9th July 2024
Helios Underwriting
plc
("Helios"
or the "Company")
Share Repurchase Programme -
2024
Further to the share repurchase
announcement released by the Company on 19 June 2024, the Company
will continue with this Programme under the renewed General
Authority obtained at the 2024 AGM on 28 June 2024 under the below
parameters.
About the Programme
· The
aggregate number of ordinary shares of 10 pence each ("Ordinary
Shares") acquired by the Company pursuant to this 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 7,474,514 Ordinary Shares ("General Authority") that was
approved 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Company confirms that it currently has no unpublished inside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
9th July 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 / Tom O'Brien
+44 (0)7703 330 199 / +44 (0)7929
021 492
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
£512m 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.
