ICG Enterprise Trust Engages in Share Buyback to Strengthen Value

Overview of Recent Share Buyback Activities

ICG Enterprise Trust plc recently made headlines with its decision to buy back shares as part of an ongoing strategy to enhance shareholder value. On a notable day, the company executed a purchase of 15,000 of its own shares at an average price of 1,186 pence each, marking an important step in its financial management approach.

Details of the Share Buyback

This transaction adds to the existing treasury shares held by the company. After the purchase, the total number of shares held in treasury amounts to an impressive 7,851,133. At the same time, the total issued shares, excluding treasury shares, now stand at 65,061,867. This action reflects the company's ongoing commitment to managing its share capital effectively.

Shareholder Approval and Authority

The buyback takes place under the authority granted by shareholders during the Annual General Meeting held in June 2024. This authority allows ICG Enterprise Trust to repurchase up to 14.99% of its ordinary shares. It’s important to note that the decision regarding the number of shares bought back remains contingent on prevailing market conditions, demonstrating a proactive but cautious approach to share repurchases.

Strategic Reasons Behind the Buyback

While no maximum consideration has been set for the buyback, company policy prevents it from acquiring shares above their net asset value. This careful strategy indicates that the leadership is focused on ensuring that any repurchased shares truly reflect their value, rather than being influenced by market speculation.

Role of the Broker in the Repurchase Process

ICG Enterprise Trust has appointed Numis Securities Limited, operating as Deutsche Numis, to manage these buyback transactions. This decision complies with UKLA Listing Rules and affirms the company’s robust governance structure, ensuring transparent and accountable operations.

Communication with Analysts and Investors

For stakeholders seeking to gain insight into the company's operations and future plans, ICG Enterprise Trust maintains open lines of communication. Chris Hunt, overseeing shareholder relations, can be reached at +44 (0) 20 3545 2020. Andrew Lewis, the company secretary, is also available for investor inquiries at +44 (0) 20 3545 1344. Their commitment to clear communication reinforces the trust between ICG and its investors.

Engaging the Media

Catherine Armstrong leads corporate communications at ICG, ensuring that media inquiries are handled promptly. For media professionals interested in news about the company, she can be contacted at +44 (0) 20 3545 1850. This approach to engagement helps keep various stakeholders informed about the company's initiatives and successes.

Future Outlook for ICG Enterprise Trust

The ongoing share buyback strategy is part of a broader vision for ICG Enterprise Trust, aimed at bolstering its market performance and creating long-term value for its shareholders. As the company continues to assess market dynamics, its commitment to maintaining shareholder confidence remains a top priority.

Frequently Asked Questions

What is the reason behind ICG Enterprise Trust's share buyback?

The buyback aims to enhance shareholder value and support the company’s stock price by managing its share capital effectively.

How many shares did ICG Enterprise Trust repurchase?

ICG Enterprise Trust repurchased 15,000 of its own shares during the transaction.

What percentage of shares is ICG authorized to buy back?

The company is authorized to buy back up to 14.99% of its ordinary shares as per the shareholders’ approval.

Who manages the buyback transactions for ICG Enterprise Trust?

Numis Securities Limited, trading as Deutsche Numis, is responsible for overseeing the buyback transactions.

How can investors contact ICG for inquiries?

Investors can reach out to Chris Hunt or Andrew Lewis through their provided contact numbers for inquiries related to shareholder relations.

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