ICG Enterprise Trust plc's Recent Share Buyback
ICG Enterprise Trust plc has made a strategic move by buying back its own shares. On a recent trading day, the company successfully repurchased 50,000 shares and plans to keep these as treasury shares. This decision underscores the company's commitment to maintaining shareholder value and confidence in its ongoing business strategy.
Details of the Transaction
This buyback, executed at an average price of 1316 pence per share, is part of the company's broader initiative to manage its equity structure effectively. Following this purchase, ICG Enterprise Trust now holds a total of 8,325,308 shares as treasury shares. The total number of shares in issue, excluding these treasury shares, has been adjusted to 64,587,692.
The Buyback Authority
The authority for this buyback stems from shareholder approval granted during the Annual General Meeting. In June of the previous year, shareholders approved the repurchase of up to 14.99% of the company’s ordinary shares, allowing the company to act flexibly in response to market conditions. This authority will remain valid until the next AGM or until it is revoked by shareholders.
Market Conditions and Buyback Limitations
While the company is committed to repurchasing its shares, it has clarified that no maximum price has been determined for this continued buyback. However, the company must ensure that the repurchase does not exceed the net asset value, reflecting a responsible approach to asset management. Currently, the plan is to retain these repurchased shares as treasury stock, reinforcing the company's financial foundation.
The Role of Numis Securities Limited
To effectively manage these buyback transactions, ICG Enterprise Trust has engaged Numis Securities Limited, trading as Deutsche Numis, to act as its broker. This relationship is aligned with the UKLA Listing Rules, ensuring transparency and compliance in these operations.
Contact Information for Investor Relations
For analysts or investors seeking more information about this buyback initiative, they can reach out to:
Chris Hunt
Shareholder Relations
ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary
ICG
+44 (0) 20 3545 1344
Media Inquiries
Media representatives are encouraged to contact:
Catherine Armstrong
Corporate Communications
ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What prompted ICG Enterprise Trust to buy back its shares?
The buyback is part of the company's strategy to enhance shareholder value and respond to market dynamics.
How many shares does ICG Enterprise Trust currently hold in treasury?
The company now holds a total of 8,325,308 shares as treasury shares after this recent buyback.
Can you explain the authority granted by shareholders for the buyback?
Shareholders permitted the company to repurchase up to 14.99% of its ordinary shares during the Annual General Meeting.
What is the average price of the shares bought back?
The average price for the shares repurchased was 1316 pence per share.
Who is the broker assisting with the buyback?
Numis Securities Limited, trading as Deutsche Numis, is the designated broker handling these transactions on behalf of ICG Enterprise Trust.
