ICG Enterprise Trust plc Enhances Shareholder Value through Buyback
ICG Enterprise Trust plc's Strategic Share Buyback
ICG Enterprise Trust plc is pleased to announce a significant development in their ongoing commitment to enhance shareholder value. On a recent date, the company took a proactive step in financial management by repurchasing 15,000 of its own shares.
Details of the Share Buyback
The shares were repurchased at an average price of 1378 pence each, with the intention to hold them as treasury shares. Following the settlement of this transaction, ICG Enterprise Trust plc will hold a total of 470,721 shares in treasury.
This buyback reflects a careful strategy, as the total number of shares in issue—excluding treasury shares—will be adjusted to 63,083,471. Such measures are indicative of the company’s prudent management of its capital structure.
Authority and Market Conditions
The repurchase of shares was conducted under the authority granted by shareholders in the Annual General Meeting held in June. This overarching authority allows ICG Enterprise Trust plc to repurchase up to 14.99% of its ordinary shares. It is worth noting that the exact number of shares repurchased will be contingent upon prevailing market conditions.
Company's Buyback Intentions
ICG Enterprise Trust plc has determined that, while there is no fixed maximum consideration for the purchase of shares, they will not pay a price that exceeds the net asset value. The intent behind this buyback is to maintain a strong treasury position, ensuring that any repurchased shares are held in a manner that contributes positively to the overall financial health of the organization.
Broker Partnership
In aligning with the best practices outlined under the UKLA Listing Rules, ICG Enterprise Trust plc has partnered with Numis Securities Limited—operating under the name Deutsche Numis—as their broker for these buyback transactions. This collaboration ensures that all transactions are executed according to regulatory standards and in the best interest of shareholders.
Contact Information
For any inquiries regarding this transaction, stakeholders can reach out to the following individuals:
Investor Relations Contact
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Company Secretary
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Contact
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust plc?
The share buyback is aimed at enhancing shareholder value while providing greater flexibility in capital management.
How many shares were repurchased in the buyback?
A total of 15,000 shares were repurchased by ICG Enterprise Trust plc.
What will happen to the repurchased shares?
The repurchased shares will be held as treasury shares, contributing to a strategic reserve for the company.
Who is managing ICG's buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, is managing the buyback transactions on behalf of ICG Enterprise Trust plc.
How does the share buyback affect the shares in issue?
The total shares in issue, excluding treasury shares, will be reduced following the buyback, which is beneficial for current shareholders.
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