ICG Enterprise Trust Executes Share Buyback to Enhance Value
ICG Enterprise Trust Announces Recent Share Buyback
ICG Enterprise Trust plc (the “Company”) has reported a notable transaction in its own shares. On a recent date, the Company took the decisive step of repurchasing 15,000 of its shares, and these will be held as treasury shares moving forward. The average price paid for these shares was 1448 pence each, an indicator of the Company’s proactive measures to manage its capital effectively.
Details of the Share Buyback Activity
In light of this transaction, several key details have emerged. Following the completion of this purchase, the Company now holds a total of 679,722 shares as treasury shares. Moreover, the total number of shares currently in circulation, excluding treasury shares, stands at 62,874,470. This strategic move is aimed at enhancing shareholder value and maintaining the balance of shares on the market.
Authority and Conditions of the Buyback
The Company undertook this buyback under the authority granted by its shareholders during its Annual General Meeting. The shareholders approved a maximum repurchase of 14.99% of the ordinary shares, providing the Company with a flexible approach towards share buybacks depending on market conditions. This existing authority will remain effective until the next shareholders' meeting, where further decisions regarding buybacks may be clarified.
Guidelines on Share Pricing
While the Company has not set a maximum consideration payable for the repurchase of shares, it is important to note that any price paid cannot exceed the net asset value. The current strategy is to retain any shares bought back as treasury shares, which aligns with the Company’s aim to optimize capital management and potentially support share price stability.
Brokerage Involvement
The Company has engaged Numis Securities Limited as its broker for these share transactions. Such arrangements are typical within the framework of the UKLA Listing Rules and ensure transparency and adherence to regulatory standards during the buyback process. This partnership reflects ICG's commitment to maintaining robust relationships within the financial sector to enhance its strategic operations.
Investor and Media Communications
For investors and analysts who seek further information regarding the Company’s activities, the following contacts are available for inquiries:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the recent action taken by ICG Enterprise Trust?
The Company has repurchased 15,000 of its own shares to be held as treasury shares, reflecting its proactive approach to manage shareholder value.
What is the average price per share in this transaction?
The average price at which the shares were bought back is 1448 pence each.
How many shares does ICG hold as treasury shares now?
Following this transaction, ICG now holds a total of 679,722 shares as treasury shares.
What percentage of shares can ICG buy back based on current authority?
ICG is authorized to repurchase up to 14.99% of its ordinary shares as per shareholder approval.
Who is responsible for facilitating the buyback transactions?
Numis Securities Limited has been appointed as the broker for these buyback transactions, in accordance with regulatory requirements.
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