Helios reaches for new capital for underwriting and M&A

Helios Underwriting, a market-listed consolidator of  Lloyd’s capacity, raised £12.5 million in gross proceeds from subscription in a fresh plan to find £13.5 million in new capital.

Helios sold 8,043,927 new ordinary shares at £1.56 per share, fractionally off the £1.56 last trade.

The deal comes part and parcel with the announcement that Helios hopes to raise approximately £13.5 million from subscription plus an open offer.

"The Company expects to use the net proceeds of the Fundraise to assist in the funding of the necessary underwriting capital for the 2023 underwriting year and for acquiring new LLVs," management said in a market filing.

Helios "has a flexible business plan enabling it to optimise the deployment of the net proceeds best to suit prevailing market conditions."

Management insiders took 157,092 of the shares, including 140,130 shares in the subscription and 16,962 shares in the open tranche.

Lead shareholder and co-founder Tom Libassi did not participate and will see his stake diluted to 17.21%. Nigel Hanbury took a smallish 12,564 shares and will see his stake diluted to 12.27%. Michael Cunningham and Martin Reith are both increasing their fractional stakes.

Shareholders will be asked to approve the move at an EGM slated for December 13.

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