ICG Enterprise Trust Engages in Strategic Share Buyback
ICG Enterprise Trust plc has recently made a noteworthy move by executing a buyback of its own shares. On December 3, 2024, the company acquired 150,000 shares at an average price of 1326 pence each, planning to hold them as treasury shares. This decision aligns with the company's ongoing commitment to enhancing shareholder value.
Details of the Buyback Transaction
The repurchase was facilitated under the shareholder authority granted during the Annual General Meeting held in June 2024. This authorization allows the company to buy back up to 14.99% of its ordinary shares. The current number of shares held as treasury shares after this transaction amounts to 8,475,308 shares. Furthermore, the total number of shares in issue, excluding treasury shares, totals 64,437,692.
Conditions of the Share Buyback
It’s important to note that while the company does not have a set maximum price for the buyback, it is restricted from purchasing shares at a price that exceeds the net asset value, thus ensuring a fair buyback process reflective of market conditions. The plan is to retain the repurchased shares in treasury, as stated by the company, allowing them more flexibility in managing their capital and resources.
Broker and Trading Arrangements
For these buyback transactions, ICG has appointed Numis Securities Limited, trading as Deutsche Numis, to act as their broker. This arrangement is compliant with the UKLA Listing Rules and reinforces the company's commitment to following proper governance practices during such transactions.
Engagement with Analysts and Investors
ICG Enterprise Trust recognizes the importance of transparency in its operations, particularly regarding significant transactions such as this buyback. The company encourages dialogue with investors and analysts to keep them informed about its financial strategies and decisions. For inquiries, Chris Hunt, part of the Shareholder Relations team, is available at +44 (0) 20 3545 2020, while Andrew Lewis, the Company Secretary, can also be reached at +44 (0) 20 3545 1344.
Media Contacts
Catherine Armstrong, who handles Corporate Communications for ICG, is also available for media inquiries at +44 (0) 20 3545 1850. The company's proactive approach in maintaining open lines of communication with the media and investors reflects its dedication to maintaining a positive reputation and keeping its stakeholders informed.
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust?
The share buyback aims to enhance shareholder value and provide flexibility in management by holding shares in treasury.
How many shares were bought back during this transaction?
ICG Enterprise Trust bought back 150,000 of its own shares in this transaction.
What is the average price paid for the shares?
The average price paid for the shares was 1326 pence per share.
Who is managing the buyback transactions for ICG?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for these transactions.
How many total shares are now held as treasury shares?
Following the buyback, ICG Enterprise Trust holds a total of 8,475,308 shares as treasury shares.
