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CATCo Reinsurance Opportunities Fund Ltd. - Partial Compulsory Redemption of Shares

Hamilton, Bermuda– 30th April 2021 – In a filing with the Bermuda Stock Exchange CATCo Reinsurance Opportunities Fund Ltd. (the "Company”; Ticker: CAT.BH) announced information about the partial compulsory redemption of shares. The full filing stated:

 

CATCo Reinsurance Opportunities Fund Limited (the “Company”)

 

30 April 2021

 

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 19.2m on 11 May 2021 (the "Redemption Date") by way of a compulsory partial redemption of up to 12,052,463 Ordinary Shares and 31,330,556.90 C Shares (the "Seventh Redemption"). Approximately 15.72% of the Company’s total issued share capital will be redeemed (consisting of 7.47% of the Ordinary Shares currently in issue, and 27.35% of the C Shares).

 

The Seventh Redemption will be effected at USD 0.2821 per Ordinary Share and USD 0.5043 per C Share, being the relevant respective NAV per Ordinary Share and NAV per C Share, as at 31 March 2021. 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 Seventh Redemption, being 11 May 2021. As at today's date, the Company has 161,357,581 Ordinary Shares and 114,560,954 C Shares in issue, the total number of Shares in issue being 275,918,535.

 

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, BMG1961Q2749 for the Ordinary Shares and BMG1961Q2822 for the C Shares, (the "Old ISINs") will expire.

 

The new ISIN numbers, which are BMG1961Q2905 in respect of the remaining Ordinary Shares and BMG1961Q3085 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 May 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 Seventh Redemption on 12 May 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

30 April 2021

Redemption Record Date

11 May 2021

Redemption Date and expiry of Old ISIN numbers

11 May 2021

New ISIN numbers enabled

12 May 2021

Ex Date for Ordinary and C Shares

12 May 2021

Redemption monies paid to uncertificated holdings and certificated holdings

19 May 2021

Redemption monies paid to certificated holdings

21 May 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: +1 441 493 9005

Email: judith.wynne@markelcatco.com

 

Mark Way

Chief of Investor Marketing

Telephone: +1 441 493 9001

Email: mark.way@markelcatco.com

 

                                                      

Numis Securities Limited

 

David Benda / Hugh Jonathan

Telephone: +44 (0) 20 7260 1000

 

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.

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CONTACT DETAILS

TEL: +1 (441) 292 7212
FAX: +1 (441) 292 7619
Email: info@bsx.com

LOCATION

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3rd Floor
Hamilton, Bermuda

MAILING ADDRESS

P.O. Box HM 1369
Hamilton HMFX

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