ICG Enterprise Trust Announces Strategic Share Buyback
ICG Enterprise Trust plc (the “Company”) has revealed that it recently executed a noteworthy transaction. On the 12th of November, the Company bought back 59,175 of its own shares, intended to be held as treasury shares, at an average price of 1257 pence per share. This decision underscores the Company's commitment to enhancing shareholder value and reflects its strategic financial management.
Details of the Share Buyback
The details surrounding this transaction are essential for understanding the impact on the Company’s share structure. Following the settlement of this purchase, the number of shares held as treasury shares will stand at 8,045,308. Additionally, the total shares in issue, excluding treasury shares, will amount to 64,867,692.
Authority for Repurchase
This share buyback was made under the authority that shareholders granted at the Company’s Annual General Meeting in June 2024. This authority permits the repurchase of a maximum of 14.99% of the ordinary shares. The ultimate number of shares the Company can repurchase is influenced by current market conditions, ensuring that the transaction aligns with overall financial health and market dynamics.
Future Considerations
The authority granted is effective until the next shareholder approval, anticipated at the Annual General Meeting in 2025, or until revoked by shareholders. The Company has not set a maximum consideration for these shares, but it is committed to adhering to the principle that it will not pay a premium over the net asset value.
Brokerage and Compliance
The Company has engaged Numis Securities Limited, operating under the name Deutsche Numis, to act as its broker for these buyback transactions. This decision aligns with the UKLA Listing Rules, ensuring adherence to regulatory standards while maintaining transparency with shareholders.
Investor Relations Contacts
For any analytical or investment-related inquiries, the Company has provided specific contact personnel:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Relations
Media inquiries can also be directed towards the following contact:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What prompted ICG Enterprise Trust to buy back shares?
The decision to buy back shares is driven by the Company's commitment to optimize shareholder value and reflect confidence in its financial strategy.
How many shares has ICG bought back?
ICG Enterprise Trust has purchased 59,175 shares to be held as treasury shares.
What is the average price per share for this buyback?
The average price paid for the shares bought back is 1257 pence each.
Who is managing the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for these transactions.
How does this buyback affect existing shareholders?
By reducing the number of shares in circulation, the buyback can potentially increase earnings per share and improve shareholder value over time.
