Overview of Recent Share Buyback by ICG Enterprise Trust
ICG Enterprise Trust plc (the “Company”)
In a significant move, ICG Enterprise Trust plc announced the buyback of 100,000 shares on November 18, 2024. This buyback is part of a strategy to hold these shares as treasury shares, purchased at an average price of 1250 pence each.
Details of the Shares Buyback Initiative
Following the completion of this transaction, ICG Enterprise Trust plc now holds a total of 8,185,308 shares as treasury shares. The total number of shares in circulation, excluding these treasury shares, stands at 64,727,692. This buyback decision reflects the company’s strategic approach to managing its share capital effectively.
Authority and Intent Behind the Buyback
The buyback of shares was conducted under the authority granted by the shareholders during the Annual General Meeting held in June. This authority allows the Company to repurchase up to 14.99% of its ordinary shares. These repurchases are contingent upon market conditions and will continue until the next shareholder meeting in 2025 or until the authority is revoked.
Financial Guidelines for the Buyback
ICG Enterprise Trust plc has not set a defined maximum price for the shares being repurchased, but it is explicit in its intention not to exceed the net asset value during these transactions. The current objective is to retain the repurchased shares within treasury.
Role of the Broker in the Transaction
The Company has selected Numis Securities Limited, operating under the name Deutsche Numis, to act as the broker for these share buyback transactions. This partnership is established under the guidelines provided by the UKLA Listing Rules, ensuring compliance with regulatory standards.
Investor and Analyst Contact Information
For any investor inquiries, you can reach out to:
Chris Hunt
Shareholder Relations, ICG
Phone: +44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
Phone: +44 (0) 20 3545 1344
Media Contact
For media-related inquiries, please contact:
Catherine Armstrong
Corporate Communications, ICG
Phone: +44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of ICG's recent share buyback?
The share buyback is aimed at effectively managing the Company's capital and retaining shares as treasury stock.
How many shares will ICG hold in treasury after this buyback?
After the buyback, ICG will hold a total of 8,185,308 shares as treasury shares.
What is the impact of the buyback on total shares in circulation?
Excluding the treasury shares, the total number of shares in issue will be 64,727,692.
Who is acting as the broker for the buyback transactions?
Numis Securities Limited is appointed as the broker for ICG's buyback transactions.
When will the next shareholder authority for share repurchase be granted?
The next authority is expected to be granted during the Annual General Meeting in 2025.
