3rd Aug 2015 08:43
LONDON (Alliance News) - Helios Underwriting PLC on Monday confirmed it will issue about 1.5 million shares to Will Roseff, a director of online gambling company Bet365 Group Ltd, who will become the company's largest shareholder as a result.
In a statement, Helios Underwriting said it is issuing the shares to Roseff to acquire two limited liability members of the Lloyd's of London insurance market. Helios and Roseff agreed a deal in principle over Nameco (No 76) Ltd and Kempton Underwriting Ltd on July 15.
Roseff, who already owns 12.9% of Helios, will come to own 25.0% of the company if the acquisitions complete.
Helios is paying GBP2.4 million for the vehicles, valuing the shares it is issuing at 162.5 pence each, in a bid to increase its underwriting capacity. Helios shares last traded at 187.00 pence on Friday last week.
"We are delighted to have agreed further LLV acquisitions which will further increase our underwriting capacity and, in this instance, to have been able to use our shares as consideration. This is in line with our stated strategy of acquiring corporate members as suitable opportunities arise. We continue to believe that there remain significant opportunities for further growth available to the company," Chief Executive Nigel Hanbury said in a statement.
The vehicles have a combined underwriting capacity of GBP2.0 million for 2015. Helios' own underwriting capacity prior to the acquisitions totalled GBP24.7 million for 2015.
The acquisitions are subject to change of control consent from Lloyd's.
By Samuel Agini; [email protected]; @samuelagini
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