ICG Enterprise Trust Announces Share Buyback
ICG Enterprise Trust plc (the “Company”) has made a notable move by deciding to buy back shares from the market, showcasing its strong position and confidence in its future. On a recent date, the Company announced it repurchased 10,000 of its ordinary shares, planning to keep them in treasury. The average cost for these shares was 1202 pence each.
Details of the Share Buyback
With this buyback complete, ICG Enterprise Trust now has 7,806,133 shares held as treasury shares. Additionally, the total number of shares outstanding, excluding the treasury shares, is now at 65,106,867. This buyback initiative aligns with a broader strategy that shareholders approved during the Annual General Meeting back in June.
Purpose Behind the Buyback
The authorization given allows the Company to repurchase up to 14.99% of its ordinary shares. This strategic financial step often reflects the Company’s confidence in its growth trajectory and overall performance. It’s worth mentioning that the actual number of shares repurchased may vary according to market conditions.
Financial Implications of the Buyback
While there’s no preset cap for the maximum amount spent on shares, care must be taken not to exceed the net asset value to avoid overspending. This cautious approach helps maintain the Company’s financial health while potentially boosting shareholder value over time.
Brokerage and Regulatory Compliance
The buyback process will be carried out by Numis Securities Limited, which operates as Deutsche Numis, acting as the broker for these transactions. This arrangement complies with the regulations set by the UK Listing Authority and aligns with the general approval provided by shareholders for share purchases.
Investor Relations and Queries
If you have any questions regarding this share buyback, ICG encourages you to reach out. The designated contacts for inquiries 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.
