REG - Helios Underwriting - Share Repurchase Programme

Helios UnderwritingAnnouncement

18/12/2023 16:45

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RNS Number : 1995X  Helios Underwriting Plc  18 December 2023

 

18(th) December 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 a further share
repurchase programme to return up to a maximum aggregate amount £1,500,000 to
the Company's shareholders (the Programme").

About the Programme

·      Since the first share purchase programme was initially announced
on 15(th) August 2023, the Company has acquired 1,788,596 ordinary shares for
consideration of £2.5m at an average price of £1.40.

 

·      This Programme will be in addition to the programme initially
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 the share purchase
programmes announced since 15 August 2023 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.

 

·      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 15(th) December 2023, the Company's total issued share
capital consisted of 77,945,833 Ordinary Shares, with one voting right per
share. The Company holds 2,197,765 Ordinary Shares in treasury. Therefore, the
total number of voting rights in the Company was 75,748,068.

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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