ICG Enterprise Trust plc Announces Successful Share Buyback
ICG Enterprise Trust plc (the “Company”)
The Company has successfully completed a strategic share buyback, demonstrating its commitment to boosting shareholder value. On September 6, 2024, ICG Enterprise Trust acquired 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 carries significant implications for shareholders and the Company’s overall financial health. Here are some key details regarding the share buyback:
Following this purchase, the total number of treasury shares held will be 7,786,133, while the total shares in circulation, excluding treasury shares, will amount to 65,126,867.
Shareholder Authority and Market Considerations
The buyback was carried out under the authority granted by shareholders during the Annual General Meeting held in June 2024. Shareholders approved the repurchase of up to 14.99% of the Company’s ordinary shares. The number of shares actually acquired will depend on varying market conditions, and this buyback authority will remain valid until the next Annual General Meeting in 2025, unless revoked earlier.
Although there is no set maximum price for shares in this buyback, the Company is committed to ensuring that purchases do not exceed the net asset value. Currently, the plan is to keep any repurchased shares as treasury shares.
Brokerage and Compliance
To comply with the UKLA Listing Rules, the Company has engaged Numis Securities Limited (operating as Deutsche Numis) to manage its buyback transactions. This decision highlights the Company’s commitment to transparency and adherence to relevant regulations.
Contact Information for Inquiries
For additional 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 is intended to enhance shareholder value and improve the Company’s capital structure.
How many shares did ICG Enterprise Trust buy back?
The Company repurchased 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, allowing it to repurchase up to 14.99% of its ordinary shares.
Which broker is handling the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed to manage these transactions.
Where can I find more information about the Company's operations?
For more detailed inquiries, interested parties can contact the designated individuals in shareholder relations and corporate communications.