ICG Enterprise Trust Plc Announces Share Buyback
ICG Enterprise Trust plc (the “Company”) has made an important announcement regarding its latest share buyback initiative. The Company has successfully repurchased 15,000 of its own shares, which will now be kept as treasury shares. This transaction took place on 23 August 2024, with an average purchase price of 1270 pence per share.
Details of the Share Buyback
This share repurchase is a key move in the Company’s strategy to boost shareholder value. After this transaction, the total number of shares held as treasury shares will rise to 7,578,133. Furthermore, the total shares outstanding, excluding treasury shares, will be 65,334,867.
Authority for Share Buyback
The share buyback was carried out under the authority granted by shareholders during the Company's Annual General Meeting in June 2024. At that meeting, shareholders approved a policy allowing the Company to repurchase up to 14.99% of its ordinary shares. The actual number of shares repurchased will be influenced by current market conditions. This authority will remain valid until the next shareholder meeting, anticipated in 2025, unless revoked sooner by the shareholders.
Conditions Surrounding the Buyback
While the Company has not set a maximum price for the shares to be repurchased, it has indicated that no shares will be bought back at a price exceeding the net asset value. The Company intends to keep any repurchased shares in treasury, thereby optimizing its capital structure.
Broker and Compliance
ICG Enterprise Trust Plc has appointed Numis Securities Limited, operating as Deutsche Numis, as its broker for executing these buyback transactions. This action complies with UKLA Listing Rules and aligns with the general authority granted for share repurchases.
Contact Information
For further inquiries, analysts and investors can contact:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
For media inquiries, please reach out to:
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 Plc?
The share buyback is intended to enhance shareholder value by decreasing the number of shares in circulation, which may lead to an increase in the value of the remaining shares.
How many shares did ICG Enterprise Trust Plc buy back?
ICG Enterprise Trust Plc repurchased 15,000 shares, which will be held as treasury shares.
What was the average price per share for the buyback?
The average price for the shares repurchased in the buyback was 1270 pence per share.
Who is handling the buyback transactions for the Company?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker responsible for the buyback transactions.
What is the current total of treasury shares held by the Company?
After the buyback, the total number of shares held in treasury will be 7,578,133.
