12th Aug 2019 13:47
(Alliance News) - Helios Underwriting PLC said Monday it will start a limited level of share repurchase activity, noting its recent share price weakness and liquidity.
This was despite stating in a June circular that the company had no intention of using its share repurchase authority, which was approved at the company's shareholder meeting on July 16.
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.
Shares in Helios were down 3.4% at 113.50 pence on Monday.
Helios noted that its current share price is below is price of 128p at which its shares were issued as part of a placing and open offer announced in mid-June.
In line with the authority granted by its shareholders, Helios may now repurchase shares, as long as the maximum price is an amount equal to more than double of the average mid-market value of a share for the five business days before the day the purchase is made.
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