Additional Side Pocket ReleasesSource: RNS
FOR IMMEDIATE RELEASE
15 April 2021
CATCo Reinsurance Opportunities Fund Ltd. (the "Company")
Side Pocket Release Update
To: SFS, London Stock Exchange and Bermuda Stock Exchange
The Company is pleased to announce that it has been advised of a further release of Side Pocket Investment ("SPI") capital amounting to approximately $19.2 million. This is expected to be paid to the Company during May 2021, following which the Company intends to use it to carry out a seventh compulsory redemption of its shares.
The updated breakdown of the payments to the Ordinary Shareholders and C Shareholders is approximately $3.4 million and approximately $15.8 million respectively.
Subsequent to Shareholder approval being given on 26 March 2019 to put the Company's portfolios into run-off, and including this seventh compulsory redemption, the Company will have returned a total of approximately $287.1 million to Shareholders by way of compulsory redemptions, dividend, a tender offer and share buybacks, of which approximately $63.0 million will have been paid to the Ordinary Shareholders and approximately $227.5 million to the C Shareholders
The Company will issue further details of the expected timetable for this seventh compulsory redemption shortly.
This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.
For further information:
Markel CATCo Investment Management Ltd.
Telephone: +1 441 493 9005
Chief of Investor Marketing
Telephone: +1 441 493 9001
Numis Securities Limited
David Benda / Hugh Jonathan
Telephone: +44 (0) 20 7260 1000