REG - Helios Underwriting - Share Repurchase Programme

Helios UnderwritingAnnouncement

23/08/2023 11:45

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RNS Number : 2350K  Helios Underwriting Plc  23 August 2023

 

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·      The Company confirms that it currently has no unpublished inside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.

 

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