Acquisition

RNS Number : 4489H

Helios Underwriting Plc

13 March 2015

 

13 March 2015

Helios Underwriting plc

("HUW" or the "Company")

Completion of Acquisition of Lloyd's Limited Liability Vehicle

Further to the announcement on 16 February 2015, the Company is pleased to announce that the acquisition of Updown Underwriting Limited has completed.

Application will be made for the 429,839 new ordinary shares in the Company issued as part of the consideration for the acquisition to be admitted to trading on AIM and this is expected to become effective on 20 March 2015.  Following the issue of the new shares: (i) Nicholas Wentworth Stanley will hold 429,839 ordinary shares in the Company, representing 4.8% of the Company's issued ordinary shares; and (ii) the Company will have 8,956,787 ordinary shares in issue with each share carrying the right to one vote.  There are no shares held in treasury.  The total number of voting rights in the Company is therefore 8,956,787 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

For further information please contact:

HUW Nigel Hanbury - Chief Executive	[e-mail]
Smith & Williamson Corporate Finance David Jones	020 7131 4000
Westhouse Securities Robert Finlay	020 7601 6100

About HUW

HUW 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).  HUW's subsidiary underwriting vehicles trade within the Lloyd's insurance market as corporate members of Lloyd's writing £23 million of capacity for the 2015 account.  The portfolio provides a good spread of classes of business being concentrated in property insurance and reinsurance.  For further information please visit www.huwplc.com.

 

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