4th Oct 2019 17:52
(Alliance News) - CATCo Reinsurance Opportunities Fund Ltd said Friday it would return almost USD16 million in proceeds received from the redemption of its Master Fund Shares as a dividend to shareholders.
CATCo received USD25.2 million in proceeds from the redemption of the fund. In order to return USD15.9 million to shareholders, the firm proposed a 1.27 US cent per share interim dividend for its ordinary shares and a 2.62 cents per share for its C shares.
The remaining USD8.0 million - excluding working capital reserves - will be used to undertake share buybacks. This buyback programme will start after October 17.
"The company anticipates receiving additional redemption proceeds as further side pockets held within the Master Fund are released, and will announce the distribution of these proceeds to Ordinary and C Shareholders as and when these redemption proceeds are received by the company", CATCo said in a statement.
Shares in CATCo closed untraded at USD0.18 in London on Friday.
By Ahren Lester; [email protected]
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