ICG Enterprise Trust Share Buyback Announcement
ICG Enterprise Trust plc (the “Company”) has taken a significant step recently by announcing its decision to repurchase shares. Around 5,000 of its own shares were bought back, with an average price tagged at 1258 pence per share. This strategic move aims to bolster the Company’s treasury shares.
Details of the Share Repurchase
The share buyback occurred on the 13th of a month, reflecting the Company's commitment to enhancing shareholder value. Here are some important details regarding this transaction:
Shareholding Structure Post-Repurchase
Following the buyback transaction, ICG Enterprise Trust will hold a total of 8,582,808 shares as treasury shares. The total outstanding shares in circulation, excluding these treasury shares, will stand at 64,330,192.
Background of the Buyback Authority
This repurchase is carried out under the authority granted by shareholders during the Annual General Meeting (AGM) held in June of a prior year. As per this authority, the Company is permitted to buy back up to 14.99% of its ordinary shares. However, the actual number of shares that may be acquired will rely heavily on overall market conditions.
Duration of the Buyback Authority
The authority for this share buyback program will remain in effect until the next AGM, which is anticipated to take place in the following year, or until it is revoked by shareholders.
Financial Considerations
While there is no predetermined maximum consideration payable for the buybacks, it is crucial to note that the Company cannot purchase shares at a price exceeding the net asset value. The intention is to retain any shares repurchased within the treasury in order to enhance flexibility in future corporate maneuvers.
Brokerage and Compliance
ICG Enterprise Trust has appointed Numis Securities Limited, operating as Deutsche Numis, to facilitate its buyback transactions. This arrangement is carried out in line with the UK Listing Authority (UKLA) Listing Rules and aligns with the Company’s broader authority to repurchase shares.
Contact Information for Inquiries
Should you have any inquiries regarding this share repurchase or the Company, feel free to reach out to the following representatives:
Investor Relations Contacts
Chris Hunt
Shareholder Relations, ICG
Phone: +44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
Phone: +44 (0) 20 3545 1344
Media Inquiries
Catherine Armstrong
Corporate Communications, ICG
Phone: +44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust?
The primary goal of the share buyback is to enhance shareholder value by reducing the number of shares available in the market.
How many shares is ICG Enterprise Trust planning to repurchase?
ICG has recently bought back 5,000 shares and may expand this under the granted authority.
Who is managing the share buyback program?
Numis Securities Limited, operating as Deutsche Numis, has been appointed as the broker for managing these transactions.
Will the repurchased shares be kept in treasury?
Yes, ICG intends to hold all repurchased shares as treasury shares.
What authority allows ICG to buy back its own shares?
The share buyback is authorized by shareholders during the Company’s AGM, enabling it to repurchase up to 14.99% of its ordinary shares.
