Last checked at 
9 Dec 2011 08:43
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL
CATCo Reinsurance Opportunities Fund Ltd.
("CATCo" or the "Company")
Net Asset Value(s) and Placing Price of new C-shares
Net Asset Value(s)
CATCo Investment Management Ltd, as Company Secretary, announces the unaudited net asset values of the Company's Ordinary Shares and C-shares of USD$1.0801 and USD$1.0314, respectively, as at the close of business on 30 November 2011.
On the 15 November 2011 the Board declared a final dividend of USD$0.051 for both the Ordinary and C-shares. The record date was 2 December 2011 and both the Ordinary and C-shares went ex-dividend on 30 November 2011.
Issue of new C-shares
Further to the announcement of 22 November, CATCo is pleased to announce the placing price of the new C shares to be issued under the Second Closing. A placing price of USD$1.0520 per C-share was calculated as the net asset value per C-share as at the close of business on 30 November 2011 plus 2 per cent (the "Placing Price"). The issue of new equity is a result of the placing commitments from institutional investors of USD$125 million which were announced to the market on 22 November 2011 (the "Placing").
The Placing Price for the new tranche of C-shares is calculated below taking into consideration the Company's dividend declaration:
C-share NAV as at 30 November 2011 (Ex-dividend) | USD$1.0314 |
Issue price for Placing C-share | USD$1.0520 |
Number of New C-shares to be issued | 118,821,292 |
These 118,821,292 new C-shares form the Second Closing of a wider placing of up to 400 million New Shares to be admitted to trading on the Specialist Fund Market ("SFM"), which opened on 18 May 2011.
Timetable for the Second Closing
Admission of the second tranche of C-shares to trading on the London Stock Exchange's Specialist Fund Market
| 16 December 2011 |
CREST accounts to be credited in respect of the Depository Interests representing the second tranche of C-shares
| 16 December 2011 |
Admission of the second tranche of C-shares and the existing Ordinary Shares to trading on the Bermuda Stock Exchange
| 16 December 2011 |
Application has been made for these new C-shares to be admitted to trading on the London Stock Exchange's Specialist Fund Market. Trading is expected to commence on 16 December 2011. On Admission the Company will have in issue 87,642,000 Ordinary Shares and 244,118,029 C-shares.
Conversion of Second Closing C-shares into Ordinary Shares
In respect of the C-shares issued at both the First Closing and to be issued at the Second Closing, it is intended that such C-shares will convert into Ordinary Shares shortly after the date on which the Side Pocket Investment attributable to the New Zealand and the Japanese earthquakes is no longer designated as such and the relevant SP Shares held by the Company in respect of such exposures have converted back into Master Fund Shares.
Defined terms used in this Announcement shall have the same meaning as ascribed to them in the Company's Supplementary Prospectus dated 1 December 2011 and Prospectus dated 18 May 2011.
For further information contact:
CATCo Reinsurance Opportunities Fund Ltd
Jason Bibb (Chief Operating Officer) Mark Way (Corporate Communications Director)
|
+1 (441) 531 2227 +44 (0) 7786 116 991 |
Numis Securities Limited
David Benda (Corporate Broking) Hugh Jonathan (Corporate Finance) Will Kostoris (Corporate Finance) | 0207 260 1000 |