ICG Enterprise Trust plc Executes Strategic Share Buyback
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Strategic Share Buyback by ICG Enterprise Trust plc
ICG Enterprise Trust plc (the “Company”) recently made a significant move in the market by repurchasing its own shares. On September 3, 2024, the Company bought back 10,000 shares at an average price of 1226 pence each. This initiative is part of a broader strategy to manage share inventory and enhance shareholder value.
Details of the Buyback Transaction
Following this recent acquisition of shares, the total number of treasury shares held by the Company now stands at 7,618,133. This buyback reduces the total shares in circulation, which now total 65,294,867 following the transaction. The decision to buy back shares reflects the Company’s commitment to return value to its shareholders while optimizing its capital structure.
Authority for Share Repurchase
This buyback transaction is executed under the authority granted by shareholders during the Annual General Meeting held earlier in the year. The resolution allows the Company to repurchase up to 14.99% of its ordinary shares. The number of shares repurchased will be influenced by market conditions, and this authority remains active until the next shareholder meeting in 2025, unless revoked earlier.
Financial Considerations
While the Company has not set a maximum price for these buybacks, it is important to note that repurchased shares cannot be bought at a premium above the net asset value. The current intention is to hold the repurchased shares in treasury, signaling a cautious but proactive approach to capital management.
Brokerage and Compliance
ICG Enterprise Trust has engaged Numis Securities Limited, trading as Deutsche Numis, as its broker for the buyback transactions. This brokerage agreement complies with the relevant UK Listing Authority (UKLA) rules and is aligned with the Company's broader strategy for managing its equity capital.
Investor Relations
For inquiries regarding this transaction or other shareholder related matters, investors can reach out to the following key contacts:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Relations:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust plc?
The share buyback is aimed at increasing shareholder value by reducing the number of shares in circulation, thus potentially increasing earnings per share.
How many shares has ICG Enterprise Trust plc repurchased?
ICG Enterprise Trust plc repurchased a total of 10,000 shares in this recent transaction.
Who is the broker for the share buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for the company's buyback activities.
What is the maximum percentage of shares the company can repurchase?
The company is authorized to repurchase up to 14.99% of its ordinary shares as granted by shareholders.
What is the company's intention regarding the bought-back shares?
The intention is to hold the bought-back shares in treasury to manage capital effectively.
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