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8 Apr 2025 07:02
8th April 2025
Helios Underwriting plc
("Helios" or the "Company")
Share Repurchase Programme - 2025
Helios, the only publicly traded company offering instant access to a diverse portfolio of syndicates at Lloyd's of London, announces that the Board of Directors has approved a share repurchase programme to return up to a maximum aggregate amount £2,000,000 to the Company's shareholders ("The Programme").
About the Programme
· The aggregate number of ordinary shares of 10 pence each ("Ordinary Shares") acquired by the Company pursuant to this share purchase programmes shall not exceed the maximum number of Ordinary Shares which the Company is authorised to purchase pursuant to the authority obtained at the Company's AGM to repurchase up to a maximum 7,474,514 Ordinary Shares ("General Authority") that was approved at the 2024 AGM on 28 June 2024.
· On 23rd July 2024 the Company announced a further repurchase of 2,466,666 ordinary shares, leaving authority to re-purchase a further 5,007,848 ordinary shares
· In accordance with the General Authority, the maximum price paid per Ordinary Share acquired by the Company pursuant to the Programme is to be no more than:
o 105% of the average middle market closing price of an Ordinary Share on AIM for the five business days preceding the date of purchase; and
o the higher of the price of the last independent trade and the highest current independent purchase bid for Ordinary Shares on the trading venue where the purchase is carried out
· The Programme will commence on the date of this announcement and will continue until the earlier of either the expiration of the General Authority or until the maximum pecuniary amount has been purchased under the Programme.
· The purchased Ordinary Shares will be held by the Company in treasury at the Company's discretion for later reissue or cancellation. Shares held in treasury are not entitled to dividends and have no voting rights at the Company's general meetings.
· Share repurchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The maximum price paid per Ordinary Share will be no more than the net tangible asset value of the Company.
· The Company confirms that it currently has no unpublished inside information.
· The Programme will operate in accordance with and under the terms of the relevant General Authority, and within the regulatory limit on the quantity of Ordinary Shares the Company may purchase on a single day. The Programme will be conducted within the parameters of the Market Abuse Regulation 596/2014/EU and the delegated regulations made pursuant to it.
· However, there will be circumstance where the Company conducts share repurchases such that they exceed 25 per cent of the average daily volume in Ordinary Shares for the 20 trading days prior to the share repurchase.
· As at 7th April the Company's total issued share capital consisted of 78,110,302 Ordinary Shares, with one voting right per share. The Company holds 5,667,335 Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company was 72,442,947.
For further information, please contact:
For further information, please contact:
Helios Underwriting plc
John Chambers - Executive Chairman 44 (0)203 965 6441
Arthur Manners - Chief Financial Officer
Deutsche Numis (Nomad and Broker)
Giles Rolls / Charles Farquhar +44 (0)20 7260 1000
FTI Consulting
Ed Berry / Nathan Hambrook-Skinner +44 (0)7703 330 199 / +44 (0)7977 817 092
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 £484m of capacity for the 2025 year of 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.
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