LONDON (Alliance News) - Will Roseff, a director of online gambling company Bet365 Group Ltd, is set to become the largest single shareholder in Helios Underwriting PLC, after reaching an agreement in principle to sell two Lloyd's of London limited liability vehicles to the company.
Helios will pay for the vehicles by issuing just shy of 1.5 million new shares, which means that Roseff, who already owns 12.9% of Helios, looks set to hold 25.0% of the company, assuming the acquisitions proceed to completion on those terms.
Roseff declined to comment to Alliance News.
Helios, which gives investors exposure to the Lloyd's of London insurance market, said it is acquiring Nameco (No 76) Ltd and Kempton Underwriting Ltd for GBP2.4 million, based on their estimated combined net asset value, which would increase the company's underwriting capacity.
The vehicles have a combined underwriting capacity of GBP2.0 million for 2015. Helios' own underwriting capacity prior to the acquisitions totalled GBP24.7 million for 2015. The vehicles' combined pretax profit was about GBP180,000 in 2014.
"The acquisitions are subject inter alia to the entering of binding sale and purchase agreements which would themselves be subject to change of control consent from Lloyd's," Helios said in a statement.
Helios shares were up 4.2% at 185.00 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Helios Underw (HUW)