Business
Fundraising, Acquisition, Waiver & Notice of GM
Fundraising, Acquisition, Waiver & Notice of GM.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n \nRNS Number : 0305C Helios Underwriting Plc 13 June 2019 \n\nTHE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL\nNeither this Announcement nor any part of it constitutes an offer to sell, or the solicitation of an offer to buy, subscribe or acquire new ordinary shares in the capital of the Company in any jurisdiction in which such an offer or solicitation is unlawful or would impose any unfulfilled registration, publication or approval requirements on the Company and/or Shore Capital and Corporate Limited.\n \n \n13 June 2019\n \nHelios Underwriting PLC\n \n(\"Helios\" or the \"Company\")\n \n \nPlacing and Open Offer to raise up to £3.05 million,\nProposed Acquisition of the entire issued share capital of Nameco (No. 1113) Limited, \nWaiver of Rule 9 of the City Code on Takeover and Mergers and\nNotice of General Meeting\n \n \nFundraising\nHelios is pleased to announce that it has conditionally raised approximately £1.15 million (before expenses) by way of a placing of 895,313 new Ordinary Shares at a price of £1.28 per share. In addition, the Company intends to raise up to a further, approximately, £1.9 million by way of an Open Offer to existing shareholders on the basis of 1 Open Offer Share for every 10 Existing Ordinary Shares. Each of the Placing and the Open Offer are conditional, amongst other things, upon the relevant shareholder authorities being granted at the Company's forthcoming General Meeting.\n \nEach of the Directors (other than Nigel Hanbury) have participated, directly or indirectly, in the Placing to a total of approximately £90,000. Will Roseff, a substantial shareholder, has also participated in the Placing to the amount of £800,000. The Directors have undertaken not to participate in the Open Offer.\n \nHelios intends to use the net proceeds of the Placing and the Open Offer to strengthen its balance sheet and provide readily available funds to acquire further limited liability vehicles that participate in syndicates at Lloyd's when attract...