Business
Issue of Equity and Director/PDMR Shareholding
Issue of Equity and Director/PDMR Shareholding.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8062I\n Helios Underwriting Plc\n 17 August 2021\n \n \n \n \n Helios Underwriting plc \n \n \n (\"Helios\" or the \"Company\")\n \n \n Director/PDMR Shareholding\n \n \n Ordinary Shares issued under the Company's Joint Share Ownership Plan (\"JSOP\")\n \n \n Helios,\n the unique investment vehicle which acquires and consolidates underwriting capacity at Lloyd's,\n announces that, on 16th August 2021, it issued and allotted 600,000 new ordinary shares of £0.10 each in the Company (\"Ordinary Shares\"). The new Ordinary Shares have been issued at a subscription price of 155.0p per Ordinary Share, being the closing price of an Ordinary Share on 13th August 2021, pursuant to The Helios Underwriting plc Employees' Joint Share Ownership Plan (the \"Plan\").\n \n \n The new Ordinary Shares have been issued into the respective joint beneficial ownership of (i) each of the participating executive Directors listed below and (ii) the trustee of the Trust upon and subject to the terms of joint ownership agreements (\"JOAs\") respectively entered into between the Director, the Company and the Trustee. The nominal value of the new Ordinary Shares has been paid by the Trust out of funds advanced to it by the Company (with the participating executives contributing to those funds) with the additional consideration of 145p per Ordinary Share left outstanding until such time as new Ordinary Shares are sold. The Company has waived its lien on the Shares such that there are no restrictions on their transfer.\n \n \n The terms of the JOAs provide, inter alia, that if jointly owned shares become vested and are sold, the proceeds of sale will be divided between the joint owners so that the participating Director receives an amount equal to the amount initially provided by the participating Director plus any growth in the market value of the jointly owned Ordinary Shares above a target share price of 174.8p (so that the participating Director will only ever receive value if the share sale price exceeds this).\n \n \n The vesting of the award will be subject to performance conditions relating to growth in Net Tangible Asset Value per share measured over the three calendar years from the Net Tangible Asset per share disclosed as at 31 December 2021 of 151p.\n \n \n Note:\n \n \n The Plan was established and appr...