ICG Enterprise Trust plc Executes Share Buyback Strategy
ICG Enterprise Trust plc Announces Successful Share Buyback
ICG Enterprise Trust plc (the “Company”)
The Company has successfully engaged in a strategic share buyback, reflecting its commitment to enhance shareholder value. Recently, on September 6, 2024, ICG Enterprise Trust purchased 10,000 of its own shares, which will be held as treasury shares at an average price of 1201 pence per share.
Details of the Share Buyback
This transaction comes with significant implications for shareholders and the overall financial health of the Company. Below are some pertinent details regarding the share buyback:
After this purchase, the total number of treasury shares held will be 7,786,133, while the total shares in circulation, excluding treasury shares, will stand at 65,126,867.
Shareholder Authority and Market Considerations
The buyback was executed under the authority conferred by shareholders during the Annual General Meeting held in June 2024. Shareholders permitted the repurchase of a maximum of 14.99% of the Company’s ordinary shares. The number of shares actually acquired will be influenced by varying market conditions, and this buyback authority is designed to remain valid until the next Annual General Meeting in 2025 unless revoked ahead of time.
While there is no fixed maximum price that can be paid for shares in this buyback, the Company is committed to avoiding purchases that exceed the net asset value. Currently, the intention is to retain any repurchased shares as treasury.
Brokerage and Compliance
In compliance with the UKLA Listing Rules, the Company has appointed Numis Securities Limited (operating as Deutsche Numis) to handle its buyback transactions. This selection underscores the Company’s dedication to maintaining transparency and compliance with relevant regulations.
Contact Information for Inquiries
For further information, analysts and investors can reach out to:
Chris Hunt
Shareholder Relations, ICG
Phone: +44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
Phone: +44 (0) 20 3545 1344
Media Contact:
Catherine Armstrong
Corporate Communications, ICG
Phone: +44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust?
The share buyback aims to enhance shareholder value and optimize the Company’s capital structure.
How many shares did ICG Enterprise Trust buy back?
The Company bought back 10,000 shares to be held as treasury shares.
What authority does the Company have for share repurchases?
The Company operates under the authority granted by shareholders that allows them to repurchase up to 14.99% of ordinary shares.
Which broker is handling the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed for this purpose.
Where can I find more information about the Company's operations?
For detailed inquiries, interested parties can contact the provided contact persons in shareholder relations and corporate communications.
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