Result of Open Offer

RNS Number : 2359G

Helios Underwriting Plc

24 November 2020

 

24 November 2020

Helios Underwriting plc

("Helios" or the "Company")

Result of Open Offer

Further to the Company's announcement of 2 November 2020 (the "Announcement"), Helios, the unique investment vehicle which acquires and consolidates underwriting capacity at Lloyd's, announces the result of the Open Offer to Qualifying Shareholders.

The Open Offer closed for applications at 11.00 a.m. on 23 November 2020 and the Company announces that it has received valid acceptances from Qualifying Shareholders in respect of 252,843 Open Offer Shares, which includes applications received under the Excess Application Facility. This represents 18.3 per cent. of the Open Offer Shares available under the Open Offer which at the Issue Price has raised approximately £303,412.

Michael Cunningham, Non-Executive Chairman of the Company, and Andrew Christie, Non-Executive Director of the Company, each subscribed for their Open Offer Entitlement, being 6,053 Open Offer Shares and 2,392 Open Offer Shares, respectively.

It is expected that, subject to the Open Offer becoming unconditional in all respects, Admission will become effective and that dealings in the Open Offer Shares will commence at 8.00 a.m. on 27 November 2020.

This announcement should be read in conjunction with the Announcement and the full text of the Company's circular dated 2 November 2020 ("Circular"), 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 [phone] / [e-mail]

Arthur Manners - Chief Financial Officer                    [phone]

Shore Capital (Nomad and Broker)

Robert Finlay   [phone]

David Coaten 

Henry Willcocks

Willis Re Securities (Financial Adviser)

Alastair Rodger [phone] / [e-mail]

Quentin Perrot   [phone] / [e-mail]

Buchanan

Helen Tarbet / Henry Wilson / George Beale             [phone]

  [phone]

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 £70m of capacity for the 2020 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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