Last checked at 5 Apr 2023 07:00
5 April 2023
Helios Underwriting plc
("Helios", the "Company" or the "Group")
Grant of LTIP Award
and
Director Dealing
Helios, the unique investment vehicle which acquires and consolidates underwriting capacity at Lloyd's, announces that on 4 April 2023 the following award over ordinary shares of 10 pence each in the Company was granted under the Helios Underwriting plc Long Term Incentive Plan to the following person discharging managerial responsibilities:
Participant | Position | No. of Shares under Award |
Martin Reith | Chief Executive Officer | 875,000 |
The award was granted as a nil cost option and will ordinarily vest on the fifth anniversary of its grant, subject to the grantee's continued service and the extent to which the award's performance conditions are satisfied.
As summarised in the table immediately below; the award's performance conditions set threshold to stretch targets in respect of the Company's total shareholder return ("TSR") over the five year period following the grant of the award. No portion of the award shall vest unless the Company's TSR over the performance period reaches the threshold target, for which 0% of the award would vest, rising on a straight line basis to full performance vesting of the award for the Company's TSR over the performance period being equal to the stretch target or better.
Increase in the Company's TSR over the 5 year performance period | % of award that vests |
Less than 50% | Nil |
50% | 0% |
100% or more | 100% |
Between 50% and 100% | Between 0% and 100% on a straight-line basis |
The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Martin Reith
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2 | Reason for Notification | |||||
a) | Position/status | Chief Executive Officer
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b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Helios Underwriting plc | ||||
b) | LEI | 213800FX86DJW5TCM864
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4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of 10 pence each ISIN - GB00B23XLS45 | ||||
b) | Nature of the transaction | Grant of option over ordinary shares under the Helios Underwriting plc Long Term Incentive Plan with an option price of nil pence per share.
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c) | Price(s) and volume(s)
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d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
e) | Date of the transaction | 4 April 2023 | ||||
f) | Place of the transaction | Outside of a trading venue | ||||
For further information please contact:
Helios Underwriting plc
Martin Reith - Chief Executive Officer +44 (0)7720 292 505
Nigel Hanbury - Executive Deputy Chairman +44 (0)7787 530 404
Arthur Manners - Chief Financial Officer +44 (0)7754 965 917
Shore Capital (Nomad and Broker)
Robert Finlay +44 (0)20 7601 6100
David Coaten
Buchanan (PR)
Helen Tarbet / Henry Wilson / George Beale +44 (0)7872 604 453
+44 (0)20 7466 5111
About Helios
Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £297m of capacity for the 2023 account. The portfolio provides a good spread of business being concentrated in property & casualty insurance and reinsurance. For further information please visit www.huwplc.com.