TIDMHUW
RNS Number : 7148F
Helios Underwriting Plc
16 July 2019
Helios Underwriting plc
("Helios" or the "Company")
Result of Open Offer
Result of General Meeting
Total Voting Rights
and
Directors' Shareholdings
Result of Open Offer
Further to its announcement of 13 June 2019 ("Announcement"),
Helios announces the result of the Open Offer to Qualifying
Shareholders.
The Open Offer closed for applications at 11.00 a.m. on 15 July
2019 and the Company announces that it has received valid
acceptances from Qualifying Shareholders in respect of 800,584 Open
Offer Shares, which includes applications received under the Excess
Application Facility. This represents 53.9 per cent. of the Open
Offer Shares available under the Open Offer which at the Issue
Price has raised approximately GBP1.02 million for the Company.
The Open Offer and the Placing have raised in aggregate
approximately GBP2.2 million for the Company, which will be used to
strengthen its balance sheet and provide readily available funds to
acquire further limited liability vehicles that participate in
syndicates at Lloyd's when attractive opportunities arise.
Result of General Meeting
Helios is pleased to confirm that the resolutions relating to
the Fundraise, Acquisition, Waiver and the HIPCC Reorganisation, as
announced on 13 June 2019, proposed at the Company's General
Meeting held earlier today were duly passed.
Total voting rights
Application has been made for 3,286,666 new Ordinary Shares to
be admitted to trading on AIM comprising 895,313 Placing Shares,
1,590,769 Consideration Shares and 800,584 Open Offer Shares
("Admission"). Admission is expected to occur at 8.00 a.m. on 17
July 2019.
Following Admission, the Company's total number of Ordinary
Shares in issue shall be 18,135,128 (excluding shares held in
treasury), each carrying voting rights. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules. The Company also holds
255,778 ordinary shares in treasury, which do not carry voting
rights.
Directors' and substantial shareholder's shareholdings
The Directors' and substantial shareholder's resulting
shareholdings immediately following Admission are detailed
below:
Shareholding % of issued
% of issued immediately share capital
Current share Placing Consideration Open Offer following following
Director shareholding capital Shares Shares Shares Admission Admission
Nigel Hanbury* 2,736,871 18.4% - 1,590,769 - 4,327,640 23.9%
Arthur Manners** 333,334 2.2% 15,625 - 13,333 362,292 2.0%
Edward
Fitzalan-Howard 333,333 2.2% 19,531 - - 352,864 1.9%
Jeremy Evans 58,670 0.4% 7,813 - - 66,483 0.4%
Michael
Cunningham 37,167 0.3% 19,531 - - 56,698 0.3%
Andrew Christie 12,166 0.1% 7,813 - - 19,979 0.1%
Substantial
Shareholder
Will Roseff 3,711,542 25.0% 625,000 - 371,153 4,707,695 26.0%
*Includes 300,000 Ordinary Shares which are jointly owned by
Nigel Hanbury and the JSOP Trustee in accordance with the JSOP.
** Includes 200,000 Ordinary Shares which are jointly owned by
Arthur Manners and the JSOP Trustee in accordance with the
JSOP.
In addition to Arthur Manners' subscription under the Placing as
described in the Circular, due to an administrative error, Mr
Manners' broker applied for his basic entitlement under the Open
Offer and he will therefore also receive 13,333 Open Offer Shares
on Admission.
This announcement should be read in conjunction with the
Announcement and the full text of the Circular sent to
Shareholders, dated 19 June 2019, copies of which are available on
the Company's website at www.huwplc.com. Capitalised terms in this
announcement have the same meaning as given in the Circular.
For further information please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive 020 7863 6655/ nigel.hanbury@huwplc.com
Arthur Manners - Chief Financial Officer 07754 965 917
Shore Capital
Robert Finlay/David Coaten 020 7601 6100
Buchanan
Helen Tarbet 020 7601 6100
Henry Wilson
Hannah Ratcliff
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 GBP54m of capacity
for the 2019 account. The portfolio provides a good spread of
business being concentrated in property insurance and reinsurance.
For further information please visit www.huwplc.com.
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END
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