ICG Enterprise Trust's Recent Move to Boost Treasury Shares
ICG Enterprise Trust plc has made a notable decision recently in the financial market. On February 17, 2025, the Company executed a buyback of 15,000 shares, which are set to be held as treasury shares. This indicated a careful strategy to manage their share distribution and bolster their treasury holdings.
Details of the Share Buyback
This transaction was completed at an average price of 1306 pence per share. Following this buyback, a total of 8,700,808 shares will be held as treasury shares. Additionally, there are now 64,212,192 total shares in issue, excluding the treasury shares, indicating a robust structure in their overall share management.
Strategic Authorisation for Share Repurchase
The repurchase is conducted under the authority granted by shareholders at the past Annual General Meeting. This authorization allows ICG Enterprise Trust to repurchase up to 14.99% of its ordinary shares. The number of shares that will ultimately be repurchased hinges on the current market conditions, showcasing the Company’s flexible approach to financial management.
The Intent of Holding in Treasury
It's essential to note that while the Company has not set a maximum consideration for the shares being bought back, it cannot purchase shares at a premium above the net asset value. Their current intent is crystal clear: any shares purchased in this transaction will be retained in treasury.
Engagement with Brokers for Enhanced Transaction Efficiency
For the execution of the buyback, the Company has appointed Numis Securities Limited, trading as Deutsche Numis, as its broker. This alliance is consistent with the UKLA Listing Rules and aligns with the general authority granted by shareholders to repurchase shares.
Contact Information for Further Inquiries
For any inquiries or further information regarding this transaction, interested parties can reach out to the Company’s representatives:
Investor Relations
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Company Secretary
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Contacts
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What prompted ICG Enterprise Trust to buy back shares?
The Company aims to manage its share distribution effectively and strengthen its treasury holdings.
How many shares will ICG hold as treasury shares after this buyback?
After the buyback, ICG will hold 8,700,808 shares as treasury shares.
Who is responsible for executing the buyback transactions?
Numis Securities Limited, trading for these purposes as Deutsche Numis, has been appointed as the broker for this buyback.
Can ICG buy back shares at any price?
No, the Company cannot buy back shares at a premium over the net asset value.
Who can I contact for more information related to this transaction?
You can reach out to Chris Hunt or Andrew Lewis via their provided contact numbers for inquiries.