ICG Enterprise Trust Commences Share Buyback Program

ICG Enterprise Trust Share Buyback Details
ICG Enterprise Trust plc (the “Company”)
Recently, the Company announced an important move pertaining to its share structure. On a recent date, it successfully bought back 15,000 of its shares, marking a strategic step to hold these as treasury shares. This buyback occurred at an average price of 1284 pence per share, reinforcing the Company’s commitment to enhancing shareholder value.
Treasury Shares Overview
After the completion of this transaction, the total number of shares held as treasury assets amounts to 8,905,808. This signifies a robust approach to capital management. The total shares outstanding, excluding these treasury shares, now stands at 64,007,192. This buyback strategy is designed to optimize the share structure and ensure long-term sustainability.
Share Purchase Authority
ICG Enterprise Trust operates under a buyback authority granted by shareholders during the Annual General Meeting held in June. This authority allows for the repurchase of up to 14.99% of ordinary shares. The actual number of shares purchased is contingent on prevailing market conditions. This authority remains valid until the next shareholder meeting, anticipated to occur in 2025, or until it is revoked by the shareholders.
Considerations for the Buyback
No maximum consideration has been set by the Company for these share buybacks, but specific guidelines dictate that shares cannot be acquired if the price exceeds the net asset value. The current objective is to retain any repurchased shares as treasury, providing flexibility for future capital structure adjustments.
Brokerage Arrangements
The Company has engaged Numis Securities Limited, operating under the name Deutsche Numis, as its appointed broker for these buyback transactions. This decision aligns with the regulatory guidelines set forth by the UKLA Listing Rules, ensuring that all buyback activities adhere to established corporate governance principles.
Contact Information for Inquiries
For analysts and investor inquiries, contact:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
For media inquiries, please reach out to:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the purpose of the share buyback?
The share buyback aims to enhance shareholder value and optimize the capital structure of ICG Enterprise Trust.
How many shares have been repurchased?
ICG Enterprise Trust has repurchased 15,000 of its shares to be held as treasury shares.
What is the average price per share for the buyback?
The average price for the share repurchase was 1284 pence per share.
Who is handling the buyback transactions?
Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for these buyback transactions.
What authority governs this share repurchase?
The buyback is conducted under authority granted by shareholders during the June Annual General Meeting, allowing for the repurchase of up to 14.99% of shares.
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