Business
Share Repurchase Programme
Share Repurchase Programme.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n\n \n19th June 2024\nHelios Underwriting plc\n(\"Helios\" or the \"Company\")\nShare Repurchase Programme\nHelios, the investment vehicle which builds shareholder value through exposure to Lloyd's, announces that the Board of Directors has approved a further share repurchase programme to return up to a maximum aggregate amount £3.7 million to the Company's shareholders (the Programme\").\nAbout the Programme\n· Since the first share purchase programme was initially announced on 15th August 2023, the Company has acquired 2,781,520 ordinary shares for consideration of £4.0 million at an average price of £1.43.\n· This Programme will be in addition to the programme initially announced on 15th August 2023 and will be financed through existing cash resources.\n· The aggregate number of ordinary shares of 10 pence each (\"Ordinary Shares\") acquired by the Company pursuant to the share purchase programmes announced since 15 August 2023 shall not exceed the maximum number of Ordinary Shares which the Company is authorised to purchase pursuant to the authority obtained at the Company's AGM to repurchase up to a maximum 7,731,820 Ordinary Shares (\"General Authority\") and expected to be renewed at the 2024 AGM on 28 June 2024.\n· In accordance with the General Authority, the maximum price paid per Ordinary Share acquired by the Company pursuant to the Programme is to be no more than:\no 105% of the average middle market closing price of an Ordinary Share on AIM for the five business days preceding the date of purchase; and\no the higher of the price of the last independent trade and the highest current independent purchase bid for Ordinary Shares on the trading venue where the purchase is carried out\n· The Programme will commence on the date of this announcement and will continue until the earlier of either the expiration of the General Authority or until the maximum pecuniary amount has been purchased under the Programme.\n· The purchased Ordinary Shares will be held by the Company in treasury at the Company's discretion for later reissue or cancellation. Shares held in treasury are not entitled to dividends and have no voting rights at the Company's general meetings.\n· &nb...