Grant of LTIP Award and Director Dealing

RNS Number : 3879V

Helios Underwriting Plc

05 April 2023

 

5 April 2023

Helios Underwriting plc

("Helios", the "Company" or the "Group")

Grant of LTIP Award

and

Director Dealing

Helios, the unique investment vehicle which acquires and consolidates underwriting capacity at Lloyd's, announces that on 4 April 2023 the following award over ordinary shares of 10 pence each in the Company was granted under the Helios Underwriting plc Long Term Incentive Plan to the following person discharging managerial responsibilities:

Participant	Position	No. of Shares under Award
Martin Reith	Chief Executive Officer	875,000

The award was granted as a nil cost option and will ordinarily vest on the fifth anniversary of its grant, subject to the grantee's continued service and the extent to which the award's performance conditions are satisfied.

As summarised in the table immediately below; the award's performance conditions set threshold to stretch targets in respect of the Company's total shareholder return ("TSR") over the five year period following the grant of the award. No portion of the award shall vest unless the Company's TSR over the performance period reaches the threshold target, for which 0% of the award would vest, rising on a straight line basis to full performance vesting of the award for the Company's TSR over the performance period being equal to the stretch target or better.

Increase in the Company's TSR over the 5 year performance period	% of award that vests
Less than 50%	Nil
50%	0%
100% or more	100%
Between 50% and 100%	Between 0% and 100% on a straight-line basis

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Martin Reith
2	Reason for Notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Helios Underwriting plc
b)	LEI	213800FX86DJW5TCM864
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares of 10 pence each ISIN - GB00B23XLS45
b)	Nature of the transaction	Grant of option over ordinary shares under the Helios Underwriting plc Long Term Incentive Plan with an option price of nil pence per share.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 875,000
d)	Aggregated information - Aggregated volume - Price	Not applicable - single transaction
e)	Date of the transaction	4 April 2023
f)	Place of the transaction	Outside of a trading venue

For further information please contact:

Helios Underwriting plc

Martin Reith - Chief Executive Officer  [phone]

Nigel Hanbury - Executive Deputy Chairman    [phone]

Arthur Manners - Chief Financial Officer            [phone]

Shore Capital (Nomad and Broker)

Robert Finlay                                            [phone]

David Coaten

Buchanan (PR)

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 £297m of capacity for the 2023 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.

 

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