ICG Enterprise Trust plc Announces Share Buyback Strategy
ICG Enterprise Trust plc Share Buyback Announcement
ICG Enterprise Trust plc (the “Company”) has recently made an announcement regarding its share buyback program. On the 14th of November, the Company acquired 10,000 of its own shares at an average price of 1250 pence per share, which will be held as treasury shares. This strategic move demonstrates the Company’s ongoing commitment to enhancing shareholder value.
Details of the Share Buyback
Following the completion of this transaction, the Company now holds a total of 8,070,308 shares as treasury shares. Additionally, the total number of shares in issue, excluding treasury shares, is now at 64,842,692. This transaction is a clear indication of the Company’s prudent management of its capital and its proactive approach to maintaining a healthy balance sheet.
Authority for Share Repurchase
The authorization for this share repurchase was granted by shareholders during the Annual General Meeting held in June. The resolution allows the Company to repurchase up to 14.99% of its ordinary shares. The actual number of shares the Company repurchases will depend on prevailing market conditions. This approval remains valid until the next Annual General Meeting, which is anticipated to take place in 2025, unless revoked earlier by shareholders.
Consideration for the Buyback
Currently, the Company has not set a maximum consideration for the shares being bought back. However, it’s important to note that the Company cannot pay a price that exceeds the net asset value for the shares. The intention remains to retain any shares repurchased in treasury, allowing for potential future flexibility in capital management.
Brokerage Support
To facilitate these buyback transactions, the Company has appointed Numis Securities Limited, which operates as Deutsche Numis for these specific purposes. This arrangement adheres to the UKLA Listing Rules and is in line with the Company's broader authority for share repurchases.
Contact Information for Inquiries
For more detailed information regarding this transaction or other related inquiries, interested parties may reach out to:
Chris Hunt
Shareholder Relations, ICG
Contact: +44 (0) 20 3545 2020
Andrew Lewis
Company Secretary, ICG
Contact: +44 (0) 20 3545 1344
Media Enquiries:
Catherine Armstrong
Corporate Communications, ICG
Contact: +44 (0) 20 3545 1850
Frequently Asked Questions
What is the purpose of the share buyback by ICG Enterprise Trust?
The share buyback aims to enhance shareholder value by reducing the number of shares in circulation and managing capital effectively.
How many shares has ICG Enterprise Trust plc bought back?
The company has repurchased 10,000 shares, to be held as treasury shares.
What is the average price per share for the buyback?
The average price per share acquired during this buyback was 1250 pence.
Who is handling the brokerage for the share buyback?
Numis Securities Limited is the appointed broker for facilitating the share buyback transactions.
What happens to the repurchased shares?
The repurchased shares will be held in treasury, allowing ICG Enterprise Trust to leverage them for future corporate strategies or distributions.
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