ICG Enterprise Trust plc Announces Share Buyback
ICG Enterprise Trust plc (LSE: ICGT)
On September 5, 2024, ICG Enterprise Trust completed a strategic buyback of 158,000 of its own shares, which will be held as treasury shares. This move underscores the Company's dedication to increasing shareholder value.
Transaction Details
The shares were repurchased at an average price of 1206 pence each. After this transaction, the total number of treasury shares held by the Company will reach 7,776,133. Moreover, the total number of shares in circulation, excluding treasury shares, will be 65,136,867.
Shareholder Authority and Future Plans
This buyback is carried out under the authority granted by shareholders during the Annual General Meeting held earlier this year. This authorization allows the Company to repurchase up to 14.99% of its ordinary shares. However, the actual number of shares bought back will depend on market conditions. This buyback authority will remain in effect until the next scheduled shareholder meeting, expected to take place in 2025, unless revoked sooner.
Financial Considerations and Broker Engagement
The Company has not set a maximum payment limit for the buyback; however, any repurchase price will not exceed the net asset value. The board's intention is clear: to keep all repurchased shares in treasury for strategic purposes.
To assist with this share buyback, ICG has appointed Numis Securities Limited as the broker, ensuring that all transactions adhere to UKLA Listing Rules and the Company’s broader authority for share repurchases.
Contact Information for Investor Queries
If you have any questions regarding this share buyback, please reach out to:
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 inquiries, please contact:
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.
