This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Blue Capital Global Reinsurance Fund Limited – Second Placing – Placing Price
Hamilton, Bermuda – 09 October, 2013 – Blue Capital Global Reinsurance Fund Limited (the "Company" or "BCGR") has issued an update regarding the proposed ‘second placing’. The update reads:
Further to the announcement by the Company on 20 September 2013 in relation to the second placing of new shares in the Company pursuant to the Placing Programme announced on 17 April 2013 (the “Second Placing”), the proposed Placing Price for Ordinary Shares to be issued in the Second Placing will be $1.09. The Placing Price represents a premium of 3.4% to the Net Asset Value per Ordinary Share as at 30 September 2013, published today.
The new Ordinary Shares issued pursuant to the Second Placing will rank equally with existing Ordinary Shares for the second distribution by the Company in respect of the six months ended 31 December 2013. It is the Directors' intention that, save for unforeseen circumstances, the second distribution will be US$0.044 per Ordinary Share.(1)
The net proceeds raised pursuant to the Second Placing are expected to be invested in fully collateralised reinsurance-linked contracts and other investments carrying exposures to insured catastrophe event risks in accordance with the Company’s investment policy. It is expected that the majority of the net proceeds will be invested in the January 2014 reinsurance renewals.
Expected timetable for Second Placing 2013
Latest time and date of receipt of Placing commitments
in respect of the Second Placing 3.00 pm - 22 October
Announcement of results of the Second Placing 23 October
Admission to trading of the new Ordinary Shares to be
issued in the Second Placing and commencement of dealings
on the London Stock Exchange’s Specialist Fund Market
and the Bermuda Stock Exchange 8.00 am - 28 October
Ordinary Shares issued and CREST accounts credited in
respect of Depository Interests in connection with the
Second Placing 8.00 am - 28 October
Dispatch of definitive share certificates in connection
with the Second Placing Week commencing 28 October
The Company's Ordinary Shares were admitted to trading on the London Stock Exchange's Specialist Fund Market ("SFM") (ticker: BCGR) and were listed on the Bermuda Stock Exchange with a secondary listing on 6 December 2012, raising US$100.1 million. The Company subsequently raised US$52.3 million pursuant to the First Closing under the Placing Programme in May 2013. The Company provides investors with the opportunity to access the global catastrophe reinsurance market and to invest in an alternative asset class whose returns have historically been largely uncorrelated to those of other asset classes, including global equities, bonds and hedge funds.
The Company is targeting an annualised dividend yield of LIBOR plus 6 per cent. per annum on the original issue price of its Ordinary Shares in December 2012 and a net return to Shareholders (comprised of dividends and other distributions to Shareholders together with increases in the Company’s Net Asset Value) of LIBOR plus 10 per cent. per annum to be achieved over the longer term, net of fees.(1)
Blue Capital Management Ltd. ("Blue Capital"), which serves as the investment manager for both the Company and Blue Water Master Fund Ltd., through a variety of different products, provides institutional and retail investors with the opportunity to access the global catastrophe reinsurance market.
Blue Capital is wholly owned by Montpelier Re Holdings Ltd. (NYSE: MRH, "Montpelier"), a leading global provider of property catastrophe and short tail reinsurance solutions with over US$3.9 billion of assets. Blue Capital therefore benefits from Montpelier's industry leading proprietary reinsurance modelling tools, underwriting and risk management expertise and strong broker/client relationships. Additional information regarding Blue Capital can be found at www.bluecapital.bm
Terms used and not defined in this announcement bear the meaning given to them in the Prospectus.
Note (1): These are targets only and not profit forecasts. There can be no assurance that these targets will be met or that the Company will make any returns or distributions whatsoever or that investors will recover all or any of their investment. Prospective investors should decide for themselves whether or not the target returns and distributions are reasonable or achievable in deciding whether to invest in the Company.
For further information please contact:
William Pollett,
President, Blue Capital Management Ltd. +1 441 299 7576
Gary Gould/Alex Collins +44 20 7029 8000
Jefferies International Limited