CATCo Reinsurance Opps Fund Ltd
29 January 2016
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Declaration of Annual Dividend and Update on C Share
Conversion
To: SFM, London Stock Exchange Date: 29 January 2016
and Bermuda Stock Exchange
At the launch of the Company, the Board of Directors indicated
the intention to pay an annual dividend in respect of any Fiscal
Year of an amount equal to LIBOR plus 5 per cent of the Net Asset
Value as at the end of the relevant Fiscal Year.*
The Board of Directors are declaring an annual dividend of
$0.06619 in respect of the Ordinary Shares for the year to 31
December 2015. The record date for this dividend will be 12
February 2016 and therefore the Ordinary Shares will go ex-dividend
on 11 February 2016. It is expected that this final dividend will
be paid to shareholders on 26 February 2016.
In view of the Side Pockets recently established by the
Company's Investment Manager following the UK floods and US tornado
events, the Board has decided that the conversion of the C Shares
to Ordinary Shares will not now occur until all of these Side
Pockets have either been released or deemed immaterial, in order to
protect the new capital from exposure to legacy losses.
The Company's Investment Manager anticipates that a significant
proportion of these Side Pockets will be released during 2016, as
the losses are expected to stabilise relatively quickly. The Board
will provide a further update to Shareholders regarding the timing
of the conversion of the C Shares to Ordinary Shares in due
course.
* This is a target only and not a profit forecast. There can be
no assurance that the Company will make distributions in any Fiscal
Year.
-End-
For further information:
Judith Wynne,
Company Secretary and General Counsel
Markel CATCo Investment Management Ltd
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Fund Operations and Investor Relations Director
Markel CATCo Investment Management Ltd
Telephone: +1 441 493 9003
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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