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11 May 2017 08:00
CATCo Reinsurance Opportunities Fund Ltd. ("the Company")
Conversion of issued C Shares into Ordinary Shares
To: London Stock Exchange and Bermuda Stock Exchange | Date: 11 May, 2017 |
The Board wishes to announce that the CATCo Diversified Fund (a segregated account of CATCo Reinsurance Fund Ltd), in which the Company invests, has closed the majority of its side pockets associated with Pemex by way of the compulsory redemption of the shares issued in respect of such side pocket, including those held by the Company, on 10 May 2017.
Consequently, as the Company's Ordinary Shares no longer have any material exposure to such side pockets, the Board has elected to convert the Company's issued C Shares into Ordinary Shares. The Conversion will be effected in accordance with the Company's Bye-laws and as described in the Company's prospectus dated 29 September 2015 (the "Prospectus").
The Board has resolved to undertake the Conversion according to the following timetable:
Company's Net Asset Value as at 30 April 2017 announced 16 May 2017
Calculation Time (and announcement of Conversion Ratio) 17 May 2017
Conversion Time (admission to trading of Converted Shares) 23 May 2017
Capitalised terms used in this Announcement have the meaning given to them in the Prospectus. This Announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014
For further information:
Judith Wynne
General Counsel
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9005
Email: judith.wynne@markelcatco.com
Mark Way
Chief Operating Officer
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9001
Email: mark.way@markelcatco.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0) 20 7260 1000
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