ICG Enterprise Trust Buys Back 415,000 Shares at 1183p Each

ICG Enterprise Trust plc has purchased 415,000 of its own shares at an average price of 1183 pence per share. The shares will be held as treasury shares, bringing the total number of treasury shares to 6,798,133.

author-image
Trim Correspondents
New Update
ICG Enterprise Trust Buys Back 415,000 Shares at 1183p Each

ICG Enterprise Trust Buys Back 415,000 Shares at 1183p Each

ICG Enterprise Trust plc (the "Company") announced on May 13, 2024, that it has purchased 415,000 of its own shares at an average price of 1183 pence per share. The shares will be held as treasury shares following the settlement of this purchase, bringing the total number of treasury shares to 6,798,133.

Why this matters: This move by ICG Enterprise Trust demonstrates the company's confidence in its long-term prospects and its ability to navigate the current economic landscape. As a result, it could have a positive impact on investor sentiment and influence the company's future growth trajectory.

The buyback was conducted under the shareholder authority granted to the Company at its Annual General Meeting in June 2023. This authority allows the Company to repurchase up to 14.99% of its ordinary shares. The actual number of shares repurchased will depend on market conditions, and the authority will remain in effect until the next shareholder authority is granted, expected at the 2024 Annual General Meeting, or until expressly revoked by shareholders.

Following the settlement of this purchase, the total shares in issue, excluding treasury shares, stands at 66,114,867. While there is no maximum consideration payable determined by the Company for the buyback, it is unable to pay a price for any shares that would equate to a premium to the net asset value. The Company intends to hold any shares bought back in treasury.

Numis Securities Limited, trading as Deutsche Numis, has been appointed as the Company's broker for its buyback transactions. This appointment is in accordance with the UKLA Listing Rules and the Company's general authority to repurchase shares.

For further information, analyst and investor enquiries should be directed to Chris Hunt, Shareholder Relations at ICG, at +44 (0) 20 3545 2020, or Andrew Lewis, Company Secretary at ICG, at +44 (0) 20 3545 1344. Media enquiries can be addressed to Catherine Armstrong, Corporate Communications at ICG, at +44 (0) 20 3545 1850.

The share buyback by ICG Enterprise Trust reflects the Company's commitment to managing its capital efficiently and enhancing shareholder value. By repurchasing its own shares at the current market price, the Company signals its confidence in its long-term prospects and its belief that the shares are undervalued. The buyback also provides liquidity to the market and supports the share price. As the Company navigates the evolving economic landscape, this strategic move positions it to capitalize on future growth opportunities while maintaining a strong financial foundation.

Key Takeaways

  • ICG Enterprise Trust buys back 415,000 shares at 1183p each.
  • Total treasury shares now stand at 6,798,133.
  • Buyback demonstrates company's confidence in long-term prospects.
  • Authority to repurchase up to 14.99% of ordinary shares remains.
  • Move aims to enhance shareholder value and support share price.