ICG Enterprise Trust Expands Treasury Shares Through Buyback

ICG Enterprise Trust Engages in Strategic Share Buyback

ICG Enterprise Trust plc (the “Company”) has recently announced an important development concerning its share structure. On June 16, the Company executed a transaction to repurchase 15,000 of its own shares, each acquired at an average price of 1370 pence, with the intention to hold these shares as treasury shares. This initiative reflects the Company's strategic approach to enhancing its shareholder value and optimizing its capital structure.

Details of the Share Buyback

Following the settlement of this buyback, ICG Enterprise Trust will hold a total of 365,721 shares as treasury shares. Furthermore, the total number of shares in circulation, excluding the treasury shares after the recent transaction, will amount to 63,188,471. This step has been taken under the authority bestowed upon the Company by its shareholders during the Annual General Meeting held in June 2024. The granted authority allows for the repurchase of up to 14.99% of the ordinary shares, demonstrating the Company's commitment to maintaining a flexible capital management strategy.

Market Conditions and Future Outlook

The number of shares the Company can repurchase will depend significantly on prevailing market conditions. The authority to repurchase shares is set to remain valid until the next shareholder meeting, likely to occur in 2025, or until such authority is explicitly revoked by the shareholders. As such, ICG Enterprise Trust remains poised to react to market trends, thereby ensuring alignment with shareholder interests.

Considerations Regarding the Buyback

While the Company has not established a maximum consideration payable for the buyback, it is important to note that any repurchase should not exceed the net asset value of the shares. This prudent approach underscores ICG Enterprise Trust’s aim to manage shareholder investments responsibly. The Company intends to retain the bought-back shares in treasury, contributing to financial strategies that may benefit shareholders in future endeavors.

Brokerage and Compliance

To facilitate this buyback, ICG Enterprise Trust has engaged Numis Securities Limited, operating under the name Deutsche Numis, as its broker. This engagement aligns with the UKLA Listing Rules, ensuring that all transactions are conducted transparently and in accordance with regulatory standards.

Investor Relations and Media Contact

The Company encourages stakeholders to reach out for further inquiries regarding these developments. Chris Hunt, in charge of Shareholder Relations at ICG, is available at +44 (0) 20 3545 2020. Additionally, Andrew Lewis, the Company Secretary, can be contacted at the same number for corporate-related questions. For media inquiries, Clare Glynn from Corporate Communications at ICG can be reached at +44 (0) 20 3545 1395. Engaging with these representatives ensures that investors and media alike receive accurate and up-to-date information regarding ICG Enterprise Trust's strategic decisions and initiatives.

Frequently Asked Questions

What recent transaction did ICG Enterprise Trust announce?

ICG Enterprise Trust announced a buyback of 15,000 shares to be held as treasury shares, executed on June 16.

What is the purpose of the share buyback?

The share buyback aims to enhance shareholder value and optimize the company's capital structure.

How many shares will ICG hold in treasury after this buyback?

ICG will hold a total of 365,721 shares as treasury shares following the settlement of this buyback.

Who can I contact for more information about ICG's share buyback?

Chris Hunt and Andrew Lewis can be contacted for inquiries regarding shareholder relations and corporate governance.

Which broker is facilitating the buyback for ICG?

Numis Securities Limited is facilitating the buyback transactions for ICG Enterprise Trust.

About The Author

Hi there, I'm Hannah Lewis, a writer and financial specialist of 36 years old committed to making money understandable and approachable to everyone. Years of working in the field have given me a thorough grasp of market trends, investment techniques, and economic fundamentals. My objective is to enable people, by means of understandable, useful guidance, to take charge of their financial destiny.

I have written many articles for financial blogs over my career that simplify difficult financial ideas into understandable insights. Being financially literate is a critical ability, and I am passionate about enabling people to confidently manage their financial lives. Regardless of your level of experience, my work will help you at every stage of the investment process. I appreciate being allowed to share in your success and financial expansion.

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