Helios Underwriting Plc Acquisitions (0571T)
July 15 2015 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 0571T
Helios Underwriting Plc
15 July 2015
15 July 2015
Helios Underwriting plc
("HUW" or the "Company")
Agreement to acquire Lloyd's Limited Liability Vehicles
HUW is pleased to announce that, in line with its strategy of
increasing underwriting capacity through acquisition, it has agreed
in principle to acquire Nameco (No 76) Limited and Kempton
Underwriting Limited, limited liability members of Lloyd's
("LLV"s), for a total consideration of 1,454,535 new ordinary
shares in the Company. The agreed aggregate price of the LLVs being
acquired is GBP2.4m and this is based on their estimated combined
net asset value. The combined 2015 underwriting capacity of the
LLVs is GBP2.0 million (this compares with HUW's 2015 capacity of
GBP24.7 million prior to these acquisitions) and their combined
unaudited profit before tax for the year ended 31 December 2014 is
GBP0.18m. The vendor of the LLVs is Will Roseff; he currently holds
1,168,969 ordinary shares in the Company (representing 12.9% of the
Company's issued share capital) and his holding would increase to
2,623,504 ordinary shares (representing 25.0% of the Company's
enlarged issued share capital) if the acquisitions proceed to
completion on the terms set out above. The acquisitions are subject
inter alia to the entering of binding sale and purchase agreements
which would themselves be subject to change of control consent from
Lloyd's.
For further information please contact:
HUW 020 7863 6655 / nigel.hanbury@huwplc.com
Nigel Hanbury - Chief
Executive
Smith & Williamson Corporate
Finance
David Jones 020 7131 4000
Westhouse Securities
Robert Finlay 020 7601 6100
About HUW
HUW 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). HUW's subsidiary underwriting
vehicles trade within the Lloyd's insurance market as corporate
members of Lloyd's writing approximately GBP25 million of capacity
for the 2015 account. The portfolio provides a good spread of
classes of business being concentrated in property insurance and
reinsurance. For further information please visit
www.huwplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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