Helios Underwriting Plc Result of Meeting (7148F)

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/ [e-mail] 
   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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July 16, 2019 08:00 ET (12:00 GMT)