ICG Enterprise Trust Announces Strategic Share Buyback
ICG Enterprise Trust plc Announces Successful Buyback
ICG Enterprise Trust plc, known for its strategic investment management, made headlines recently with its significant share buyback initiative. On October 1, the company repurchased a notable 15,000 of its own shares at an average price of 1201 pence per share. This move is aimed at bolstering the company’s treasury shares, elevating its position in the market.
Details of the Transaction
Following the completion of this transaction, ICG Enterprise Trust now holds a total of 7,821,133 shares as treasury stock. In terms of overall equity, the gross total of shares in circulation, after excluding treasury shares, now stands at 65,091,867. These numbers highlight the company’s intent to strengthen its shareholder value through effective capital management.
Shareholder Authority and Strategic Planning
The recent buyback aligns with the authority granted to the Company during its Annual General Meeting in June, which allows repurchasing up to 14.99% of its ordinary shares. While the repurchase was executed, the final volume of shares bought back hinges on market dynamics, signaling a carefully calculated approach by the Company's management.
Future Considerations
It is noteworthy that there is no set upper limit on the price the Company might pay during this buyback endeavor, provided that it does not exceed the net asset value at any point. Following their buyback, the current strategy is to retain these shares within treasury, preserving flexibility for future capital allocations. This decision underscores ICG's commitment to maintaining sustainable financial practices while also enhancing shareholder confidence.
Brokerage Partnerships
To facilitate its buyback transactions, ICG Enterprise Trust has engaged Numis Securities Limited, which operates under the trading name Deutsche Numis, as its dedicated broker. This collaboration ensures that all operations adhere to the stringent UK Listing Authority (UKLA) regulations, showcasing ICG’s commitment to compliance and transparency.
Contact Information
For any inquiries, shareholders and investors can connect directly with ICG's shareholder relations:
Investor Relations Contacts
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Relations
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust?
The share buyback aims to enhance shareholder value and manage capital effectively.
How many shares did ICG Enterprise Trust repurchase?
ICG Enterprise Trust repurchased 15,000 of its own shares on October 1.
What is the average price per share for the buyback?
The average price for the shares repurchased was 1201 pence.
What is the total number of treasury shares held by ICG after the buyback?
After the buyback, ICG now holds a total of 7,821,133 treasury shares.
Who can shareholders contact for more information?
Shareholders can reach out to Chris Hunt or Andrew Lewis for investor relations queries, or Catherine Armstrong for media inquiries.
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