ICG Enterprise Trust plc Executes Share Buyback Strategy
ICG Enterprise Trust plc (the “Company”) has recently made a noteworthy move in its capital management strategy by repurchasing its shares.
On 18 October, the Company bought back a total of 10,000 shares, with an average acquisition price of 1194 pence per share. This decision aligns with the Company’s broader strategy aimed at optimizing shareholder value and managing its capital resources effectively.
Details of the Shares Repurchased
The shares acquired through this repurchase will be held as treasury shares, with the total number of treasury shares now standing at 7,891,133 following the settlement of this transaction. After this buyback, the total number of shares in issue, excluding treasury shares, is adjusted to 65,021,867.
Regulatory Compliance and Buyback Authority
This buyback transaction is conducted under the authority granted by shareholders during the Annual General Meeting held in June. Shareholders approved a framework that allows the Company to repurchase up to 14.99% of its ordinary shares. It's important to note that the number of shares repurchased will be influenced by prevailing market conditions. This shareholder authority is expected to last until the next meeting in 2025, unless revoked earlier.
Financial Considerations and Intentions
While there is no predetermined maximum consideration for the shares being repurchased, the Company must ensure that the buyback price does not exceed the net asset value, aligning with prudent financial practices. Currently, ICG Enterprise Trust intends to retain the repurchased shares in treasury, which offers flexibility for future capital management strategies.
Brokerage Partnership for Buyback Transactions
To facilitate this buyback process, ICG Enterprise Trust has engaged Numis Securities Limited, operating under the name Deutsche Numis, as their broker. This partnership is established following the guidelines set forth by the UKLA Listing Rules and in accordance with the Company’s general authority to repurchase shares.
Investor Relations and Inquiries
For investors seeking more information about this transaction or general inquiries, the Company has provided contact details for their representatives:
Contact Information for Shareholder Relations
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Company Secretary Contact
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Relations
For all media inquiries, please reach out to:
Corporate Communications Contact
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of ICG Enterprise Trust plc's share buyback?
The buyback aims to optimize capital management and enhance shareholder value by reducing the share supply in the market.
How many shares did ICG Enterprise Trust plc buy back?
ICG Enterprise Trust plc repurchased 10,000 of its own shares in this recent transaction.
What will happen to the repurchased shares?
The repurchased shares will be held as treasury shares, providing the Company with greater flexibility in managing its capital.
Who is handling the buyback transactions for ICG Enterprise Trust plc?
Numis Securities Limited, trading as Deutsche Numis, is acting as the broker for these transactions.
When was the share buyback authorized?
The share buyback authority was granted by shareholders at the Annual General Meeting held in June, allowing a maximum of 14.99% of ordinary shares to be repurchased.
