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17 Apr 2020 07:00
FOR IMMEDIATE RELEASE
17 April 2020
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Net Asset Value and Portfolio Update
To: SFS, London Stock Exchange and Bermuda Stock Exchange
March 2020 Net Asset Values
Markel CATCo Investment Management Ltd., the Company's Investment Manager, announces the unaudited Net Asset Value of the Company's Ordinary Shares and C Shares of $0.2669 and $0.5161 respectively, as at the close of business on 31 March 2020.
Portfolio Update
As announced by the Company on 9 April 2020, the Company will return an aggregate amount of approximately $29.34 million on 20 April 2020 by way of a compulsory partial redemption of approximately 8.94% of the Company's total issued share capital (consisting of 6.51% of the Ordinary Shares currently in issue, and 10.64% of the C Shares).
The Investment Manager advises of a further release of Side Pocket Investment ("SPI") capital of approximately $18.8 million which is expected to be paid to the Company during May 2020, and which the Company intends to use to carry out a second compulsory partial redemption of its issued share capital. The Company will issue further details of the expected timetable for this second compulsory redemption shortly.
The breakdown of the SPI releases is as follows:
SPI Year | Ord Shares | % of SPI |
| C Shares | % of SPI |
2016 SPI | $1,565,000 | 17.1% |
| - | - |
2018 SPI | $1,106,000 | 5.6% |
| $6,142,000 | 5.6% |
2019 SPI | $1,953,000 | 9.2% |
| $8,053,000 | 9.2% |
TOTAL | $4,624,000 | - |
| $14,195,000 | - |
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 |
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