Additional Side Pocket Releases

RNS Number : 4935V
CATCo Reinsurance Opps Fund Ltd
15 April 2021
 

FOR IMMEDIATE RELEASE

 

15 April 2021

CATCo Reinsurance Opportunities Fund Ltd. (the "Company")

Side Pocket Release Update

 

 

To: SFS, London Stock Exchange and Bermuda Stock Exchange

The Company is pleased to announce that it has been advised of a further release of Side Pocket Investment ("SPI") capital amounting to approximately $19.2 million. This is expected to be paid to the Company during May 2021, following which the Company intends to use it to carry out a seventh compulsory redemption of its shares.

 

The updated breakdown of the payments to the Ordinary Shareholders and C Shareholders is approximately $3.4 million and approximately $15.8 million respectively.

 

Subsequent to Shareholder approval being given on 26 March 2019 to put the Company's portfolios into run-off, and including this seventh compulsory redemption, the Company will have returned a total of approximately $287.1 million to Shareholders by way of compulsory redemptions, dividend, a tender offer and share buybacks, of which approximately $63.0 million will have been paid to the Ordinary Shareholders and approximately $227.5 million to the C Shareholders

 

The Company will issue further details of the expected timetable for this seventh compulsory redemption shortly.

 

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
PFUUSOSRAOUSAAR
UK 100

Latest directors dealings