ICG Enterprise Trust's Strategic Share Buyback Explained
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ICG Enterprise Trust Announces Share Buyback
ICG Enterprise Trust plc (the “Company”) has recently made headlines with its decision to repurchase shares from the market, a move that indicates a strong position and confidence within the organization. On a recent date, the Company declared that it bought back 10,000 of its ordinary shares, with the intention of holding them in treasury. The average price paid for these shares was 1202 pence each.
Details of the Share Buyback
Following the completion of this buyback, ICG Enterprise Trust now holds a total of 7,806,133 shares as treasury shares. Furthermore, the total number of shares outstanding, excluding treasury shares, now stands at 65,106,867. This buyback scheme is part of a broader strategy authorized by shareholders at the Annual General Meeting held in June.
Purpose Behind the Buyback
The authority granted allows the Company to repurchase up to 14.99% of its ordinary shares. Such a strategic financial maneuver is typically reflective of confidence in the Company's trajectory and its operational performance. It’s important to note that the actual volume of shares repurchased will fluctuate based on prevailing market conditions.
Financial Implications of the Buyback
No preset limit has been established regarding the maximum consideration for the shares, but the buyback must not exceed the net asset value to prevent overspending. This careful approach ensures that the financial health of the Company remains intact while potentially enhancing shareholder value in the long run.
Brokerage and Regulatory Compliance
The process will be facilitated by Numis Securities Limited, which is trading as Deutsche Numis, serving as the broker for these buyback operations. This arrangement abides by the UK Listing Authority’s regulations and aligns with the Company’s general authority granted by shareholders for share repurchases.
Investor Relations and Queries
For any inquiries regarding this share buyback, ICG has maintained open lines of communication. The designated representatives are:
Investor Inquiries Contacts
Chris Hunt
Shareholder Relations, ICG
Tel: +44 (0) 20 3545 2020
Company Secretary
Andrew Lewis
Company Secretary, ICG
Tel: +44 (0) 20 3545 1344
Media Inquiries
Catherine Armstrong
Corporate Communications, ICG
Tel: +44 (0) 20 3545 1850
Frequently Asked Questions
What triggered the share buyback at ICG Enterprise Trust?
The share buyback was initiated under the authority granted by shareholders to demonstrate confidence in the Company and its market position.
How many shares will ICG Enterprise Trust repurchase?
ICG Enterprise Trust is authorized to repurchase a maximum of 14.99% of its ordinary shares, contingent on market conditions.
Who is handling the buyback process for ICG?
Numis Securities Limited, operating as Deutsche Numis, has been appointed as the broker to manage the buyback transactions.
What are the total shares in issue after the buyback?
Following the recent buyback, the total shares in issue, excluding treasury shares, amount to 65,106,867.
Who can be contacted for investor-related queries?
Chris Hunt and Andrew Lewis are the primary contacts for investor inquiries at ICG Enterprise Trust.
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