Helios Underwriting Plc Acquisitions of LLVs, Issue of Equity and TVR (2446L)
December 29 2022 - 10:38AM
UK Regulatory
TIDMHUW
RNS Number : 2446L
Helios Underwriting Plc
29 December 2022
29 December 2022
Helios Underwriting plc
("Helios" or the "Company")
Acquisitions of Limited Liability Vehicles
Issue of Equity
and
Total Voting Rights
Helios, the unique investment vehicle that acquires and
consolidates underwriting capacity at Lloyd's, is pleased to
announce the acquisition of a further three limited liability
vehicles ("LLVs"). The LLVs are to be acquired for a total
consideration of GBP5.7m, of which c.GBP5.1m is to be satisfied in
cash, c.GBP0.4m is to be satisfied by the issue of 235,796 new
ordinary shares of GBP0.10 each in the Company ("Ordinary Shares")
at a price of GBP1.577 per share, and a further c.GBP0.3m has been
deferred dependent on the result of the LLVs' open years of
account. The three acquisitions increase Helios' 2022 syndicate
capacity by c.GBP5.7m. The details are as follows:
Humphrey
Name Consideration Valuation Discount
All figs in GBP'000's
Harris Family UTG
Ltd 545 626 12.9%
Whitehouse Underwriting
Ltd 555 656 15.4%
Risk Capital UTG Limited 4,600 5,172 11.1%
5,700 6,454 11.7%
============== =========== =========
Profits
Capacity before
Name 2022 Capacity Value Turnover tax
All figs in GBP'000's
Harris Family UTG
Ltd 540 230 551 38
Whitehouse Underwriting
Ltd 952 503 950 17
Risk Capital UTG Limited 4,185 2,071 4,221 (232)
5,676 2,804
============== ===========
The acquisition of Harris Family UTG Limited and Whitehouse
Underwriting Limited have been completed and the completion of Risk
Capital UTG Limited is subject to Lloyd's change of control
approval.
Application has been made for the 235,796 new Ordinary Shares to
be admitted to trading on AIM. Admission is expected to occur at
8.00 a.m. on 30 December 2022 ("Admission").
Total Voting Rights
The new Ordinary Shares will rank pari passu with the Company's
existing issued Ordinary Shares. The Company's issued share capital
following Admission will comprise 77,737,372 Ordinary Shares . The
Company holds 419,169 Ordinary Shares in Treasury which carry no
voting rights and therefore the total number of voting rights in
the Company is therefore 77,318,203. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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 7601 6100
David Coaten
Willis Re Securities (Financial Adviser)
Alastair Rodger +44 (0)20 3124 6033
Buchanan (PR)
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 GBP239m of capacity
for the 2022 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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