ICG Enterprise Trust Enhances Share Buyback Strategy
ICG Enterprise Trust Share Buyback Announcement
ICG Enterprise Trust plc (the “Company”)
The Company recently completed a noteworthy transaction, buying back 15,000 of its own shares on 4 December, at an average price of 1308 pence each. This strategic move aims to bolster the Company’s treasury stock, bringing the total held as treasury shares to 8,490,308.
Details of the Buyback Transaction
As of the settlement of this purchase, the total number of shares in issue, excluding treasury shares, stands at 64,422,692. This decision aligns with the authority granted by the shareholders at the last Annual General Meeting, where the Company was permitted to repurchase up to 14.99% of its ordinary shares. The continuation of this buyback depends on market conditions, reflecting the Company’s proactive approach to flexibility in financial management.
Regulatory Compliance and Strategy
The buyback is carried out under strict adherence to UKLA Listing Rules and the Company’s general authority to repurchase shares. While there’s no determined maximum consideration for the share price, the Company ensures that the buyback does not exceed the net asset value of the shares. The focus remains on holding the bought-back shares in treasury, aiding financial structure and shareholder value enhancement.
About the Broker Arrangement
To facilitate the buyback process, ICG has engaged Numis Securities Limited, operating under the trading name Deutsche Numis, as its broker. This partnership is crucial for executing transactions efficiently while upholding compliance and integrity standards in the UK market.
Engagement with Shareholders and Investors
In these dynamic financial environments, maintaining open communication lines with analysts and investors is essential. With continuous updates on shareholder strategy and buyback progress, ICG aims to foster trust and encourage investor engagement. Key contacts for inquiries include:
Investor Relations Contacts
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Relations
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Conclusion
Overall, the recent share buyback by ICG Enterprise Trust plc marks a significant milestone in the Company’s strategy towards increased shareholder value and market confidence. This proactive initiative reflects the Company’s commitment to its investors and positions it strongly within the market. As the Company gears up for ongoing engagement, it remains focused on optimizing its treasury shares, ensuring strategic alignment with its long-term goals.
Frequently Asked Questions
What led to the share buyback by ICG Enterprise Trust?
The buyback was executed under authority provided at the Annual General Meeting to enhance shareholder value and manage the Company’s capital structure.
How many shares does ICG Enterprise Trust hold in treasury after this transaction?
Following the buyback, ICG Enterprise Trust holds a total of 8,490,308 shares as treasury stock.
What was the average price per share for the buyback?
The average price paid for the shares during the buyback was 1308 pence each.
Who is responsible for facilitating the share buyback?
Numis Securities Limited has been appointed as the broker to handle the buyback transactions in line with regulatory compliance.
How can investors get more information on this buyback?
Investors can contact Chris Hunt or Andrew Lewis through the provided contact numbers for further information and details on the buyback strategy.
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