ICG Enterprise Trust plc Discloses Recent Share Repurchase
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ICG Enterprise Trust plc Announces Share Buyback
ICG Enterprise Trust plc (the “Company”)
Details of the Transaction
The Company has recently announced a significant transaction involving the buyback of shares. On August 27, the Company completed the repurchase of 15,000 of its own shares, which will be held as treasury shares. The average purchase price was set at 1266 pence per share, reflecting the Company’s strategic approach to manage its capital structure and enhance shareholder value.
Impacts of the Buyback
The share buyback will lead to the following changes in the Company’s capital structure:
- The total number of shares held as treasury shares following the settlement of this purchase will increase to 7,593,133.
- Total shares in issue, excluding treasury shares following this transaction, will reduce to 65,319,867.
Shareholder Authority and Regulations
This buyback transaction was conducted under the authority granted by the Company's shareholders during the Annual General Meeting held earlier this year, which allowed for a maximum repurchase of 14.99% of the ordinary shares. The actual quantity of shares that the Company may repurchase will fluctuate based on market conditions. This buyback authority will remain effective until the next shareholder approval is granted, which is anticipated at the Annual General Meeting in 2025 or until it is specifically revoked by the shareholders.
Market Considerations
While the Company has not established a maximum consideration payable for the buyback, it is important to note that the Company is unable to purchase shares at a price that would result in a premium relative to its net asset value. At present, the Company intends to retain any shares that are bought back within its treasury, reinforcing its commitment to prudent fiscal management.
Brokerage and Compliance
In relation to this share buyback initiative, the Company has appointed Numis Securities Limited, trading as Deutsche Numis, to act as its broker. This appointment aligns with the guidelines set forth by the UK Listing Authority and adheres to the Company's established authority regarding share repurchases.
Contact Information for Inquiries
For further information regarding this transaction, analysts, investors, and the media can reach out to the following Company representatives:
Analyst / Investor Enquiries:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Enquiries:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What is the primary purpose of the share buyback by ICG Enterprise Trust plc?
The primary purpose of the share buyback is to enhance shareholder value by reducing the number of shares in circulation and improving capital efficiency.
How many shares did ICG Enterprise Trust plc buy back?
ICG Enterprise Trust plc repurchased 15,000 of its own shares during this transaction.
What will happen to the shares bought back by the Company?
The shares bought back will be held as treasury shares, which means they can be reissued or cancelled in the future.
Who is responsible for the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for the share buyback transactions.
How will this buyback affect the total number of shares in issue?
Following the buyback, the total shares in issue, excluding treasury shares, will be 65,319,867.
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