CATCo Reinsurance Opps Fund Ltd Result of Tender Offer and Class Meetings (5571L)
September 06 2019 - 9:56AM
UK Regulatory
TIDMCAT
RNS Number : 5571L
CATCo Reinsurance Opps Fund Ltd
06 September 2019
6 September 2019
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Result of Tender Offer & Class Meetings
The Company today announces that the Tender Offer for its
maximum size of up to US$15.4 million in value of the Company's
Ordinary Shares and up to US$28 million in value of the Company's C
Shares will complete on 9 September 2019. Terms used in this
announcement shall have the same meaning as set out in the
Company's circular in respect of the Tender Offer (the "Circular")
of 13 August 2019.
The Ordinary Share Class Meeting and the C Share Class Meeting
seeking approval for the Repurchase Proposals were held earlier
today and were duly passed. Details of the proxy votes received can
be found on the Company's website at:
http://www.catcoreoppsfund.com/documents/announcements/2019-09-06_class_meetings_votes.pdf.
The Ordinary Share Strike Price for the Tender Offer is 20 cents
per Ordinary Share. A total of 76,490,478 Ordinary Shares for a
total consideration of US$15.3 million will be acquired by the
Company in the Tender Offer. The C Share Strike Price for the
Tender Offer is 31 cents per C Share. A total of 90,322,577 C
Shares for a total consideration of US$28 million will be acquired
by the Company in the Tender Offer. The Ordinary and C Share Strike
Price were determined on the basis of the numbers of shares validly
tendered at each tender price, as described in the Circular.
Valid tenders of 8,873,190 Ordinary Shares were made at the
Ordinary Share Strike Price. The Company will accept all of the
Ordinary Shares validly tendered at the Ordinary Share Strike
Price.
Valid tenders of 32,924,872 C Shares were made at the C Share
Strike Price and have been scaled back pro rata, adjusted to avoid
fractions. The Company will accept for purchase approximately
69.14% of the C Shares validly tendered at the C Share Strike
Price.
It is intended that settlement of the Tender Offer will occur by
23 September 2019. All Ordinary Shares and C Shares acquired by the
Company will be cancelled, reducing the number of Shares
outstanding by 76,490,478 Ordinary Shares and 90,322,577 C Shares.
Prior to such cancellation, the Company had 391,666,430 Ordinary
Shares and 545,367,863 C Shares outstanding, and following the
cancellation, the Company will have 315,175,952 Ordinary Shares and
455,045,286 C Shares outstanding.
Shares tendered above the Ordinary Share Strike Price and C
Share Strike Price, and therefore not acquired by the Company in
the Tender Offer, will be returned to their holders.
Shareholders should refer to the Circular for the full terms of
the Tender Offer.
Expected Timetable
Repurchase Date for successfully 9 September 2019
tendered Ordinary Shares and C
Shares
Settlement Date: settlement through Within 10 Business Days following
CREST of, and despatch of cheques the Repurchase Date
for, the Tender Offer consideration,
as appropriate
Despatch of balance share certificates Within 10 Business Days following
in respect of, and crediting of athe Repurchase Date
CREST accounts with, Ordinary Shares
and C Shares not repurchased
For further information:
Markel CATCo Investment Management Ltd. Numis Securities Limited
Judith Wynne Hugh Jonathan / Vicki Paine
General Counsel Telephone: +44 (0) 20 7260
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
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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