ICG Enterprise Trust’s Share Buyback Initiative Explained
Understanding ICG Enterprise Trust's Recent Share Buyback
ICG Enterprise Trust plc has recently embarked on an intriguing journey with its share buyback program. This initiative is not just a mere financial maneuver; rather, it's a strategic effort aimed at strengthening the company's position in the market and enhancing shareholder value.
Details of the Buyback Transaction
On the 5th of June, the Company successfully repurchased 5,000 of its own shares, which will be designated as treasury shares. Each share was acquired at an average price of 1322 pence, marking a significant step in the Company’s approach towards managing its share capital.
Current Treasury Shares Status
As a result of this buyback, the total number of shares now held as treasury shares has increased to 191,044. This acquisition is strategically important as it allows the Company to manage its overall share structure actively. Moreover, the shares in circulation, excluding treasury shares, now amount to 63,363,148, showcasing the proactive steps ICG is taking in the market.
The Authority Behind the Buyback
The Company is operating under an authority granted by shareholders at its recent Annual General Meeting, which took place in June of the previous year. This resolution empowers the Company to repurchase up to 14.99% of its regular shares. However, the actual volume of shares repurchased will hinge upon prevailing market conditions. This authority is expected to continue until the next general meeting of shareholders, anticipated in 2025, unless revoked by the shareholders sooner.
Considerations of the Buyback
While the Company has not determined a maximum price for buying back shares, it maintains a firm policy against paying any price that exceeds the net asset value of the shares. This decision underscores the Company’s commitment to responsible financial practices. Currently, ICG intends to retain these repurchased shares in treasury, which can provide flexibility for future financial strategies.
Brokerage Support and Compliance
In handling these transactions, ICG Enterprise Trust has engaged Numis Securities Limited, operating as Deutsche Numis, as its designated broker. This partnership ensures that all buyback operations are compliant with the UK Listing Authority (UKLA) Rules and align with the Company's general authority to repurchase shares efficiently.
Engagement for Shareholders
For any inquiries, shareholders and investors can reach out to Chris Hunt and Andrew Lewis at ICG. Chris Hunt is responsible for shareholder relations and can be contacted at +44 (0) 20 3545 2020. Andrew Lewis, the Company Secretary, is also available at +44 (0) 20 3545 1344, providing a direct line for shareholder communications. Media inquiries can be directed to Clare Glynn, who oversees corporate communications at ICG, at +44 (0) 20 3545 1395.
Frequently Asked Questions
What is ICG Enterprise Trust plc's recent share buyback transaction about?
The buyback involves the repurchase of 5,000 shares at an average price of 1322 pence for treasury purposes.
How many shares does ICG Enterprise Trust hold after the buyback?
Following the buyback, ICG now holds a total of 191,044 shares as treasury shares.
Who is responsible for facilitating the share buyback?
Numis Securities Limited, trading as Deutsche Numis, is engaged as the broker for the buyback transactions.
What is the maximum percentage of shares ICG can buy back?
ICG is authorized to repurchase up to 14.99% of its ordinary shares as per the resolution passed by shareholders.
How can shareholders contact ICG for inquiries?
Shareholders can reach Chris Hunt at +44 (0) 20 3545 2020 or Andrew Lewis at +44 (0) 20 3545 1344 for any general inquiries.
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