RCS - London Innovation - Update on Business Combination

Financials AcquisitionAnnouncement

13/11/2023 08:15

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RNS Number : 2095T  London Innovation Underwriters Ltd  13 November 2023

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13 November 2023

LONDON INNOVATION UNDERWRITERS LIMITED

Update on Business Combination

London Innovation Underwriters Limited (the "Company") today announces the
termination of the business combination agreement entered into with, among
others, Financials Acquisition Corp on 30 October 2023 regarding a proposed
business combination (the "Business Combination"). Whilst fundamental support
for the Business Combination was strong, with interest expressed from a
globally and stylistically diverse set of investors, the level of demand has
been insufficient to reach the Minimum Cash Condition (as defined in the
prospectus published by the Company on 30 October 2023). The Company continues
to believe that it offers an optimised structure for accessing the Lloyd's of
London insurance market in a capital, cost and fiscally efficient way,
however, given the volatile capital markets, it has proven too difficult to
fund this through a public offering.

Consequently, the Company announces that it has decided to cancel its proposed
admission to the London Stock Exchange, but will consider exploring
alternative options to pursue its strategy.

Enquiries

FSG Global (Financial PR advisor to the Company)
Conor McClafferty

Charlie Chichester

+44 20 7251 3801
LIU-LON@fgsglobal.com (mailto:LIU-LON@fgsglobal.com)

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Director.

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