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Helios Underwriting raises capital through share placing, open offer

Helios Underwriting Plc placed through an acceleratedbookbuilding 3.5 million new ordinary shares with investors at a price of 150pence per share, raising gross proceeds of approximately £5.3 million.

Settlement and admission of theplacing shares to trading on the London Stock Exchange's AIM is expected tooccur on Oct. 6 at 8 a.m. London time. The placing shares will represent about33% of Helios' existing ordinary shares and about 24.8% of its enlarged issuedshare capital, which will comprise 14,121,297 ordinary shares.

Helios directors subscribed for anaggregate of 433,333 placing shares, while substantial shareholder Will Roseffsubscribed for 840,000 placing shares.

Helios also intends to raise up toa further £3.2 million through a conditional open offer to existingshareholders on the basis of 1 new ordinary share for every 5 ordinary sharesheld. The company's directors and Roseff have undertaken not to take up theiropen offer entitlements.

The open offer will be conditionalupon shareholder approval of the resolutions to grant the necessary allotmentauthority at the company's general meeting, which is expected to be convened onor about Oct. 27. Shares from the recent placing will not qualify for anentitlement under the open offer.

Results of the open offer areexpected to be announced Oct. 27, and the open offer shares are expected to beadmitted to the AIM the following day at 8 a.m. London time. Upon completion ofboth the placing and the open offer, the new ordinary shares will represent amaximum of about 34.6% of Helios' enlarged share capital.

Helios intends to use proceedsfrom the two transactions to provide additional funding to continue to expandits portfolio of capacity that participates on syndicates.

Stockdale Securities Ltd. acted asbook runner in relation to the placing.