TIDMCAT
RNS Number : 7904D
CATCo Reinsurance Opps Fund Ltd
29 October 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE
REPUBLIC OF IRELAND, JAPAN, ANY MEMBER STATE OF THE EUROPEAN
ECONOMIC AREA (OTHER THAN THE UK) OR ANY JURISDICTION IN WHICH THE
SAME WOULD BE UNLAWFUL.
CATCo Reinsurance Opportunities Fund Ltd.
Result of Special General Meeting and Equity Issue
29 October 2015
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
announces that at the Special General Meeting of the Company held
at Crawford House, 50 Cedar Avenue, Hamilton HM11, Bermuda at
9:00am (Bermuda time) on Wednesday, 28 October 2015, all the
resolutions as set out in the shareholder circular dated 29
September 2015 were duly passed. Details of the proxy votes
received can be found on CATCo Investment Management Ltd.'s
website: www.catcoim.com.
Further, following its announcement on 29 September 2015, the
Company is pleased to announce that it has received applications
and commitments for a total of 88,435,018 new C Shares pursuant to
the Initial Placing and Offer at the price of US$1 per share,
raising gross proceeds of US$88,435,018. Accordingly applications
under the Offer and commitments under the Initial Placing will all
be met in full. The Company received commitments for a total of
85,780,060 C Shares through the Initial Placing and applications
for a total of 2,654,958 C Shares through the Offer.
Application has been made for 88,435,018 C Shares to be issued
pursuant to the Initial Placing and Offer to be admitted to trading
on the Specialist Fund Market of the London Stock Exchange. It is
expected that Admission will become effective, and dealings will
commence, at 8:00am (London time) on 2 November 2015.
Following Admission, the number of Ordinary Shares that the
Company has in issue will be 273,224,673, and the number of C
Shares that the Company has in issue will be 88,435,018. The C
Shares carry the right to attend or vote at any general meeting of
the Company in the same manner as the Ordinary Shares. Accordingly,
the total number of voting rights in the Company will be
361,659,691 and this figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the Disclosure and Transparency
Rules.
The Company will instruct Euroclear on or around 2 November 2015
(or as soon as practicable thereafter) to credit the appropriate
stock accounts in CREST of the placees and subscribers (on a
delivery versus payment basis) with their respective entitlements
to Depositary Interests in respect of C Shares. Temporary documents
of title will not be issued pending the dispatch by post of
definitive certificates for C Shares in certificated form, which is
expected to take place in the week commencing 9 November 2015.
Nigel Barton, Chairman, CATCo Reinsurance Opportunities Fund
Ltd. said:
"The fund raise has exceeded expectations and the Board welcomes
the strong support shown from existing and particularly new
shareholders.
"During its first five years of operations the Company has on
average out performed its targeted net returns of Libor +9-12%.
With returns on a no loss basis for 2016 expected to be similar to
the current year, with a similarly de-risked portfolio, prospects
for the Company continue to look strong."
Tony Belisle, CEO, CATCo Investment Management Ltd. said:
"The proceeds received from the fund raisings for both the
private and public fund will allow the CATCo group to meet the
increased demand from its buyers ahead of the 2016 renewals.
"Importantly the public fund has the flexibility to raise
additional capital during 2016 if a significant event occurs or if
new and exciting investment opportunities arise.
"The combined capital across all of the CATCo funds is expected
to exceed $3bn enabling us to continue to bring capital efficient
solutions to our clients."
For further information, please contact:
Judith Wynne,
Company Secretary and General Counsel
CATCo Investment Management Ltd
Telephone: +44 7986 205364
Email: judith.wynne@catcoim.com
Mark Way
Fund Operations and Investor Relations Director
CATCo Investment Management Ltd
Telephone: +44 7786 116991
Email: mark.way@catcoim.com
David Benda, Hugh Jonathan (Corporate Broking &
Advisory)
Numis Securities Limited
+44 (0)20 7260 1000
Important Notices
Numis Securities Limited, which is authorised and regulated by
the Financial Conduct Authority, is acting only for the Company in
connection with the matters described in this announcement and is
not acting for or advising any other person, or treating any other
person as its client, in relation thereto and will not be
responsible for providing the regulatory protection afforded to
clients of Numis Securities Limited or advice to any other person
in relation to the matters contained herein.
Unless otherwise defined, capitalised words and phrases in this
announcement shall have the meaning given to them in the prospectus
published by the Company on 29 September 2015.
This announcement is for information purposes only and does not
constitute an invitation to subscribe for or otherwise acquire or
dispose of securities in the Company in any jurisdiction. The
information contained in this announcement is for background
purposes, is subject to updating and amendment, and does not
purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its
accuracy or completeness. This announcement does not constitute or
form part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for, any shares
in the Company in any jurisdiction nor shall it, or any part of it,
or the fact of its distribution, form the basis of, or be relied on
in connection with or act as any inducement to enter into, any
contract therefor.
The shares of the Company have not been, nor will they be,
registered under the US Securities Act of 1933, as amended, or with
any securities regulatory authority of any state or other
jurisdiction of the United States or under the applicable
securities laws of Australia, Canada, Japan, New Zealand or South
Africa. Further, the Company has not been and will not be
registered under the US Investment Company Act of 1940, as amended.
Subject to certain exceptions, the shares of the Company may not be
offered or sold in any Member State of the European Economic Area
(other than the United Kingdom), the United States of America,
Canada, Australia, Japan, New Zealand or South Africa or to or for
the account or benefit of any national, resident or citizen of any
Member State of the European Economic Area (other than the United
Kingdom), Canada, Australia, Japan, New Zealand or South Africa or
any person located in the United States. The Initial Placing and
Offer and the Placing Programme and the distribution of this
announcement in other jurisdictions may be restricted by law and
the persons into whose possession this announcement comes should
inform themselves about, and observe, any such restrictions.
This announcement may include "forward-looking statements".
Forward-looking statements are subject to risks and uncertainties
and accordingly the Company's actual future financial results and
operational performance may differ materially from the results and
performance expressed in, or implied by, the statements. These
forward-looking statements speak only as at the date of this
announcement. The Company, CATCo Investment Management Ltd. and
Numis expressly disclaim any obligation or undertaking to update or
revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or
circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Prospectus Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules. Past performance or
information in this announcement or any of the documents relating
to the Initial Placing and Offer and/or the Placing Programme
cannot be relied upon as a guide to future performance. The returns
set out in this announcement are targets only. There is no
guarantee that any returns set out in this announcement can be
achieved or can be continued if achieved, nor that the Company will
make any distributions whatsoever.
This announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made to, or in relation to, and
no responsibility or liability is or will be accepted by Numis
Securities Limited ("Numis") as to or in relation to, the accuracy
or completeness of this announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed. To the fullest extent permitted by law
recipients agree that Numis shall not have any liability (direct or
indirect) for or in connection with this announcement or any
matters arising out of or in connection herewith. Numis has not
authorised the contents of, or any part of, this document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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