Last checked at 23 Aug 2023 11:44
23rd August 2023
Helios Underwriting plc
("Helios" or the "Company")
Share Repurchase Programme
Helios, the investment vehicle which builds shareholder value through exposure to Lloyd's, announces that the Board of Directors has approved an increase to the share repurchase programme to return up to a maximum aggregate amount from £250,000 to £1,000,000 to the Company's shareholders (the Enlarged Programme").
About the Programme
· The Enlarged Programme will be financed through existing cash resources.
· The aggregate number of ordinary shares of 10 pence each ("Ordinary Shares") acquired by the Company pursuant to the Programme 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 7,731,820 Ordinary Shares ("General Authority").
· 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 Enlarged 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 Enlarged 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· The Company confirms that it currently has no unpublished inside information.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 Enlarged 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 22nd August 2023, the Company's total issued share capital consisted of 77,945,833 of which 521,169 of its Ordinary Shares are held in treasury, which attract no voting rights. Therefore, the total voting rights in the Company will be 77,424,664.
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
Numis (Nomad and Broker)
Giles Rolls / Charles Farquhar +44 (0)20 7260 1000
Buchanan (PR)
Helen Tarbet / 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 £310.8m 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.