CATCo Reinsurance Opps Fund Ltd Contingent Distribution to Ordinary Shareholders (5574X)
January 14 2014 - 1:00AM
UK Regulatory
TIDMCAT
RNS Number : 5574X
CATCo Reinsurance Opps Fund Ltd
14 January 2014
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Announcement of Contingent Distribution to Ordinary
Shareholders
To: SFM, London Stock Exchange Date: 14 January 2014
and the Bermuda Stock Exchange
On the 2 August 2012, the Board of Directors announced that it
had declared a distribution (the "Distribution") to Ordinary
Shareholders of any proceeds it received in connection with that
part of its investment in CATCo Diversified Fund (the "Master
Fund"), a segregated account of CATCo Reinsurance Fund Ltd. (the
"Master Fund SAC"), which was exposed to potential losses arising
from the Master Fund's investment in reinsurance contracts linked
to the New Zealand earthquake that occurred on 22 February 2011 and
the Japan earthquake that occurred on 11 March 2011 (together, the
"NZ and Japan Exposures").
There remains no further liability associated with the New
Zealand earthquake as this loss was representative of the Company's
side pocket investment.
However, with regard to the Japan earthquake, any payment of any
Distribution was conditional upon the Company receiving the
proceeds from the Master Fund in relation to this exposure.
Following negotiation, a full and final commutation has been agreed
with the counterparty holding that reinsurance contract. As a
result, the Board of Directors declare a contingent distribution to
Ordinary Shareholders of $0.02887 cent per share. The distribution
will have a record date of 10 August 2012 and an associated
ex-dividend date of 8 August 2012. The Distribution will be paid on
24 January 2014.
This represents a 3.0% restated capital return for the year to
31 December 2011.
-Ends-
For further information, please contact:
Jason Bibb, Director
CATCo Investment Management Ltd
Telephone: +1 441 531 2227
Email: jason.bibb@catcoim.com
David Benda / Hugh Jonathan
Numis Securities Limited
Telephone: +44 (0)20 7260 1000
John Whiley
Prime Management Ltd
Tel: +1 (441) 295 0329
This information is provided by RNS
The company news service from the London Stock Exchange
END
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