ICG Enterprise Trust's Strategic Share Buyback Announcement
ICG Enterprise Trust plc Announces Share Buyback
ICG Enterprise Trust plc (LSE: ICGT)
On September 5, 2024, ICG Enterprise Trust executed a strategic buyback of 158,000 of its own shares, with plans to hold these as treasury shares. This initiative reflects the Company's commitment to enhancing shareholder value.
Details of the Transaction
The shares were repurchased at an average price of 1206 pence per share. Following this transaction, the total treasury shares held by the Company will amount to 7,776,133. Additionally, the total number of shares in circulation, excluding treasury shares, will be 65,136,867.
Shareholder Authority and Future Plans
This buyback is conducted under the authority granted by shareholders during the company's Annual General Meeting held earlier this year. This authority empowers the Company to repurchase up to 14.99% of its ordinary shares. However, the number of shares bought back will be contingent upon market conditions. This buyback authority remains valid until the next scheduled shareholder meeting, which is anticipated to occur in 2025, unless revoked sooner.
Financial Considerations and Broker Engagement
The Company has not established a maximum payment limit for the buyback; however, any repurchase price will not exceed the net asset value. The intention of the board is clear: to retain all shares repurchased in treasury for strategic purposes.
To facilitate this share buyback, ICG has engaged Numis Securities Limited, acting as the broker, to ensure that all transactions comply with UKLA Listing Rules and the Company’s wider authority for share repurchases.
Contact Information for Investor Queries
For any inquiries regarding this share buyback, please contact:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries
For media-related questions, reach out to:
Catherine Armstrong
Corporate Communications, ICG
+44 (0) 20 3545 1850
Frequently Asked Questions
What is the reason for the share buyback by ICG Enterprise Trust?
The buyback aims to enhance shareholder value by reducing the number of shares in circulation, thereby potentially increasing earnings per share.
How many shares are now held as treasury shares?
Following the recent buyback, ICG now holds 7,776,133 shares as treasury shares.
What price was paid for the shares in the buyback?
The company purchased shares at an average price of 1206 pence each during the transaction.
Who is the broker assisting ICG with the buyback?
Numis Securities Limited is the broker engaged by ICG for its buyback transactions.
What is the maximum percentage of ordinary shares the Company can repurchase?
ICG has the authority to repurchase up to 14.99% of its ordinary shares, as granted by shareholders.
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