REG - Helios Underwriting - Dividend Policy & Share Repurchase Programme

Helios UnderwritingAnnouncement

10/10/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231010:nRSJ4721Pa&default-theme=true

RNS Number : 4721P  Helios Underwriting Plc  10 October 2023

10 October 2023

Helios Underwriting plc

("Helios" or the "Company")

Dividend Policy and Share Repurchase Programme

Helios, the investment vehicle which provides shareholders with a spread
participation at Lloyd's, announces that the Board of Directors has approved
an increase in its dividend policy doubling the annual base dividend to 6p per
share and will recommence a share buyback programme whilst the share price
remains below stated NAV.

Dividend Policy

 

The Board has agreed an increase in the annual base dividend from 3p per share
to 6p per share to be paid in 2024 and subsequent years. The Board believes
that the anticipated future profit stream, subject any adverse conditions in
2023, will support the increased base dividend. This increased base dividend
could be further supplemented by special dividends at the Board's discretion.
Further announcements on the implementation of this policy will be made later
in the year when our underwriting portfolio for the 2024 underwriting year
will have been finalised.

Buy Back of Shares Programme

The Company has authorised a further share repurchase programme to return up
to a maximum aggregate amount £1,500,000 to the Company's shareholders (the
Programme"). It has already allocated £1 million recently for the buyback of
its shares as the share price was below tangible book value. The Board
believes that while the share price remains at these levels it is in
shareholders' interests to continue to buy back shares in the market.

·      A share purchase programme initially announced on 15(th) August
2023 acquired 790,313 ordinary shares for consideration of £1m at an average
price of £1.265p.

 

·      This Programme of £1.5m is in addition to the programme
announced on 15(th) August 2023 and 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 all the 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 7,731,820 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 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, currently 154p per share.

 

·      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 circumstances 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 9 October 2023, the Company's total issued share capital
consisted of 77,945,833 Ordinary Shares, with one voting right per share. The
Company holds 1,209,482 Ordinary Shares in treasury. Therefore, the total
number of voting rights in the Company was 76,736,351.

For further information, please contact:

Helios Underwriting plc

Martin Reith - Chief Executive Officer
+44 (0)20 3965 6441

Nigel Hanbury - Executive Deputy Chairman

Arthur Manners - Chief Financial Officer

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFSUFMUEDSEES