Helios Underwriting Plc Dividend Policy & Share Repurchase Programme (4721P)
10 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMHUW
RNS Number : 4721P
Helios Underwriting Plc
10 October 2023
10 October 2023
Helios Underwriting plc
("Helios" or the "Company")
Dividend Policy and Share Repurchase Programme
Helios, the investment vehicle which provides shareholders with
a spread participation at Lloyd's, announces that the Board of
Directors has approved an increase in its dividend policy doubling
the annual base dividend to 6p per share and will recommence a
share buyback programme whilst the share price remains below stated
NAV.
Dividend Policy
The Board has agreed an increase in the annual base dividend
from 3p per share to 6p per share to be paid in 2024 and subsequent
years. The Board believes that the anticipated future profit
stream, subject any adverse conditions in 2023, will support the
increased base dividend. This increased base dividend could be
further supplemented by special dividends at the Board's
discretion. Further announcements on the implementation of this
policy will be made later in the year when our underwriting
portfolio for the 2024 underwriting year will have been
finalised.
Buy Back of Shares Programme
The Company has authorised a further share repurchase programme
to return up to a maximum aggregate amount GBP1,500,000 to the
Company's shareholders (the Programme"). It has already allocated
GBP1 million recently for the buyback of its shares as the share
price was below tangible book value. The Board believes that while
the share price remains at these levels it is in shareholders'
interests to continue to buy back shares in the market.
-- A share purchase programme initially announced on 15(th)
August 2023 acquired 790,313 ordinary shares for consideration of
GBP1m at an average price of GBP1.265p.
-- This Programme of GBP1.5m is in addition to the programme
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 all the
share purchase programmes 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, currently 154p per share.
-- 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 circumstances 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 9 October 2023, the Company's total issued share
capital consisted of 77,945,833 Ordinary Shares, with one voting
right per share. The Company holds 1,209,482 Ordinary Shares in
treasury. Therefore, the total number of voting rights in the
Company was 76,736,351.
For further information, please contact:
Helios Underwriting plc
Martin Reith - Chief Executive Officer +44 (0)20 3965 6441
Nigel Hanbury - Executive Deputy Chairman
Arthur Manners - Chief Financial Officer
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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END
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October 10, 2023 02:00 ET (06:00 GMT)
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