ICG Enterprise Trust's Share Buyback Announcement
ICG Enterprise Trust plc (the “Company”)
The Company recently made a notable move on June 19 by purchasing 15,000 of its own shares, which are now classified as treasury shares, with an average price of 1380 pence for each share. This decision showcases the Company's proactive approach in managing its capital and highlights its commitment to enhancing shareholder value.
Details of the Current Purchase
Following the settlement of this buyback, the Company's treasury shares now total 380,721. Additionally, the total shares issued, excluding treasury shares, stand at 63,173,471. Such strategic actions are made possible under the authority granted during the Company’s recent Annual General Meeting. This empowerment allows the Company to repurchase a maximum of 14.99% of its ordinary shares.
Understanding the Rationale Behind the Buyback
The decision to buy back shares is not taken lightly, with the actual number of shares repurchased being contingent on market conditions. Importantly, the Company aims to utilize this authority until the next shareholder approval anticipated in 2025, or until revoked by the shareholders explicitly. There is no designated maximum consideration for this buyback, but the Company ensures that no shares are repurchased at a premium to the net asset value, reflecting its cautious and strategic planning.
Brokerage Partnership and Compliance
To facilitate these transactions, ICG Enterprise Trust has appointed Numis Securities Limited, operating as Deutsche Numis, as its broker. This partnership aligns with UKLA Listing Rules as well as the Company’s overarching mandate to repurchase shares. This compliance-driven approach reinforces the Company’s commitment to transparency and adherence to regulatory standards.
Contact Information for Inquiries
For further inquiries, stakeholders can reach out to:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of ICG Enterprise Trust's share buyback?
The share buyback aims to enhance shareholder value by purchasing shares at strategic price points while managing the overall capital effectively.
How many shares has ICG Enterprise Trust purchased in total?
The Company has bought back 15,000 shares, leading to a total of 380,721 held as treasury shares.
What is the maximum percentage of shares that can be repurchased?
The Company is authorized to repurchase up to 14.99% of its ordinary shares as determined at the Annual General Meeting.
Who is responsible for executing the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker to manage these buyback transactions.
What will happen to the repurchased shares?
It is the Company’s intention to hold all shares bought back in treasury for future strategic use.
