Transaction in Own Shares - Compulsory Redemption

RNS Number : 3987J

CATCo Reinsurance Opps Fund Ltd

23 December 2020

 

CATCo Reinsurance Opportunities Fund Limited (the "Company")

23 December 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 8.0m on 11 January 2021 (the "Redemption Date") by way of a compulsory partial redemption of up to 7,541,478 Ordinary Shares and 11,808,699 C Shares (the "Sixth Redemption"). Approximately 6.55% of the Company's total issued share capital will be redeemed (consisting of 4.5% of the Ordinary Shares currently in issue, and 9.3% of the C Shares).

The Sixth Redemption will be effected at USD 0.2652 per Ordinary Share and USD 0.5081 per C Share, being the relevant respective NAV per Ordinary Share and NAV per C Share, as at 30 November 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 Sixth Redemption, being 11 January 2021. As at today's date, the Company has 168,898,993 Ordinary Shares and 126,369,585 C Shares in issue, the total number of Shares in issue being 295,268,578.

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, BMG1961Q2582 for the Ordinary Shares and BMG1961Q2665 for the C Shares, (the "Old ISINs") will expire.

The new ISIN numbers, which are BMG1961Q2749 in respect of the remaining Ordinary Shares and   BMG1961Q2822 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 12 January 2021.

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 Sixth Redemption on 12 January 2021.

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	23 December 2020
Redemption Record Date	11 January 2021
Redemption Date and expiry of Old ISIN numbers	11 January 2021
New ISIN numbers enabled	12 January 2021
Ex Date for Ordinary and C Shares	12 January 2021
Redemption monies paid to uncertificated holdings and certificated holdings	15 January 2021
Redemption monies paid to certificated holdings	21 January 2021

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. Judith Wynne General Counsel Telephone: [phone] Email: [e-mail] Mark Way Chief of Investor Marketing Telephone: [phone] Email: [e-mail]	Numis Securities Limited David Benda / Hugh Jonathan Telephone: [phone]

 

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