Helios Underwriting Plc, at a price of £1.60 per new ordinary share, has successfully raised gross proceeds worth around £53.5 million.
Of the abovementioned amount, £9.7 million came via a placing with existing and new investors while the £43.8 million was raised through a subscription for new ordinary shares.
An investment vehicle that acquires and consolidates underwriting capacity at Lloyd’s of London, Helios also plans to raise up to a further approximately £3 million by way of a conditional open offer to qualifying shareholders.
“This is a period of unprecedented opportunity for Helios, with a hardening market coupled with the opportunities we see to make further LLV (limited liability vehicle) acquisitions which would be value enhancing for our shareholders,” said chief executive Nigel Hanbury.
“Helios is uniquely positioned to capitalise on these opportunities. We are delighted with the results of the fundraise and thank our existing shareholders for their support and welcome our new investors.”
