ICG Enterprise Trust plc Engages in Significant Share Buyback
ICG Enterprise Trust plc Engages in Significant Share Buyback
ICG Enterprise Trust plc (the “Company”)
On June 11, the Company made an announcement regarding its recent share buyback transaction, where it acquired 15,000 of its own shares. These shares are intended to be held as treasury shares and were purchased at an average price of 1380 pence each.
Details of the Share Buyback
Following the completion of this transaction, the total number of treasury shares held by the Company will rise to 325,721. Furthermore, after this buyback, the count of total shares in circulation, excluding treasury shares, stands at 63,228,471.
Shareholder Authority and Buyback Conditions
This buyback operation is conducted under the authority granted by shareholders during the Annual General Meeting in June 2024. This authority allows the Company to repurchase a maximum of 14.99% of its ordinary shares. The actual amount of shares purchased could vary based on prevailing market conditions. This share buyback authority will remain valid until the next Annual General Meeting, expected in 2025, or until revoked by the shareholders.
Considerations and Future Intentions
While the Company has not established a maximum price for its share purchases, it is crucial to note that the price paid for any shares must not exceed the net asset value to maintain sound financial practices. Currently, the intention is to retain any shares repurchased as treasury shares, which will fortify the Company’s asset base.
The Role of Brokers in the Buyback Process
To facilitate the buyback transactions, the Company has engaged Numis Securities Limited, which operates as Deutsche Numis for these purposes. This selection of broker aligns with the UK Listing Authority (UKLA) Listing Rules and ensures compliance with the Company’s overarching authority regarding share repurchases.
Contacting ICG for Inquiries
For inquiries related to analyst and investor relations, you can contact:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
For media inquiries, please reach out to:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of the share buyback?
The Company aims to hold bought-back shares as treasury shares for various strategic reasons, including enhancing shareholder value.
How many shares were bought back?
ICG Enterprise Trust plc bought back 15,000 shares on June 11.
What will be the total number of treasury shares post-buyback?
After the buyback, the Company will hold a total of 325,721 treasury shares.
Who is handling the buyback transactions?
Numis Securities Limited, operating under the name Deutsche Numis, has been appointed as the broker for the buyback transactions.
What is the maximum share repurchase allowance?
The Company can repurchase up to 14.99% of its ordinary shares as per the authority granted by shareholders.
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