22nd Nov 2022 07:43
(Alliance News) - CATCo Reinsurance Opportunities Fund Ltd on Monday said it will buy back USD17.8 million ordinary and C shares that together account for 91.7% of its total share capital.
The Bermuda-based investment fund said it will buy back the ordinary shares at 3.34 pence each and the C shares at 17.50 pence each on Tuesday next week, as part of a compulsory redemption approved by shareholders back in April.
CATCo Reinsurance Opportunities ordinary shares closed at USD2.51 in London on Monday. They are up from USD0.30 a year ago.
It said 1.4 million ordinary shares and 754,104 C shares were being bought for a total USD17.8 million.
CATCo Reinsurance Opportunities said the buyback will be funded from existing cash balances.
It reported on September 14 that its net asset value per share was USD3.21 on June 30, multiplying from USD0.34 on January 1.
By Greg Rosenvinge; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.