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ICG Enterprise Trust Takes Strategic Move in Share Buyback

ICG Enterprise Trust Takes Strategic Move in Share Buyback

ICG Enterprise Trust plc Announces Share Buyback Plan

ICG Enterprise Trust plc (the “Company”)

The Company recently disclosed that on 22 January 2025, it has executed a buyback of 7,000 of its own shares, which will now be held as treasury shares. This move follows a strategic vision to enhance shareholder value.

Details of the Buyback Transaction

This particular share repurchase occurred at an average price of 1334 pence per share. After the completion of this transaction, the Company will hold a total of 8,609,808 treasury shares. This is significant when considering that the total shares in issue, excluding treasury shares, stands at 64,303,192.

Regulatory Compliance and Limitations

The buyback initiative has been conducted under the authority granted by stakeholders during the Annual General Meeting held in June 2024. This authority allows the Company to buy back up to a maximum of 14.99% of its ordinary shares. It is important to note that the number of shares repurchased will be subject to market conditions.

Future Intentions for Repurchased Shares

Currently, the intention of the Company is to retain any repurchased shares as treasury shares. There is no predetermined maximum price for the buyback; however, it is essential for the Company not to purchase shares at a premium over the net asset value.

Brokerage and Market Compliance

To facilitate this buyback program, the Company has engaged Numis Securities Limited, operating as Deutsche Numis, to act as its broker. This decision aligns with the guidelines set forth by the UKLA Listing Rules and adheres to the overall authority granted by shareholders to repurchase shares.

Contact Information for Further Enquiries

For inquiries related to analyst or investor relations, Chris Hunt from Shareholder Relations at ICG is available at +44 (0) 20 3545 2020, and Andrew Lewis, the Company Secretary, can be reached at +44 (0) 20 3545 1344.

Media Contact

For media-related inquiries, Catherine Armstrong from Corporate Communications at ICG can be contacted at +44 (0) 20 3545 1850.

Frequently Asked Questions

What prompted ICG Enterprise Trust to initiate a buyback?

The buyback is part of a strategy to enhance shareholder value and reflect confidence in the company's future.

How many shares will be held as treasury shares after this buyback?

After this buyback, the Company will hold a total of 8,609,808 treasury shares.

What is the maximum percentage of shares ICG Enterprise Trust can buy back?

The Company is authorized to repurchase up to a maximum of 14.99% of its ordinary shares as per the shareholders’ agreement.

Who is managing the buyback transactions?

Numis Securities Limited is acting as the broker for ICG Enterprise Trust’s buyback transactions.

What are the future intentions of the Company regarding the repurchased shares?

ICG Enterprise Trust intends to hold the repurchased shares in treasury for future use.

About The Author

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The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.

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