ICG Enterprise Trust plc Reports on Latest Share Repurchase Program
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ICG Enterprise Trust plc Completes Share Buyback
ICG Enterprise Trust plc (the “Company”)
The Company recently announced its decision to buy back a total of 15,000 of its own shares on August 28, 2024. These shares will be held as treasury shares, with an average purchase price of 1246 pence per share. Such actions reflect the Company's commitment to managing its capital structure proactively and effectively.
Details of the Share Buyback
Following the completion of this purchase, the number of shares held in treasury will be 7,608,133. This action is part of a larger strategy aimed at optimizing shareholder value and adjusting the Company’s equity capital.
Current Shares in Issue
After the settlement of the recent buyback, the total shares in issue excluding treasury shares will be 65,304,867. This adjustment is significant for shareholders as it may influence earnings per share and overall market perception of the Company.
Authority for Share Repurchase
The authority to repurchase shares was granted by shareholders during the Annual General Meeting held in June. This authorization allows the Company to repurchase up to 14.99% of its ordinary shares, which is crucial for maintaining a robust capital structure going forward. The exact number of shares repurchased will depend on market conditions and strategic considerations.
Plans for the Repurchased Shares
The Company currently intends to hold the repurchased shares in treasury, indicating a strategic move in response to its financial assessment and market conditions. However, there is no maximum consideration payable that has been set by the Company for these shares, emphasizing its commitment to fair pricing aligned with net asset value considerations.
Brokerage and Compliance
ICG Enterprise Trust plc has appointed Numis Securities Limited, trading as Deutsche Numis, to act as its broker for the buyback transactions. This engagement ensures that the buybacks are conducted in accordance with the UKLA Listing Rules and are compliant with the Company’s overall authority to repurchase shares, thereby enhancing shareholder confidence in the governance of operations.
Investor Relations
For any analyst or investor inquiries, the Company encourages direct communication with key personnel:
Contact Information for Inquiries
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries
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 purpose of the share buyback is to manage capital effectively and enhance shareholder value by reducing the number of shares in circulation.
How many shares were purchased during the buyback?
ICG Enterprise Trust plc purchased a total of 15,000 shares during the buyback.
What is the average price per share for the buyback?
The average price per share for the buyback was 1246 pence.
Who can investors contact for more information?
Investors can contact Chris Hunt for shareholder relations or Andrew Lewis for company secretary inquiries.
What are the implications of holding shares in treasury?
Holding shares in treasury allows the Company to manage its equity capital more flexibly and can potentially lead to increased shareholder value over time.
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