Conversion of Securities

RNS Number : 7234J

CATCo Reinsurance Opps Fund Ltd

10 August 2012

CATCo Reinsurance Opportunities Fund Ltd. (the "Company")

C Share Conversion Ratio and Admission of New Ordinary Shares

To: SFM, London Stock Exchange and the Bermuda Stock Exchange

Date: 10 August 2012

Further to its announcement of 8 August 2012, the Board of the Company is pleased to announce the following information in relation to the conversion of its C Shares.

Conversion Ratio for C Shares

The Net Asset Values as at the Calculation Time (being 8 August 2012) for an Ordinary Share and a C Share were $0.98 and $1.1329 respectively. Accordingly, the Conversion Ratio for conversion of the C Shares, as calculated in accordance with the Company's prospectus dated 18 May 2011 (the "Prospectus"), is 1.15602825 Ordinary Shares for every one C Share held.

On the basis of the Conversion Ratio, a holder of 1,000 C Shares will receive 1,156 new Ordinary Shares upon Conversion.

Entitlements will be rounded down to the nearest whole share.

Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue.

Further details of the Conversion and rights attaching to the C Shares are set out in the Prospectus.

Admission to trading on the Specialist Fund Market of the London Stock Exchange

On the basis of the Conversion Ratio, application has been made to the London Stock Exchange for 282,207,337 Ordinary Shares to be admitted to trading on the Specialist Fund Market. It is anticipated that such admission will become effective, and that dealings in the Ordinary Shares will commence, on 13 August 2012. As a result of this share issue, the Company has in issue 369,849,337 Ordinary Shares.

Cancellation of C Shares

The C Shares will be permanently removed from trading on the London Stock Exchange with effect from the opening of trading at 8.00 a.m. on 13 August 2012.

Expected timetable

Record date for Conversion and C Share register closes	Close of business on 10 August 2012
Dealings in new Ordinary Shares commence	13 August 2012
Crediting of CREST accounts with new Ordinary Shares	13 August 2012
Share certificates in respect of new Ordinary Shares despatched	Week commencing 13 August 2012