ICG Enterprise Trust plc Announces Share Buyback
ICG Enterprise Trust plc (the “Company”)
Transaction Overview
The Company has recently made a noteworthy announcement regarding a share buyback. On August 27, the Company successfully repurchased 15,000 of its own shares, which will now be classified as treasury shares. The average price paid for these shares was 1266 pence each, demonstrating the Company’s strategic efforts to manage its capital structure and increase shareholder value.
Effects of the Buyback
This share buyback will result in several changes to the Company’s capital structure:
- The total number of treasury shares will rise to 7,593,133 after this purchase is settled.
- The total number of shares in circulation, excluding treasury shares, will decrease to 65,319,867.
Shareholder Authority and Compliance
This buyback was executed under the authority granted by the Company’s shareholders during the Annual General Meeting held earlier this year, which permitted a maximum repurchase of 14.99% of the ordinary shares. The actual number of shares that the Company can repurchase may vary based on market conditions. This buyback authority will stay in effect until the next shareholder approval is obtained, which is expected at the Annual General Meeting in 2025 or until it is specifically revoked by the shareholders.
Market Considerations
Although the Company has not set a maximum price for the buyback, it is crucial to understand that the Company cannot purchase shares at a price that exceeds its net asset value. Currently, the Company plans to retain any repurchased shares within its treasury, underlining its commitment to responsible financial management.
Brokerage and Compliance
For this share buyback initiative, the Company has engaged Numis Securities Limited, operating as Deutsche Numis, to serve as its broker. This appointment is in line with the regulations established by the UK Listing Authority and complies with the Company’s existing authority regarding share repurchases.
Contact Information for Inquiries
For additional information about this transaction, analysts, investors, and media representatives can contact the following Company representatives:
Analyst / Investor Inquiries:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries:
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 main goal of the share buyback is to enhance shareholder value by reducing the number of shares available in the market and improving capital efficiency.
How many shares did ICG Enterprise Trust plc buy back?
During this transaction, ICG Enterprise Trust plc repurchased a total of 15,000 of its own shares.
What will happen to the shares bought back by the Company?
The shares that were bought back will be held as treasury shares, which means they may either be reissued or cancelled in the future.
Who is responsible for the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been designated as the broker for the share buyback transactions.
How will this buyback affect the total number of shares in issue?
After the buyback, the total number of shares in issue, excluding treasury shares, will stand at 65,319,867.
