ICG Enterprise Trust plc Completes Share Buyback
ICG Enterprise Trust plc (the “Company”)
The Company has recently made an announcement regarding its decision to repurchase 15,000 of its own shares on August 28, 2024. These shares will be retained as treasury shares, with an average purchase price set at 1246 pence per share. This move underscores the Company's dedication to actively and effectively managing its capital structure.
Details of the Share Buyback
Upon completing this purchase, the total number of shares held in treasury will rise to 7,608,133. This initiative is part of a broader strategy focused on maximizing shareholder value and refining the Company’s equity capital.
Current Shares in Issue
Following the recent buyback, the total number of shares in issue, excluding treasury shares, will be 65,304,867. This adjustment is important for shareholders as it may impact earnings per share and the 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 permits the Company to buy back up to 14.99% of its ordinary shares, which is vital for sustaining a strong capital structure in the future. The specific number of shares repurchased will be influenced by market conditions and strategic considerations.
Plans for the Repurchased Shares
The Company plans to keep the repurchased shares in treasury, reflecting a strategic decision based on its financial evaluation and current market conditions. Notably, there is no predetermined maximum consideration for these shares, highlighting the Company’s commitment to fair pricing in line with net asset value considerations.
Brokerage and Compliance
ICG Enterprise Trust plc has appointed Numis Securities Limited, operating as Deutsche Numis, as its broker for the buyback transactions. This partnership ensures that the buybacks are executed in compliance with the UKLA Listing Rules and align with the Company’s overall authority to repurchase shares, thereby bolstering shareholder confidence in its governance practices.
Investor Relations
For any inquiries from analysts or investors, the Company encourages direct communication with the following 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 share buyback aims to manage capital effectively and enhance shareholder value by decreasing the number of shares in circulation.
How many shares were purchased during the buyback?
ICG Enterprise Trust plc bought back a total of 15,000 shares during this buyback.
What is the average price per share for the buyback?
The average price paid per share during the buyback was 1246 pence.
Who can investors contact for more information?
Investors can reach out to Chris Hunt for shareholder relations or Andrew Lewis for inquiries related to the company secretary.
What are the implications of holding shares in treasury?
Holding shares in treasury allows the Company to manage its equity capital more flexibly, which could potentially enhance shareholder value over time.
