ICG Enterprise Trust plc Announces Own Share Buyback Plan
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Understanding ICG Enterprise Trust's Share Buyback Decision
ICG Enterprise Trust plc has recently made notable waves in the investment community with its announcement regarding the buyback of its own shares. This strategic decision comes on the heels of their commitment to enhancing shareholder value. On a significant date, the Company executed a buyback of 10,000 shares, all to be held as treasury shares.
Details of the Share Buyback
The average price paid for these shares was 1180 pence each, reflecting the Company’s strategic approach to managing its equity. In total, the number of treasury shares held by the Company now amounts to 7,796,133. Following the settlement of this recent purchase, the total number of shares in issue, excluding treasury shares, is now 65,116,867.
Authority for Buyback
This buyback operates under the authority granted by shareholders during its Annual General Meeting held in mid-2024. The shareholders had granted the Company permission to repurchase a maximum of 14.99% of its ordinary shares. The actual number of shares repurchased will fluctuate depending on market conditions, underscoring the Company’s keen awareness of the financial landscape.
Conditions and Future Plans
While the Company has not set a maximum consideration amount for the buyback, it remains unwavering in its intention not to purchase shares at a premium to their net asset value. The rationale behind this strategy is to hold any repurchased shares in treasury, a move designed to further strengthen its capital structure and present a solid framework for potential future transactions.
Broker Involvement and Compliance
In order to facilitate this buyback, ICG Enterprise Trust has engaged with Numis Securities Limited, functioning under the trading name Deutsche Numis, as its broker. This engagement aligns with the UKLA Listing Rules, ensuring that the buyback transactions are conducted in full compliance with regulatory standards.
Engaging with Stakeholders
The Company understands the importance of transparency and effective communication with its stakeholders, including investors and analysts. For any inquiries regarding this buyback initiative, stakeholders are encouraged to reach out to:
Contact Information
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Contact:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust?
The share buyback aims to enhance shareholder value and improve the overall capital structure of the Company.
How many shares were repurchased in the recent buyback?
ICG Enterprise Trust repurchased 10,000 of its own shares as part of the buyback plan.
What is the average price per share for the buyback?
The average price paid for the repurchased shares was 1180 pence each.
Who is the broker managing the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, is managing the buyback transactions for ICG Enterprise Trust.
What does it mean to hold shares in treasury?
Holding shares in treasury means the shares are not considered when calculating the Company's earnings per share or dividends. This approach provides flexibility for future corporate actions.
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