ICG Enterprise Trust plc Executes Own Share Buyback
ICG Enterprise Trust plc (the “Company”)
Recently, the Company made strides in its financial strategy by initiating a share buyback program, showcasing its commitment to enhancing shareholder value. On a recent date, the Company proceeded to purchase 15,000 of its own shares, which will be retained as treasury shares. This transaction was executed at an average price of 1296 pence per share.
Details of the Share Buyback
The implications of this buyback are significant for both the Company and its investors. Following the completion of this transaction, the total number of shares held as treasury shares will amount to 8,547,808. Moreover, the total shares in circulation, excluding these treasury shares, will now be 64,365,192. This strategic move is part of the broader plan to manage the Company's stock effectively and respond to market dynamics.
Authority and Market Considerations
This repurchase decision was made under the authority granted by the shareholders at the Annual General Meeting that took place last June. The approved resolution allows the Company to buy back up to 14.99% of its ordinary shares. While the exact volume of repurchased shares may vary based on prevailing market conditions, the authority provided will remain in effect until the next scheduled shareholder meeting or until revoked by shareholders.
Guidelines and Broker Engagement
It is important to know that there is no predetermined maximum price for this buyback; however, the Company is committed to not paying a premium above the net asset value for any shares bought back. The current plan is to hold any acquired shares in treasury, which represents a prudent financial decision aimed at enhancing shareholder equity.
To facilitate these buyback transactions, ICG Enterprise Trust plc has retained the services of Numis Securities Limited, which operates under Deutsche Numis for these specific activities. This engagement is in compliance with the UKLA Listing Rules and aligns with the Company’s overall authority to repurchase shares.
Investor Communication
For shareholders and investors seeking additional information regarding this buyback initiative, the Company invites inquiries directed to:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries and Support
In relation to media inquiries, stakeholders are encouraged to reach out to the following contact:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What is the main purpose of ICG's recent share buyback?
The buyback aims to enhance shareholder value by effectively managing the Company's stock and retaining securities as treasury shares.
How many shares did ICG repurchase?
ICG repurchased a total of 15,000 shares to be held as treasury shares.
What will the total shares in issue be after this buyback?
After the buyback, there will be 64,365,192 shares in circulation, excluding treasury shares.
Who is the broker managing ICG's buyback transactions?
Numis Securities Limited, operating as Deutsche Numis, has been appointed as the broker for these transactions.
Can the shareholders influence the buyback process?
Yes, the shareholders granted authority at the Annual General Meeting to allow the Company to repurchase shares, and this authority can be re-evaluated in future meetings.
