CATCo Reinsurance Opps Fund Ltd Transaction in Own Shares - Compulsory Redemption (4818A)
September 30 2020 - 2:00AM
UK Regulatory
TIDMCAT
RNS Number : 4818A
CATCo Reinsurance Opps Fund Ltd
30 September 2020
CATCo Reinsurance Opportunities Fund Limited (the "Company")
30 September 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 94.5m on 7 October 2020 (the
"Redemption Date") by way of a compulsory partial redemption of up
to 59,864,457 Ordinary Shares and 153,186,513 C Shares (the "Fifth
Redemption"). Approximately 41.91% of the Company's total issued
share capital will be redeemed (consisting of 26.17% of the
Ordinary Shares currently in issue, and 54.80% of the C
Shares).
The Fifth Redemption will be effected at USD 0.2656 per Ordinary
Share and USD 0.5131 per C Share, being the relevant respective NAV
per Ordinary Share and NAV per C Share, as at 31 August 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 Fifth Redemption, being 7 October 2020. As at today's date,
the Company has 228,763,375 Ordinary Shares and 279,556,031 C
Shares in issue, the total number of Shares in issue being
508,319,406.
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, BMG1961Q2335 for the Ordinary Shares and BMG1961Q2418 for
the C Shares, (the "Old ISINs") will expire.
The new ISIN numbers, which are BMG1961Q2582 in respect of the
remaining Ordinary Shares and BMG1961Q2665 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 8
October 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. The Ordinary Shares
and C Shares will be marked Ex in relation to the Fifth Redemption
on 8 October 2020.
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 30 September
2020
Redemption Record Date 7 October 2020
---------------
Redemption Date and expiry of Old ISIN numbers 7 October 2020
---------------
New ISIN numbers enabled 8 October 2020
---------------
Ex Date for Ordinary and C Shares 8 October 2020
---------------
Redemption monies paid to uncertificated holdings 13 October
and certificated holdings 2020
---------------
Redemption monies paid to certificated holdings 19 October
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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