ICG Enterprise Trust Engages in Share Buyback Strategy
ICG Enterprise Trust Announces Share Buyback Activity
ICG Enterprise Trust plc, a firm invested in various alternative assets, recently shared important news regarding its ongoing strategy to optimize shareholder value. On a notable date, the Company disclosed that it successfully repurchased 6,000 of its own shares, acquiring these at an average price of 1340 pence per share. This initiative is part of their commitment to managing equity effectively and positioning themselves favorably within the market.
Details of the Share Repurchase
The decision to buy back shares stems from the trust's broader aim to manage its treasury shares more effectively, currently holding a total of 8,640,808 shares after this latest buyback. It is important to note that following the completion of this transaction, the total shares in issue, excluding treasury shares, now stands at 64,272,192.
Commitment to Strategic Equity Management
This strategic share buyback aligns with the authority granted by shareholders at the Annual General Meeting held previously, which allows the Company to authorize the repurchase of up to 14.99% of its ordinary shares. The future of such transactions depends on market conditions, as the Company remains committed to executing this plan efficiently and responsibly.
Understanding Share Buyback Implications
While the Company has not set a maximum consideration payable for the repurchased shares, it is structured to not exceed a premium over the net asset value. Holding the repurchased shares as treasury will provide ICG Enterprise Trust with flexibility in its operations and potential future strategies.
Brokerage and Compliance
To facilitate these transactions, ICG Enterprise Trust has engaged Numis Securities Limited, acting as its broker for this initiative. This partnership ensures compliance with UKLA Listing Rules, adding a layer of professionalism and sound governance in executing their share buyback transactions.
Reach Out for More Information
Should investors or analysts have inquiries regarding these developments, the Company welcomes communication. Chris Hunt, who leads Shareholder Relations at ICG, can be contacted for any related discussions and is open to engaging with shareholders to further outline the effects of these initiatives on their investment's trajectory. Andrew Lewis, the Company Secretary, is also accessible for any regulatory or formal inquiries that require detailed explanations and clarifications.
Media Relations
The media can reach out to Clare Glynn, who oversees Corporate Communications at ICG Enterprise Trust, to garner insights into how these buyback activities may influence public perception and investor confidence.
Frequently Asked Questions
What prompted ICG Enterprise Trust to initiate a share buyback?
The decision is part of a strategy to enhance shareholder value and manage its holdings effectively in light of market conditions.
How many shares does ICG currently hold as treasury shares?
After the recent buyback, ICG holds 8,640,808 shares as treasury shares.
What is the total number of shares in issue post-buyback?
The total shares in issue, excluding treasury shares, is 64,272,192 after this transaction.
Who is handling the share buyback transactions for ICG?
Numis Securities Limited is the broker engaging in these repurchase transactions.
Can shareholders expect more buybacks in the future?
Future buybacks will depend on market conditions and the authority granted by shareholders, but ICG plans to maintain flexibility in its approach.
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