ICG Enterprise Trust Conducts Share Buyback to Enhance Value

ICG Enterprise Trust's Recent Share Buyback Activities

ICG Enterprise Trust plc has made a significant move by repurchasing its own shares, a strategic decision aimed at optimizing shareholder value. According to the company's public announcement, on a recent date, it acquired 15,000 of its own shares at an average price of 1263 pence per share. These shares are intended to be held as treasury shares, showcasing the trust's commitment to its shareholders.

Details of the Share Transaction

This latest buyback brings the total number of shares held as treasury shares to an impressive 8,577,808. Additionally, the total number of shares outstanding, excluding the treasury shares, now stands at 64,335,192. This strategic buyback aligns with the company’s broader objectives of maintaining a robust market presence and providing value to its investors.

Understanding the Buyback Authority

The share repurchase was conducted under the authority granted by ICG's shareholders during its Annual General Meeting in June 2024. This authority allows ICG to repurchase a maximum of 14.99% of its ordinary shares, a move that can positively impact the share price and provide better returns for shareholders.

Market Conditions and Future Prospects

The actual number of shares that ICG decides to repurchase will largely depend on prevailing market conditions. This authority is set to remain active until the next shareholders' meeting scheduled for 2025, unless explicitly revoked by the shareholders prior to that date. The flexibility in their buyback program indicates a proactive approach towards market dynamics.

Buyback Strategy and Limitations

Currently, there is no maximum consideration established by the company for the shares being bought back. However, ICG remains committed to not paying a price that represents a premium over the net asset value. The intention is to hold any repurchased shares in treasury, reinforcing the firm’s strategic focus on improving shareholder wealth.

Broker Partnership for Share Repurchase

To facilitate these transactions, ICG has engaged Numis Securities Limited, operating as Deutsche Numis, as its broker. This partnership adheres to the regulations outlined by the UKLA Listing Rules and reinforces the company’s strong operational protocols in executing their buyback plan effectively.

Contact Information for Inquiries

For those looking to obtain further insights about this transaction or ICG’s broader strategies, the company has made its investor relations team available for inquiries. Chris Hunt, responsible for Shareholder Relations, can be reached at +44 (0) 20 3545 2020. Alternatively, Andrew Lewis, the Company Secretary, is also available at +44 (0) 20 3545 1344 for any corporate governance-related questions.

Media Relations for Corporate Communication

Catherine Armstrong heads the media relations and can provide additional information about corporate communications. She can be contacted at +44 (0) 20 3545 1850 for any press-related inquiries. This transparency in communication underscores ICG’s commitment to keeping its stakeholders informed.

Frequently Asked Questions

What prompted ICG Enterprise Trust to buy back shares?

The buyback aims to enhance shareholder value and reflect the company’s confidence in its financial health.

How many shares were repurchased by ICG Enterprise Trust?

The company repurchased 15,000 shares as part of its recent buyback initiative.

Who is responsible for executing the share buyback?

Numis Securities Limited, trading as Deutsche Numis, has been appointed as the broker for these transactions.

What is the maximum percentage of shares that ICG can repurchase?

ICG is authorized to buy back up to 14.99% of its ordinary shares based on shareholder approval.

How can I contact ICG for more information?

Inquiries can be directed to Chris Hunt for investor relations or to Catherine Armstrong for media-related questions.

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