19th 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
15th 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
15th 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confirms that it currently has no unpublished inside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
18th 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.