TIDMHUW
RNS Number : 5358H
Helios Underwriting Plc
24 November 2022
The following amendment has been made to the 'Result of Placing
and Subscription' announcement released on 24 November 2022 at 7.00
a.m. under RNS No 4228H
The word "million" was erroneously included in the third
paragraph and has been removed in the below announcement.
All other details remain unchanged.
The full amended text is shown below.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
24 November 2022
Helios Underwriting plc
("Helios", "Company" or the "Group")
Result of Placing and Subscription
Helios, the unique investment vehicle which acquires and
consolidates underwriting capacity at Lloyd's , is pleased to
announce that, following the announcement released on 23 November
2022 ("Announcement"), it has successfully raised gross proceeds of
approximately GBP12.5 million through a placing of, and a
subscription for, an aggregate of 8,043,927 New Ordinary Shares at
a price of GBP1.56 per share.
A total of 7,843,927 New Ordinary Shares have been placed at the
Issue Price with investors pursuant to the Placing, thereby
conditionally raising approximately GBP12.2 million, subject to
Shareholder approval.
In addition, a total of 200,000 New Ordinary Shares have been
subscribed for under the Subscription at the Issue Price, thereby
raising GBP312,000, subject to Shareholder approval.
The Announcement also confirmed that the Company proposes to
raise up to a further approximately GBP1.5 million by way of a
conditional open offer of 984,088 Open Offer Shares to Qualifying
Shareholders at the Issue Price, subject to Shareholder
approval.
The Placing, Subscription and Open Offer are all conditional,
inter alia, upon the passing of certain Resolutions. Accordingly,
the Circular is expected to be posted later today, notifying
Shareholders of the General Meeting on 13 December 2022.
The Placing was conducted by way of an accelerated book build
process. Shore Capital acted as sole broker on the Placing.
The Issue Price represents a discount of approximately 0.3 per
cent. to the closing price of GBP1.565 per share on 22 November
2022.
Application will be made for the admission of the Placing
Shares, the Subscription Shares and the Open Offer Shares to
trading on AIM and dealings in the Placing Shares, Subscription
Shares and Open Offer Shares are expected to commence at 8.00 a.m.
on 14 December 2022 (or such later date, being not later than 8.00
a.m. on 31 December 2022, as the Company and Shore Capital may
agree). The Placing Shares, Subscription Shares and Open Offer
Shares, when issued, will rank pari passu with the Existing
Ordinary Shares.
Director's Participation
The interests (all of which are beneficial unless stated
otherwise) of the Directors, and their respective immediate
families and of persons connected with them (within the meaning of
section 252 of the Act) in the Existing Ordinary Shares as at the
Latest Practicable Date and as they are expected to be following
Admission (assuming that the Placing Shares, the Subscription
Shares and the maximum number of Open Offer Shares are issued) are
as follows:
Participation
in the Expected Open
Placing or Offer
At the Latest Practicable Date Subscription Participation Immediately following Admission
Number of
Percentage of Placing
Number of Existing Shares or Number of Percentage of
Ordinary Ordinary Subscription Number of Open Ordinary Enlarged Share
Name Shares Shares Shares Offer Shares Shares Capital****
----------------- --------------- --------------- -------------- --------------- --------------- ---------------
Michael
Cunningham 86,848 0.13% 200,000 - 286,848 0.37%
--------------- --------------- -------------- --------------- --------------- ---------------
Nigel Hanbury* 9,549,794 13.86% 12,564 - 9,562,358 12.27%
--------------- --------------- -------------- --------------- --------------- ---------------
Arthur Manners** 1,187,368 1.72% - 16,962 1,204,330 1.55%
--------------- --------------- -------------- --------------- --------------- ---------------
Andrew Christie 34,317 0.05% - - 34,317 0.04%
--------------- --------------- -------------- --------------- --------------- ---------------
Edward
Fitzalan-Howard 382,864 0.56% - - 382,864 0.49%
--------------- --------------- -------------- --------------- --------------- ---------------
Martin Reith 130,161 0.19% 127,566 - 257,727 0.33%
--------------- --------------- -------------- --------------- --------------- ---------------
Tom Libassi*** 13,407,000 19.46% - - 13,407,000 17.21%
--------------- --------------- -------------- --------------- --------------- ---------------
* 622,500 of Nigel Hanbury's Ordinary Shares are jointly owned
in accordance with the Company's Joint Share Ownership Plan -
300,000 of which are detailed in the announcement made by the
Company on 14 December 2017 and 322,500 of which are detailed in
the announcement made by the Company on 17 August 2021.
** 477,500 of Arthur Manner's shares are jointly owned in
accordance with the Company's Joint Share Ownership Plan, 200,000
of which are detailed in the announcement made by the Company on 14
December 2017 and 277,500 of which are detailed in the announcement
made by the Company on 17 August 2021.
*** Tom Libassi does not hold Ordinary Shares in the Company but
is the Co-founder and Managing Partner of Resolute Global Partners
Limited, which funds under management of, or associated with, holds
13,407,000 Ordinary Shares.
**** On the basis that the Open Offer is taken up in full.
A copy of the Circular will shortly be available on the
Company's website at www.huwplc.com.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (ED No.596/2014) (and
all delegated regulations, implementation directives, technical
standards and guidance issued by European Securities and Markets
Authority from time to time, as implemented in the UK by the
European Union (Withdrawal) Act 2018 (as amended by the European
Union (Withdrawal) Act 2020)) ("UK MAR"), encompassing information
relating to the Placing, the Subscription and the Open Offer as
described above, and is disclosed in accordance with the Company's
obligations under Article 17 of UK MAR.
For further information please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive +44 (0)7787 530 404 / nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer +44 (0)7754 965 917
Shore Capital (Nomad and Broker)
Robert Finlay +44 (0)20 7408 4080
David Coaten
Henry Willcocks
Gallagher (Financial Adviser) +44 (0)20 3124 6033
Deepon Sen Gupta
Alastair Rodger
Buchanan
Helen Tarbet / Henry Wilson / 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 GBP232 million of
underwriting capacity for the 2022 year of 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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