ICG Enterprise Trust Boosts Shareholding with Buyback Deal
Overview of Recent Share Buyback
ICG Enterprise Trust plc has made headlines with its recent buyback of shares, showcasing confidence in its financial strength and commitment to enhancing shareholder value. On April 10, the company successfully repurchased 50,000 shares at an average price of 1148 pence per share.
Details of the Transaction
This strategic move means that ICG Enterprise Trust now holds a total of 9,333,808 shares as treasury shares. The overall number of shares in issue, excluding treasury shares, stands at 63,579,192 following this purchase. This action was executed under the guidelines set at the last Annual General Meeting, where shareholders authorized the company to repurchase up to 14.99% of its ordinary shares.
Future Implications and Strategy
ICG Enterprise Trust’s decision to repurchase shares reflects their proactive approach in managing capital and responding to market conditions. Through this buyback, the company aims to consolidate its equity base while also providing a buffer against market volatility. Currently, there is no maximum price set for these transactions, but the company has stipulated that it will not pay a price exceeding the net asset value, ensuring financial prudence.
Brokerage and Compliance Measures
To facilitate this buyback program, ICG Enterprise Trust has enlisted the services of Numis Securities Limited (operating as Deutsche Numis) as its broker. This move complies with the UKLA Listing Rules and reinforces the company's commitment to regulatory standards in its financial operations.
Contact Information
For inquiries regarding this share buyback and other investor relations, the following representatives are available:
Investor Relations
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Company Secretary
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 reason behind ICG Enterprise Trust's share buyback?
The company aims to enhance shareholder value and consolidate its equity base, demonstrating a positive outlook on its financial strength.
How many shares did ICG Enterprise Trust repurchase?
ICG Enterprise Trust repurchased 50,000 shares during this transaction.
What is the average price per share for this buyback?
The average price at which the shares were repurchased is 1148 pence per share.
Who is handling the share buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, is acting as the broker for these transactions.
What provisions exist for future share repurchases?
The authority for buybacks granted by shareholders will remain effective until the next Annual General Meeting or until revoked.
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