Financials Acquisition Corp - Cayman Islands-based special purpose acquisition company focused on insurance technology - To merge with London Innovation Underwriters Ltd, a vehicle formed to establish a business combination to deploy funds in the Lloyd's of London insurance market. FAC will become a subsidiary of LIU once deal is done. In addition, LIU is proposing to raise up to GBP300 million in a placing of new shares.

LIU to pay dividends at "appropriate time in its development". Base dividend policy is to be 30% of net income, paid with an interim dividend and final dividend. "Given the limited time and operations between Admission and the year-end it is not expected that a final dividend will be paid from the 2023 financial year in 2024, however an interim payment for 2024 is expected to be paid in the fourth quarter," LIU says.

Current stock price: 995.00 pence

12-month change: down 1.0%

By Eric Cunha, Alliance News news editor

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