ICG Enterprise Trust plc Announces Latest Share Buyback
ICG Enterprise Trust plc has made a significant announcement regarding its share buyback strategy, reflecting its ongoing commitment to enhancing shareholder value. On a recent date, the Company took a proactive step by repurchasing 10,000 of its own shares. This initiative aims to manage treasury shares more effectively, facilitating optimal capital use.
Details of the Share Repurchase
As part of this buyback initiative, ICG Enterprise Trust plc acquired these shares at an average price of 1486 pence each. This action has increased the total number of treasury shares held by the Company to 704,722. Simultaneously, the total shares in circulation, excluding treasury shares, now stands at 62,849,470.
Authority and Conditions for Buyback
The repurchase aligns with the authority previously granted by shareholders during the Annual General Meeting in June. This authority permits the Company to repurchase up to 14.99% of its ordinary shares. However, the total number of shares acquired will be influenced by market conditions and available resources. This authorization will remain active until the next shareholder meeting, expected to occur in the coming year.
Financial Considerations and Intentions
While there is no predetermined maximum consideration for the shares acquired, it’s important to note that the Company will not purchase shares at prices exceeding their net asset value. The strategic intent behind this buyback is to hold the repurchased shares in treasury, allowing for future flexibility while enhancing shareholder returns.
Brokerage and Compliance
For the execution of these transactions, ICG Enterprise Trust plc has engaged Numis Securities Limited, operating as Deutsche Numis, as its broker. This partnership adheres to the UKLA Listing Rules, ensuring compliance with regulations that govern such buyback activities.
Communicating with Investors and Media
Open lines of communication with stakeholders are vital for the Company. For any inquiries or additional details, investors can reach out to:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
For Media Inquiries:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust plc?
The share buyback aims to manage treasury shares more effectively while enhancing shareholder value and providing flexibility for future strategic decisions.
How many shares did ICG Enterprise Trust plc purchase in the latest buyback?
The Company purchased 10,000 shares during the latest buyback.
What is the average price per share for this buyback?
The average price per share for the buyback was 1486 pence.
Who is managing the buyback transactions for ICG Enterprise Trust plc?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for these buyback transactions.
Are there any limitations on the price ICG Enterprise Trust plc can pay for the shares?
Yes, the Company will not purchase any shares at a price exceeding their net asset value.
