Helios Underwriting Plc Proposed Ordinary Share repurchases (6333I)
August 12 2019 - 2:00AM
UK Regulatory
TIDMHUW
RNS Number : 6333I
Helios Underwriting Plc
12 August 2019
Embargoed for 7.00am on 12 August 2019
Helios Underwriting plc
LEI: 213800FX86DJW5TCM864
Helios Underwriting plc
("Helios" or the "Company")
Proposed Ordinary Share repurchases
In its circular to shareholders dated 19(th) June 2019, the
Board of Helios stated that the Directors had no present intention
of exercising the share repurchase authority which was subsequently
granted at the shareholder meeting on 16 July 2019. Whilst the
Board's view of the outlook for the Company remains unchanged, it
notes the recent price weakness and illiquidity of Helios's
Ordinary Shares. At the present time the price is below the price
of 128p at which Ordinary Shares were issued as part of the placing
and open offer announced in June 2019 and at a substantial discount
to the NAV per Ordinary Share as at 31 December 2018 of 176p as
adjusted for the effect of the placing and open offer, the
acquisition of Nameco 1113 and the recent payment of dividends
totalling 3p per Ordinary Share. Given the potential for NAV
enhancement, and as a reflection of their firm belief in the
Company's prospects, the Directors believe that now is an
appropriate opportunity to recommence a limited level of share
repurchase activity and that such repurchases would be in the best
interests of shareholders generally.
Accordingly, and pursuant to the authority granted by
shareholders, the Company may repurchase Ordinary Shares provided
that the maximum price which may be paid for Ordinary Shares on the
London Stock Exchange is the higher of:
a) an amount equal to 105% of the average mid-market value of an
Ordinary Share for the five business days prior to the day on which
the purchase is made; and
b) the value of an Ordinary Share calculated on the basis of the
higher of the price quoted for the last independent trade of, and
the highest current independent bid for, any number of the
Company's Ordinary Shares on the trading venue where the purchase
is carried out.
Repurchased shares will be held in treasury. As Ordinary Shares
will only be acquired below net asset value per share, any
repurchases are expected to enhance net asset value per Ordinary
Share.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.The Company confirms that it
currently has no other unpublished price sensitive information
other than what has been disclosed above.
For further information please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive 020 7863 6655/ nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965 917
Shore Capital
Robert Finlay/David Coaten 020 7408 4090
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 GBP54m of capacity
for the 2019 account. The portfolio provides a good spread of
business being concentrated in property insurance and reinsurance.
For further information please visit www.huwplc.com.
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END
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