Overview of the Share Buyback Transaction
ICG Enterprise Trust plc (the “Company”) has made an important announcement regarding its recent actions in the stock market. On December 18, it successfully bought back 2,500 of its own shares at an average price of 1296 pence per share. This strategic move reflects an ongoing commitment to managing capital judiciously, reinforcing the trust in shareholders' investment.
Details of the Transaction
Following this repurchase, the number of shares held as treasury shares will total 8,517,808. The total shares in circulation, excluding these treasury shares, will be 64,395,192. The share buyback aligns with the authority granted by shareholders at the Annual General Meeting held in June in the previous year. This authority permits the company to repurchase up to 14.99% of its ordinary shares, providing flexibility depending on market conditions.
The Authority and Market Conditions
The authority to repurchase shares will remain effective until the next Annual General Meeting, expected in 2025, unless revoked earlier by shareholders. The decision to engage in buyback activities echoes ICG’s strategy to enhance shareholder value, especially during favorable market conditions. Each repurchase will adhere to ensuring that prices do not exceed the net asset value, maintaining financial prudence.
Intentions Regarding the Bought Back Shares
The Company intends to hold the shares bought back in treasury, thus impacting its share structure significantly. This action illustrates a thoughtful approach towards capital management, prioritizing shareholder interests by keeping the purchased shares instead of outright cancellation.
Brokerage and Compliance
ICG Enterprise Trust plc has partnered with Numis Securities Limited, trading as Deutsche Numis, to facilitate its buyback transactions. This collaboration is tailored to comply with the UKLA Listing Rules, reiterating ICG's commitment to best practices in corporate governance and transparency.
Contact Information for Investor Relations
For any queries related to the transaction, investors are encouraged to reach out to the designated contacts within the company:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What prompted ICG Enterprise Trust plc to buy back shares?
The company aims to manage its capital efficiently and enhance shareholder value through strategic buyback initiatives.
How many shares has ICG bought back recently?
ICG bought back 2,500 shares, contributing to a total of 8,517,808 shares held in treasury.
At what price were the shares repurchased?
The shares were repurchased at an average price of 1296 pence per share.
Who is managing ICG’s share buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, is the appointed broker to manage these transactions.
What will happen to the shares bought back by ICG?
ICG intends to hold all bought-back shares in treasury, impacting its share structure strategically.
