ICG Enterprise Trust Takes Strategic Step with Share Buyback
ICG Enterprise Trust plc continues to demonstrate its commitment to enhancing shareholder value through a recent repurchase of its own shares. On 14 October, the Company executed a buyback of 10,000 shares, which will now be held as treasury shares at an average price of 1185 pence per share.
Details of the Share Buyback Transaction
The Company has confirmed that after the settlement of this transaction, the total number of treasury shares currently held will amount to 7,871,133. Furthermore, the total number of shares outstanding, excluding treasury shares, stands at 65,041,867. This strategic move not only reflects the Company’s robust financial health but also its proactive approach to capital management.
Authority Granted by Shareholders
This buyback initiative has been conducted under the authority granted during the Company’s Annual General Meeting held in June. During this meeting, shareholders approved a maximum buyback limit of 14.99% of the Company’s ordinary shares. It is important to note that the actual number of shares repurchased will hinge upon market dynamics and conditions.
Future Provisions for Share Repurchase
The authority provided by shareholders for this repurchase will remain valid until the next Annual General Meeting scheduled for 2025 or until it is expressly revoked. This shows ICG's forward-thinking management philosophy, looking to optimize its shareholding structure in the best interests of its investors.
Financial Guidelines for the Buyback
As part of its prudent financial strategy, the Company made it clear that there is no pre-determined maximum price for shares bought back, except that no share will be purchased at a price exceeding the net asset value. The intention is to retain any shares acquired through this buyback in treasury, contributing to the Company’s long-term growth strategy.
The Role of Numis Securities Limited
To facilitate this buyback process, ICG Enterprise Trust has engaged Numis Securities Limited, which operates under the name Deutsche Numis, as their broker. This appointment adheres to the UKLA Listing Rules and aligns with the Company’s overarching authority to repurchase shares, ensuring transparency and compliance throughout the transaction.
Communications for Investor Relations
For any inquiries regarding this share buyback transaction, the Company invites stakeholders to reach out to its dedicated investor relations team:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries
For media-related questions or information, please contact:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
Why did ICG Enterprise Trust initiate a share buyback?
The share buyback is aimed at enhancing shareholder value and optimizing the capital structure of the Company.
How many shares were repurchased?
ICG Enterprise Trust repurchased 10,000 of its own shares during this buyback initiative.
What is the current number of treasury shares held?
Following this transaction, the total number of treasury shares held by the Company will be 7,871,133.
What is the pricing strategy for these buybacks?
The Company has stated that shares will not be purchased at a premium above the net asset value.
Who can investors contact for more information?
Investors can contact Chris Hunt or Andrew Lewis for inquiries related to the buyback and investor relations.
