Helios Underwriting Plc Share Repurchase Programme (2350K)
August 23 2023 - 6:44AM
UK Regulatory
TIDMHUW
RNS Number : 2350K
Helios Underwriting Plc
23 August 2023
23rd 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 increase to the share repurchase programme to
return up to a maximum aggregate amount from GBP250,000 to
GBP1,000,000 to the Company's shareholders (the Enlarged
Programme").
About the Programme
-- The Enlarged 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 Enlarged 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 Enlarged 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-- The Company confirms that it currently has no unpublished inside information.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 Enlarged 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 22nd August 2023, the Company's total issued share
capital consisted of 77,945,833 of which 521,169 of its Ordinary
Shares are held in treasury, which attract no voting rights.
Therefore, the total voting rights in the Company will be
77,424,664 .
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.
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