ICG Enterprise Trust plc Enhances Shareholder Value
ICG Enterprise Trust plc is pleased to announce a recent development in its ongoing commitment to optimizing its capital structure and enhancing shareholder value. On 3 October 2024, the Company executed a strategic buyback of 15,000 of its own shares. These shares are intended to be held as treasury shares, reflecting the Company's proactive approach to share management and their long-term investment strategy.
Details of the Share Buyback
The average price at which these shares were repurchased stands at 1185 pence per share. Following this transaction, ICG Enterprise Trust plc will hold a total of 7,836,133 shares as treasury shares. Moreover, the total number of shares outstanding, excluding treasury holdings, will now be 65,076,867. This action underscores that the Company is actively engaged in its commitment to manage its equity efficiently.
Authority and Governance
This share repurchase was conducted under the authority granted by shareholders at the Annual General Meeting held in June 2024. This authorization empowers ICG Enterprise Trust plc to buy back up to 14.99% of its ordinary shares. The specific quantity of shares repurchased will, of course, vary depending on prevailing market conditions. The authority for these transactions is set to remain in effect until the next shareholder authorization, anticipated at the Annual General Meeting in 2025, or until revoked by shareholders explicitly.
Future Outlook
While there is currently no cap set on the amount payable for these shares, the Company's policy restricts any buyback price from exceeding the net asset value. ICG Enterprise Trust plc is determined to maintain these repurchased shares within treasury, contributing to a sustainable financial strategy that aids in reinforcing shareholder trust and confidence in the market.
Broker Engagement
To facilitate this share repurchase, ICG Enterprise Trust plc has appointed Numis Securities Limited, trading as Deutsche Numis, as its broker. This partnership is fully compliant with the UK Listing Authority (UKLA) Listing Rules, emphasizing the Company's commitment to transparency and adherence to regulatory standards throughout the buying process.
Investor and Media Relations
If you have any inquiries regarding this transaction, please reach out to:
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 did ICG Enterprise Trust plc buy back?
ICG Enterprise Trust plc bought back 15,000 of its own shares to be held as treasury shares.
What was the average price of the shares bought back?
The average price paid for the shares was 1185 pence each.
How many total shares are now held as treasury shares?
Following the buyback, the company now holds 7,836,133 shares as treasury shares.
What percentage of shares can the company repurchase?
The company can repurchase up to 14.99% of its ordinary shares based on shareholder approval.
Who is managing the share buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for these transactions.
