REG - Helios Underwriting - Share Repurchase Programme

Helios UnderwritingAnnouncement

19/06/2024 07:00

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RNS Number : 9561S  Helios Underwriting Plc  19 June 2024

 

19(th) June 2024

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 a further share
repurchase programme to return up to a maximum aggregate amount £3.7 million
to the Company's shareholders (the Programme").

About the Programme

·    Since the first share purchase programme was initially announced on
15(th) August 2023, the Company has acquired 2,781,520 ordinary shares for
consideration of £4.0 million at an average price of £1.43.

·   This Programme will be in addition to the programme initially
announced on 15(th) August 2023 and 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 share purchase programmes
announced since 15 August 2023 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") and expected  to be renewed at the 2024 AGM on
28 June 2024.

·      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 18(th) June 2024 the Company's total issued share capital
consisted of 77,945,833 Ordinary Shares, with one voting right per share. The
Company holds 3,200,689 Ordinary Shares in treasury. Therefore, the total
number of voting rights in the Company was 74,745,144.

For further information, please contact:

Helios Underwriting plc

Michael Wade - Chairman

Arthur Manners - Chief Financial Officer

+44 (0)203 965 6441

Deutsche Numis (Nomad and
Broker)

 Giles Rolls / Charles
Farquhar

+44 (0)20 7260 1000

 

FTI Consulting

 Ed Berry / Nathan Hambrook-Skinner

+44 (0)7703 330 199 / +44 (0)7977 817 092

 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 £507m of capacity for the 2024 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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