ICG Enterprise Trust Enhances Shareholder Value via Buyback
ICG Enterprise Trust plc's Recent Share Buyback Announcement
ICG Enterprise Trust plc, known for its commitment to shareholder value, recently made headlines with its strategic decision to buy back shares. This move, aimed at optimizing its shareholding structure, was officially communicated to stakeholders on a date relevant within the company's operational timeline.
Details of the Share Repurchase
The Company disclosed that on an important date, it successfully repurchased 10,000 of its own shares. These shares will now be designated as treasury shares and were bought at an average price of 1459 pence each.
Current Shareholding Status
Following the completion of this transaction, the total number of shares held as treasury shares will be 604,721. In addition, the total shares in circulation, excluding treasury shares, are now updated to 62,949,471. Such strategic maneuvers reflect the Company’s ongoing efforts to maintain a robust share price and meet shareholder expectations.
Authority and Conditions for the Buyback
The buyback was executed under the authority granted by shareholders during the Annual General Meeting held earlier in the year, which empowered the Company to repurchase up to 14.99% of its ordinary shares. The actual number of shares repurchased is intended to fluctuate based on market conditions, showcasing the Company's prudent approach to capital management.
Future Implications of the Buyback
While there is no predetermined maximum consideration for the buyback, the Company adheres to a policy against purchasing shares at a premium over the net asset value. Therefore, any shares bought back will be held in treasury, reflecting the Company’s cautious yet responsive strategy in the ever-changing market landscape.
Brokerage and Compliance
In managing these buyback transactions, ICG Enterprise Trust plc has partnered with Numis Securities Limited, trading under the name Deutsche Numis, as its broker. These actions are in full compliance with the UKLA Listing Rules, aligning with the Company’s commitment to uphold transparency and governance in all its financial dealings.
Contact Information for Inquiries
The Company encourages any inquiries regarding this buyback to be directed to its dedicated personnel:
Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395
Frequently Asked Questions
What is the recent buyback by ICG Enterprise Trust plc?
The Company repurchased 10,000 of its own shares to enhance shareholder value and optimize its financial structure.
How many shares does ICG Enterprise Trust hold in treasury?
Following the buyback, the total treasury shares held will be 604,721.
What regulatory framework governs this share buyback?
The buyback is conducted in accordance with the UKLA Listing Rules and the authority granted by shareholders at the Annual General Meeting.
Who can I contact for more information regarding the shares?
For inquiries, you may contact Chris Hunt or Andrew Lewis at ICG, or reach out to Clare Glynn in Corporate Communications.
What is the significance of holding shares in treasury?
Hoarding shares in treasury allows the Company to manage its capital more effectively and can positively impact share value for existing shareholders.
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