REG - Helios Underwriting - Share Repurchase Programme - 2024

Helios UnderwritingAnnouncement

09/07/2024 07:00

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RNS Number : 5799V  Helios Underwriting Plc  09 July 2024

 

9(th) July 2024

Helios Underwriting plc

("Helios" or the "Company")

Share Repurchase Programme - 2024

Further to the share repurchase announcement released by the Company on 19
June 2024, the Company will continue with this Programme under the renewed
General Authority obtained at the 2024 AGM on 28 June 2024 under the below
parameters.

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.

·    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·      The Company confirms that it currently has no unpublished inside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 9(th) July 2024 the Company's total issued share capital
consisted of 77,945,833 Ordinary Shares, with one voting right per share. The
Company holds 3,200,689 Ordinary Shares in treasury. Therefore, the total
number of voting rights in the Company was 74,745,144.

For further information, please contact:

Helios Underwriting plc

Michael Wade - Chairman

Arthur Manners - Chief Financial Officer

+44 (0)203 965 6441

Deutsche Numis (Nomad and
Broker)

 Giles Rolls / Charles
Farquhar

+44 (0)20 7260 1000

 

FTI Consulting

 Ed Berry / Tom O'Brien

+44 (0)7703 330 199 / +44 (0)7929 021 492

 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 £512m of capacity for the 2024 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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