(Alliance News) - Helios Underwriting PLC on Thursday said it has raised GBP12.5 million through a placing and subscription of 8.0 million new shares at GBP1.56 each.
The placing price of GBP1.56 represents of 0.3% discount to the closing price of GBP1.57 per share on Tuesday, being the day before the placing was first announced.
Shares in Helios were down 1.8% to 153.70 pence each in London on Thursday around midday.
Chair Michael Cunningham took 200,000 shares, worth GBP312,000, and Non-Executive Director Martin Reith bought 127,566 shares, worth GBP199,003. Cunningham is now interested in 286,848 shares, a 0.37% stake, and Reith is interested in 257,727 shares, a 0.33% stake.
Helios said it will use the cash to fund the necessary underwriting capital for its 2023 underwriting year and for acquiring new limited liability vehicles.
On Wednesday, Helios also said it plans to raise a further GBP1.5 million through an open offer of 984,088 shares at the same price.
By Sophie Rose; sophierose@alliancenews.com
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Helios Underw (HUW)