Helios Underwriting Plc Share Repurchase Programme (3971J)
August 15 2023 - 11:30AM
UK Regulatory
TIDMHUW
RNS Number : 3971J
Helios Underwriting Plc
15 August 2023
15(th) August 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 an initial share repurchase programme to return up to
a maximum aggregate amount of GBP250,000 to the Company's
shareholders (the "Programme").
About the Programme
-- The Programme 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
Programme 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-- The Company confirms that it currently has no unpublished inside information.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) August 2023, the Company's total issued share
capital consisted of 77,945,833 Ordinary Shares, with one voting
right per share. The Company holds 419,169 Ordinary Shares in
treasury. Therefore, the total number of voting rights in the
Company was 77,526,664.
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 GBP310.8m 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
POSBBGDIUBBDGXU
(END) Dow Jones Newswires
August 15, 2023 11:30 ET (15:30 GMT)
Helios Underwriting (LSE:HUW)
Historical Stock Chart
From May 2024 to Jun 2024
Helios Underwriting (LSE:HUW)
Historical Stock Chart
From Jun 2023 to Jun 2024