Result of Equity Issue and SGM results

RNS Number : 7904D

CATCo Reinsurance Opps Fund Ltd

29 October 2015

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UK) OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

CATCo Reinsurance Opportunities Fund Ltd.

Result of Special General Meeting and Equity Issue

29 October 2015

CATCo Reinsurance Opportunities Fund Ltd. (the "Company") announces that at the Special General Meeting of the Company held at Crawford House, 50 Cedar Avenue, Hamilton HM11, Bermuda at 9:00am (Bermuda time) on Wednesday, 28 October 2015, all the resolutions as set out in the shareholder circular dated 29 September 2015 were duly passed.  Details of the proxy votes received can be found on CATCo Investment Management Ltd.'s website: www.catcoim.com.

Further, following its announcement on 29 September 2015, the Company is pleased to announce that it has received applications and commitments for a total of 88,435,018 new C Shares pursuant to the Initial Placing and Offer at the price of US$1 per share, raising gross proceeds of US$88,435,018. Accordingly applications under the Offer and commitments under the Initial Placing will all be met in full. The Company received commitments for a total of 85,780,060 C Shares through the Initial Placing and applications for a total of 2,654,958 C Shares through the Offer.

Application has been made for 88,435,018 C Shares to be issued pursuant to the Initial Placing and Offer to be admitted to trading on the Specialist Fund Market of the London Stock Exchange. It is expected that Admission will become effective, and dealings will commence, at 8:00am (London time) on 2 November 2015.

Following Admission, the number of Ordinary Shares that the Company has in issue will be 273,224,673, and the number of C Shares that the Company has in issue will be 88,435,018. The C Shares carry the right to attend or vote at any general meeting of the Company in the same manner as the Ordinary Shares. Accordingly, the total number of voting rights in the Company will be 361,659,691 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

The Company will instruct Euroclear on or around 2 November 2015 (or as soon as practicable thereafter) to credit the appropriate stock accounts in CREST of the placees and subscribers (on a delivery versus payment basis) with their respective entitlements to Depositary Interests in respect of C Shares. Temporary documents of title will not be issued pending the dispatch by post of definitive certificates for C Shares in certificated form, which is expected to take place in the week commencing 9 November 2015.

Nigel Barton, Chairman, CATCo Reinsurance Opportunities Fund Ltd. said:

"The fund raise has exceeded expectations and the Board welcomes the strong support shown from existing and particularly new shareholders.

"During its first five years of operations the Company has on average out performed its targeted net returns of Libor +9-12%. With returns on a no loss basis for 2016 expected to be similar to the current year, with a similarly de-risked portfolio, prospects for the Company continue to look strong."

Tony Belisle, CEO, CATCo Investment Management Ltd. said:

"The proceeds received from the fund raisings for both the private and public fund will allow the CATCo group to meet the increased demand from its buyers ahead of the 2016 renewals.

"Importantly the public fund has the flexibility to raise additional capital during 2016 if a significant event occurs or if new and exciting investment opportunities arise.

"The combined capital across all of the CATCo funds is expected to exceed $3bn enabling us to continue to bring capital efficient solutions to our clients."

For further information, please contact:

Judith Wynne,
Company Secretary and General Counsel
CATCo Investment Management Ltd
Telephone: [phone]
Email: [e-mail]

Mark Way
Fund Operations and Investor Relations Director
CATCo Investment Management Ltd                       
Telephone: [phone]
Email: [e-mail]

David Benda, Hugh Jonathan (Corporate Broking & Advisory) 
Numis Securities Limited
[phone]

Important Notices

Numis Securities Limited, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Numis Securities Limited or advice to any other person in relation to the matters contained herein.

Unless otherwise defined, capitalised words and phrases in this announcement shall have the meaning given to them in the prospectus published by the Company on 29 September 2015.

This announcement is for information purposes only and does not constitute an invitation to subscribe for or otherwise acquire or dispose of securities in the Company in any jurisdiction. The information contained in this announcement is for background purposes, is subject to updating and amendment, and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.  This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor.

The shares of the Company have not been, nor will they be, registered under the US Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Australia, Canada, Japan, New Zealand or South Africa. Further, the Company has not been and will not be registered under the US Investment Company Act of 1940, as amended. Subject to certain exceptions, the shares of the Company may not be offered or sold in any Member State of the European Economic Area (other than the United Kingdom), the United States of America, Canada, Australia, Japan, New Zealand or South Africa or to or for the account or benefit of any national, resident or citizen of any Member State of the European Economic Area (other than the United Kingdom), Canada, Australia, Japan, New Zealand or South Africa or any person located in the United States. The Initial Placing and Offer and the Placing Programme and the distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

This announcement may include "forward-looking statements". Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These forward-looking statements speak only as at the date of this announcement. The Company, CATCo Investment Management Ltd. and Numis expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.  Past performance or information in this announcement or any of the documents relating to the Initial Placing and Offer and/or the Placing Programme cannot be relied upon as a guide to future performance. The returns set out in this announcement are targets only. There is no guarantee that any returns set out in this announcement can be achieved or can be continued if achieved, nor that the Company will make any distributions whatsoever.

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made to, or in relation to, and no responsibility or liability is or will be accepted by Numis Securities Limited ("Numis") as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed. To the fullest extent permitted by law recipients agree that Numis shall not have any liability (direct or indirect) for or in connection with this announcement or any matters arising out of or in connection herewith. Numis has not authorised the contents of, or any part of, this document.

 

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