CATCo Reinsurance Opps Fund Ltd Compulsory Acqn of Shares - correction (0858H)
21 November 2022 - 12:42PM
UK Regulatory
TIDMCAT
RNS Number : 0858H
CATCo Reinsurance Opps Fund Ltd
21 November 2022
THIS RELEASE REPLACES NO. 6951G WHICH WAS ANNOUNCED ON 21
NOVEMBER 2022.
The current ISINs for the Ordinary and C shares were incorrectly
reported. The current ISINs are BMG1961Q4075 for the Ordinary
Shares and BMG1961Q5064 for the C Shares.
All other details remain unchanged.
CATCo Reinsurance Opportunities Fund Limited (the "Company")
21 November 2022
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 17.8m on 29 November 2022
(the "Redemption Date") by way of a compulsory partial redemption
of up to 1,379,103 Ordinary Shares and 754,104 C Shares (the
"Eighth Redemption"). Approximately 91.73% of the Company's total
issued share capital will be redeemed (consisting of 92.36% of the
Ordinary Shares currently in issue, and 90.60% of the C
Shares).
The Eighth Redemption will be effected at USD 3.3355 per
Ordinary Share and USD 17.5042 per C Share, being the relevant
respective NAV per Ordinary Share and NAV per C Share, as at 30
September 2022. 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 Eighth Redemption, being 29
November 2022. As at today's date, the Company has 1,493,131
Ordinary Shares and 832,376 C Shares in issue, the total number of
Shares in issue being 2,325,507.
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, BMG1961Q4075 for the Ordinary Shares and BMG1961Q5064 for
the C Shares, (the "Old ISINs") will expire.
The new ISIN numbers, which are BMG1961Q3242 in respect of the
remaining Ordinary Shares and BMG1961Q3168 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
30 November 2022.
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 Eighth Redemption
on 30 November 2022.
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 21 November
2022
Redemption Record Date 29 November
2022
------------
Redemption Date and expiry of Old ISIN numbers 29 November
2022
------------
New ISIN numbers enabled 30 November
2022
------------
Ex Date for Ordinary and C Shares 30 November
2022
------------
Redemption monies paid to uncertificated holdings 6 December
and certificated holdings 2022
------------
Redemption monies paid to certificated holdings 8 December
2022
------------
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 Numis Securities Limited
Ltd.
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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