CG Enterprise Trust plc Enhances Shareholder Value Through Buyback
CG Enterprise Trust plc Announces Strategic Share Buyback
CG Enterprise Trust plc is committed to enhancing shareholder value, and a recent initiative demonstrates this dedication. The Company revealed that on a specified date, it executed the buyback of 10,000 shares. This move reflects a proactive approach to manage its equity effectively and highlights the firm’s strategy in maintaining an attractive investment proposition.
Details of the Share Buyback
During the recent transaction, CG Enterprise Trust plc acquired 10,000 of its own shares at an average price of 1387 pence per share. These shares are intended to be retained as treasury shares.
Current Share Allocation
Following the completion of this buyback, the total number of shares held as treasury shares stands at 350,721. Additionally, the total shares in issue, excluding these treasury shares, is 63,203,471. This adjustment in shareholding signifies the Company’s ongoing commitment to optimizing its capital structure.
Authority and Future Considerations
The authority for this buyback stems from approvals granted during the previous year’s Annual General Meeting (AGM), allowing the Company to repurchase up to 14.99% of its ordinary shares. The Company retains flexibility in the number of shares repurchased, as market conditions will ultimately guide future transactions.
Future Share Buyback Plans
This authorization is effective until the next shareholder consent is sought at the upcoming AGM. The Company and its shareholders will review the buyback strategy regularly to align with broader market dynamics and investor interests.
Strategic Rationale Behind the Buyback
Though the Company has not established a maximum price cap for these shares, a pivotal condition dictates that any buyback price cannot exceed the shares' net asset value. This prudent measure ensures that shareholder interests are safeguarded while pursuing strategic financial operations. The intention remains clear: to hold any repurchased shares in treasury, thereby supporting future corporate initiatives.
Brokerage and Compliance
For executing its buyback strategy, CG Enterprise Trust plc has engaged Numis Securities Limited, operating as Deutsche Numis, as its broker for these transactions. This partnership aligns with the UKLA Listing Rules and adheres to the broader authority for share repurchases granted by shareholders.
Communication and Inquiry Points
For investors and analysts interested in further discussions regarding the Company’s recent activities, the following contacts are available:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Media Inquiries:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of CG Enterprise Trust plc's share buyback?
The share buyback is intended to enhance shareholder value and optimize the Company's capital management.
How many shares were repurchased by CG Enterprise Trust plc?
CG Enterprise Trust plc repurchased 10,000 of its own shares during the buyback.
What is the average purchase price of the shares?
The average price paid per share during the buyback was 1387 pence.
Who is the broker managing the share buyback?
Numis Securities Limited, trading as Deutsche Numis, is the broker responsible for managing the buyback transactions.
What is the current number of treasury shares held by the Company?
After the buyback, the total number of shares held in treasury is 350,721.
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