ICG Enterprise Trust Engages in Strategic Share Buyback Program
ICG Enterprise Trust plc Announces Recent Share Buyback
ICG Enterprise Trust plc, a company committed to enhancing shareholder value, recently declared the buyback of 15,000 of its own shares. These shares will be held as treasury shares, purchased at an average price of 1300 pence per share. This strategic move reflects the company's commitment to optimizing capital management and supporting its stock performance.
Details of the Share Buyback
Following this recent transaction, the total number of shares held as treasury shares will now amount to 8,515,308. Notably, the total shares in circulation, excluding treasury shares, will stand at 64,397,692. This buyback strategy is executed under the authority granted by shareholders, which allows the company to repurchase up to 14.99% of its ordinary shares.
Authority and Future Steps
The authority for this share repurchase was approved at the Annual General Meeting held in June 2024. This share repurchase authorization is expected to last until the next Annual General Meeting slated for 2025, unless it is revoked earlier by shareholders. The number of shares actually bought back will depend on current market conditions.
Financial Management Considerations
ICG Enterprise Trust has not set a maximum consideration for this buyback but aims to avoid paying a premium above the company's net asset value. The intent behind this buyback is to hold the repurchased shares in treasury, allowing for greater flexibility in capital management and potential future issuance to shareholders.
Brokering the Transaction
To facilitate this share buyback program, ICG has appointed Numis Securities Limited, known for trading as Deutsche Numis, as its broker. This engagement aligns with the UKLA Listing Rules, ensuring compliance and transparency in all buyback transactions undertaken by the company.
Engagement with Investors and Analysts
ICG is proactive in maintaining communication with its shareholders, stakeholders, and the financial community concerning its operations and strategies. Please feel free to reach out to the following contacts for any inquiries:
Investor Relations
Chris Hunt, Shareholder Relations, ICG
Phone: +44 (0) 20 3545 2020
Company Secretary
Andrew Lewis, Company Secretary, ICG
Phone: +44 (0) 20 3545 1344
Media Inquiries
Catherine Armstrong, Corporate Communications, ICG
Phone: +44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust?
The primary purpose is to enhance shareholder value and optimize the company's capital management strategy.
How many shares are held as treasury shares after the buyback?
After the buyback, the total number of treasury shares will be 8,515,308.
What authority allows ICG to conduct this buyback?
The share repurchase is authorized by shareholders, allowing the company to buy back up to 14.99% of its ordinary shares.
Who is managing the share-buyback transactions?
Numis Securities Limited, operating as Deutsche Numis, is the appointed broker managing these transactions.
How does ICG ensure compliance during the buyback process?
All transactions are conducted in line with UKLA Listing Rules, ensuring transparency and adherence to regulatory requirements.
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