Business
Proposed Ordinary Share repurchases
Proposed Ordinary Share repurchases.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n \nRNS Number : 6333I Helios Underwriting Plc 12 August 2019 \n\nEmbargoed for 7.00am on 12 August 2019\nHelios Underwriting plc\nLEI: 213800FX86DJW5TCM864\n \nHelios Underwriting plc\n(\"Helios\" or the \"Company\")\nProposed Ordinary Share repurchases\n \nIn its circular to shareholders dated 19th June 2019, the Board of Helios stated that the Directors had no present intention of exercising the share repurchase authority which was subsequently granted at the shareholder meeting on 16 July 2019. Whilst the Board's view of the outlook for the Company remains unchanged, it notes the recent price weakness and illiquidity of Helios's Ordinary Shares. At the present time the price is below the price of 128p at which Ordinary Shares were issued as part of the placing and open offer announced in June 2019 and at a substantial discount to the NAV per Ordinary Share as at 31 December 2018 of 176p as adjusted for the effect of the placing and open offer, the acquisition of Nameco 1113 and the recent payment of dividends totalling 3p per Ordinary Share. Given the potential for NAV enhancement, and as a reflection of their firm belief in the Company's prospects, the Directors believe that now is an appropriate opportunity to recommence a limited level of share repurchase activity and that such repurchases would be in the best interests of shareholders generally.\n \nAccordingly, and pursuant to the authority granted by shareholders, the Company may repurchase Ordinary Shares provided that the maximum price which may be paid for Ordinary Shares on the London Stock Exchange is the higher of:\na) an amount equal to 105% of the average mid-market value of an Ordinary Share for the five business days prior to the day on which the purchase is made; and\nb) the value of an Ordinary Share calculated on the basis of the higher of the price quoted for the last independent trade of, and the highest current independent bid for, any number of the Company's Ordinary Shares on the trading venue where the purchase is carried out.\nRepurchased shares will be held in treasury. As Ordinary Shares will only be acquired below net asset value per share, any repurchases are expected to enhance net asset value per Ordinary Share.\nThe information communicated in this announcement contains inside in...