Overview of Share Buyback Program
ICG Enterprise Trust plc has recently undertaken significant steps to enhance shareholder value through a strategic share buyback program. This initiative, aimed at bolstering its treasury, highlights the Company’s commitment to its shareholders and effective share management.
Details of the Recent Transaction
On 28 October, ICG Enterprise Trust made a noteworthy move by repurchasing 15,000 of its own shares. These shares will be retained as treasury shares, showcasing the Company’s proactive approach in maintaining a strong financial standing. The average price paid per share during this transaction was 1590 pence.
Impact on Shareholding Structure
Following this transaction, the total number of shares held as treasury shares has risen to 744,722. The issued shares of the Company, excluding treasury shares, now stands at 62,809,470. This adjustment in shareholding is crucial for fostering a balance between market presence and shareholder equity.
Regulatory Compliance and Future Plans
ICG Enterprise Trust conducted this buyback within the scope of authority granted at the recent Annual General Meeting. The Company is authorized to repurchase up to 14.99% of its ordinary shares, highlighting the flexibility it has in responding to market dynamics. However, this authority is set to last only until the next shareholder meeting, unless revoked earlier.
Trading and Market Statements
The Company has made it clear that there is no predetermined maximum consideration payable for the shares. Furthermore, it is mandated that any buyback must not exceed the net asset value of the shares, reinforcing a prudent financial strategy. The Company’s intention is to retain repurchased shares as treasury, ensuring that they can be reissued later if beneficial.
Brokerage and Market Strategy
In terms of managing these transactions, ICG Enterprise Trust has engaged Numis Securities Limited, trading as Deutsche Numis, as its broker. This decision aligns with both UKLA Listing Rules and the general authority to repurchase shares, ensuring compliance and strategic efficiency in transaction execution.
Contact for Analyst and Investor Inquiries
For more insights or questions regarding the share buyback initiative, stakeholders may contact:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Contact Information
For media inquiries, please reach out to:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the rationale behind the share buyback?
The share buyback aims to enhance shareholder value and manage the Company’s share structure effectively.
How many shares has ICG repurchased recently?
ICG has repurchased 15,000 shares, which will be held as treasury shares.
What is the current share price for the repurchased shares?
The average price paid for the shares was 1590 pence each.
Who is managing the share buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for managing these transactions.
How will the buyback impact the shareholder structure?
The repurchase will increase the total treasury shares to 744,722, affecting the overall shareholding structure of the Company.
