ICG Enterprise Trust's Strategic Share Buyback Initiative
ICG Enterprise Trust plc is taking significant steps to manage its capital by engaging in a strategic share buyback program. This initiative not only reflects the Company’s commitment to enhancing shareholder value but also marks the utilization of an authority granted by shareholders during its recent Annual General Meeting.
Overview of the Share Buyback
On June 24, the Company bought back 15,000 of its own shares, which will be held as treasury shares. The transaction was executed at an average price of 1386 pence per share. These shares now join the existing treasury stock, with the total number of treasury shares after this purchase reaching 425,721.
Impact on Shares in Issue
Following the settlement of this buyback, the total number of shares outstanding, excluding treasury shares, will be 63,128,471. By carefully managing the number of shares in circulation, ICG Enterprise Trust is taking proactive steps to positively influence its stock performance in the market.
Current Authority and Future Plans
The authority to repurchase shares was conferred upon the Company during the Annual General Meeting in June 2024. It permits ICG Enterprise Trust to repurchase up to 14.99% of its ordinary shares as market conditions permit. The existing authority remains in effect until the next shareholder meeting, expected in 2025, unless revoked earlier by shareholders.
Considerations for the Buyback
While there is no predetermined maximum consideration for the shares repurchased, the Company ensures that the buyback price does not exceed the net asset value. This position underscores the Company's strategy to maintain fiscal responsibility while executing the buyback program.
Brokerage and Compliance
In the backdrop of this buyback transaction, ICG Enterprise Trust has appointed Numis Securities Limited, trading as Deutsche Numis, to act as its broker. This partnership aligns with UKLA Listing Rules and reflects adherence to corporate governance standards regarding share repurchase activities.
Engagement and Transparency with Stakeholders
ICG Enterprise Trust places great importance on communication with its investors and other stakeholders. Shareholder relations are a key focus, and the Company is keen to address any queries or concerns regarding this buyback initiative.
Contact for Investor Inquiries:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Contact:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of ICG Enterprise Trust's share buyback?
The share buyback aims to enhance shareholder value and manage the Company's capital effectively.
How many shares did ICG Enterprise Trust buy back?
The Company repurchased 15,000 shares during its recent buyback transaction.
What will be the total number of shares in issue after the buyback?
Excluding treasury shares, there will be a total of 63,128,471 shares following the buyback.
Who is the broker handling these transactions for ICG?
The Company has appointed Numis Securities Limited, trading as Deutsche Numis, as its broker for the buyback transactions.
When was the authority for this buyback granted?
The authority to repurchase shares was granted at the Annual General Meeting in June 2024.
