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CATCo Reinsurance Opportunities Fund Ltd on Monday said it will buy back $17.8 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 $2.51 in London on Monday. They are up from $0.30 a year ago.
It said 1.4 million ordinary shares and 754,104 C shares were being bought for a total $17.8 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 $3.21 on June 30, multiplying from $0.34 on January 1.
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