Partial Compulsory Redemption of Shares

CATCo Reinsurance Opps Fund Ltd

13 November 2024

 

13 November 2024

CATCo Reinsurance Opportunities Fund Limited (the "Company")

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 21m on 27 November 2024 (the "Redemption Date") by way of a compulsory partial redemption of up to 109,323 Ordinary Shares and 74,889 C Shares (the "Ninth Redemption"). Approximately 95.73% of the Company's total issued share capital will be redeemed (consisting of 95.81% of the Ordinary Shares currently in issue, and 95.61% of the C Shares).

The Ninth Redemption will be effected at USD 41.6197 per Ordinary Share and USD 221.6594 per C Share, being the relevant respective NAV per Ordinary Share and NAV per C Share, as at 30 September 2024. 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 Ninth Redemption, being 21 November 2024. As at today's date, the Company has 114,104 Ordinary Shares and 78,324 C Shares in issue, the total number of Shares in issue being 192,428.

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, BMG1961Q3242 for the Ordinary Shares and BMG1961Q3168 for the C Shares, (the "Old ISINs") will expire.

The new ISIN numbers, which are BMG1961Q3325 in respect of the remaining Ordinary Shares and BMG1961Q3408 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 22 November 2024.

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 Ninth Redemption on 22 November 2024.

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	13 November 2024
Redemption Record Date	21 November 2024
Redemption Date and expiry of Old ISIN numbers	21 November 2024
New ISIN numbers enabled	22 November 2024
Ex Date for Ordinary and C Shares	22 November 2024
Redemption monies paid to CREST holders	27 November 2024
Redemption monies paid and issued to certificated holdings	29 November 2024

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.

For further information:
Markel CATCo Investment Management Ltd. Mark Way Chief of Investor Marketing Telephone: [phone] Email: [e-mail]	Numis Securities Limited David Benda / Hugh Jonathan Telephone: [phone]

 

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