16th Jul 2019 14:59
(Alliance News) - Helios Underwriting PLC on Tuesday said the open offer closed for applications on Monday, raising GBP1.0 million.
Helios is a specialist insurer which buys and sells Lloyd's of London insurance syndicates, a group of companies, or underwriters, who join together to insure very high-valued property or high-hazard liability exposures.
In mid-June, the AIM-listed company had hoped to raise GBP3.1 million to buy an insurance syndicate from its chief executive.
At the time, Helios said it conditionally raised about GBP1.2 million by placing 895,313 new shares at a price of 128.00 pence per share.
Shares in Helios were untraded on Tuesday afternoon, last closing at 129.00p each in London.
On Tuesday, the company said it has received valid acceptances for 800,584 open offer shares, which represent 54% of shares under offer.
Following the admission, Helios will have 18.1 million shares overall.
The open offer and the placing have raised in aggregate GBP2.2 million for the company, which will be used to strengthen its balance sheet and provide readily available funds to acquire further limited liability vehicles that participate in syndicates at Lloyd's when attractive opportunities arise.
Related Shares:
Helios Underw