Helios Underwriting Plc Share Repurchase Programme (1995X)
19 12월 2023 - 1:31AM
UK Regulatory
TIDMHUW
RNS Number : 1995X
Helios Underwriting Plc
18 December 2023
18(th) December 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 a further share repurchase programme to return up to a
maximum aggregate amount GBP1,500,000 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 1,788,596
ordinary shares for consideration of GBP2.5m at an average price of
GBP1.40.
-- 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").
-- 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) December 2023, the Company's total issued share
capital consisted of 77,945,833 Ordinary Shares, with one voting
right per share. The Company holds 2,197,765 Ordinary Shares in
treasury. Therefore, the total number of voting rights in the
Company was 75,748,068.
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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END
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December 18, 2023 11:31 ET (16:31 GMT)
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