Transaction in Own Shares - Compulsory Redemption
CATCo Reinsurance Opportunities Fund Limited (the "Company")
11 May 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 18.82m on 18 May 2020 (the "Redemption Date") by way of a compulsory partial redemption of up to 17,324,840 Ordinary Shares and 27,514,047 C Shares (the "Second Redemption"). Approximately 6.63% of the Company's total issued share capital will be redeemed (consisting of 6.06% of the Ordinary Shares currently in issue, and 7.04% of the C Shares).
The Second Redemption will be effected at USD 0.2669 per Ordinary Share and USD 0.5161 per C Share, being the relevant respective NAV per Ordinary Share and NAV per C Share, as at 31 March 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 Second Redemption, being 18 May 2020. As at today's date, the Company has 285,916,836 Ordinary Shares and 390,878,860 C Shares in issue, the total number of Shares in issue being 675,795,696.
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, BMG1961Q1758 for the Ordinary Shares and BMG1961Q1675 for the C Shares, (the "Old ISINs") will expire.
The new ISIN numbers, which are BMG1961Q1832 in respect of the remaining Ordinary Shares and BMG1961Q1915 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 19 May 2020.
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.
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
11 May 2020
Redemption Record Date
18 May 2020
Redemption Date and expiry of Old ISIN numbers
18 May 2020
New ISIN numbers enabled
19 May 2020
Redemption monies paid to uncertificated holdings and certificated holdings
22 May 2020
Redemption monies paid to certificated holdings
29 May 2020
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.
Telephone: +1 441 493 9005
Email: [email protected]catco.com
Chief of Investor Marketing
Telephone: +1 441 493 9001
Email: [email protected]
Numis Securities Limited
David Benda / Hugh Jonathan
Telephone: +44 (0) 20 7260 1000
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