Business
Subscription Update
Subscription Update.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n Hampden Underwriting Plc\n03 October 2007\n\n\n\n 3 October 2007\n\n Hampden Underwriting plc\n\n Total fund raising of £7.4 million\n and closing of the offer for subscription\n\n\nHampden Underwriting plc ('Hampden Underwriting' or the 'Company'), which has\nbeen incorporated primarily to provide a limited liability direct investment\ninto the Lloyd's insurance market through its subsidiary underwriting vehicle,\nHampden Corporate Member Limited ('HCM'), announces that its offer for \nsubscription ('the Offer') has closed and confirms that it has raised in total\ngross proceeds of £7.4 million at a price of £1.00 per ordinary share.\n\nOn 4 September 2007, the Company announced that it had raised £5.2 million under \nthe Offer and had extended the Offer to provide an opportunity for further\ninvestment. Application has been made for the admission to AIM of the additional\n2,171,810 ordinary shares of the Company issued since then. It is expected that\nadmission in relation to these additional shares will become effective\nat 8.00am on 4 October 2007.\n\nOf the total gross proceeds of the Offer, £7.04 million was subscribed in cash\nand £0.34 million in shares in Heritage Underwriting Agency plc. The net \ncash proceeds from this fundraising will be used to acquire underwriting\nparticipations in Lloyd's syndicates and invest in other Lloyd's related\nopportunities. Following the recent Lloyd's auctions, the Directors expect HCM\nto participate in underwriting capacity of £5.0 million at a cost of £1.0 \nmillion through arrangements made by Hampden Agencies Limited.\n\nSmith & Williamson is acting as the Nominated Adviser, Broker and Promoter to\nthe Company.\n\nOffer Price £1.00\nNumber of Shares issued pursuant to the Offer 7,410,374\nNumber of Ordinary Shares in issue 7,410,376\nEstimated net proceeds receivable by the Company from the Offer £6.9 million\nMarket capitalisation at the Offer price £7.4 million\n\n\nSir Michael Oliver, Chairman of Hampden Underwriting, said:\n\n'This is a good result for the Company, particularly in the light of recent\nmarket conditions. We are pleased with the outcome of the recent Lloyd's\nauctions and look forward to developing the Company's business.'\n\n\nEnquiries:\n\nHampden Underwriting Jeremy Evans 020 7863 6567\n\nSmith & Williamson Corporate Finance Azhic Basir...