ICG Enterprise Trust plc Share Buyback Announcement
ICG Enterprise Trust plc (the “Company”)
The Company has announced a recent development regarding its share buyback initiative. On a significant date, it repurchased 15,000 of its own shares aimed to be held as treasury shares, with each share valued at an average price of 1450 pence.
Details of the Transaction
Following the completion of this repurchase, the total number of shares held as treasury shares will increase to 555,721. This buyback affects the total shares in issue, which, after the transaction, will stand at 62,998,471 excluding treasury shares.
The Authority Behind the Buyback
This action is executed under the authority granted by the shareholders during the recent Annual General Meeting. The resolution allows the Company to repurchase a maximum of 14.99% of its ordinary shares. However, the volume of shares that will be acquired ultimately hinges on prevailing market conditions. This authority is valid until the next shareholder meeting, which is anticipated to occur in the following year.
Buyback Considerations
While the Company has not established a maximum consideration for its share buybacks, it remains committed to avoiding any transactions that necessitate a purchase price exceeding the net asset value. The intention here is clear: the shares acquired will be retained in treasury.
Brokerage and Compliance
In facilitating this buyback initiative, the Company has enlisted Numis Securities Limited, operating under the name Deutsche Numis, as its broker. This arrangement aligns with the UK Listing Authority’s rules as well as the general shareholder authority granted for share repurchases.
Investor Relations Contact Information
For any inquiries regarding these transactions, interested parties can reach out to the following individuals:
Chris Hunt
Shareholder Relations, ICG
Phone: +44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
Phone: +44 (0) 20 3545 1344
Media Inquiries:
Clare Glynn
Corporate Communications, ICG
Phone: +44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of the share buyback?
The share buyback aims to support the pricing of the Company's shares and to manage its capital structure effectively.
How many shares has ICG Enterprise Trust plc repurchased?
ICG Enterprise Trust plc has repurchased 15,000 shares during this transaction.
What will happen to the repurchased shares?
The repurchased shares will be held as treasury shares by the Company.
Who is managing the buyback transaction?
Numis Securities Limited, trading as Deutsche Numis, will act as the broker for this buyback process.
Is there a limit on the number of shares that can be bought back?
Yes, the Company can repurchase up to a maximum of 14.99% of its ordinary shares based on the authority from shareholders.
