ICG Enterprise Trust plc (ICGT) has announced the buyback of 10,000 of its own ordinary shares on 6 November 2026 at an average price of 1,388 pence per share, to be held as treasury shares. The transaction forms part of the company's ongoing long-term buyback programme, authorised by shareholders at the Annual General Meeting in June 2026. Following settlement, the total number of shares in issue excluding treasury shares stands at 59,861,692, a detail investors tracking the company's capital structure will note closely.

Key Points

  • ICG Enterprise Trust plc (ICGT)
  • The company repurchased 10,000 of its own shares on 6 November 2026 at an average price of 1,388 pence per share, to be held in treasury
  • Treasury shares following settlement total 3,692,500; shares in issue excluding treasury shares total 59,861,692
  • Investors should watch the pace of further buybacks relative to the 14.99% shareholder authority, which runs until the 2027 AGM

ICGT's Shareholder-Approved Authority Permits Repurchase of Up to 14.99% of Ordinary Shares

The buyback authority under which this transaction was conducted was granted by shareholders at ICG Enterprise Trust's Annual General Meeting in June 2026. That authority permits the company to repurchase a maximum of 14.99% of its ordinary shares and remains in force until a new authority is granted — expected at the Annual General Meeting in 2027 — or until expressly revoked by shareholders. The announcement confirms that no maximum total consideration has been determined, and the actual number of shares repurchased will depend on prevailing market conditions, introducing a degree of flexibility into the programme's execution.

Net Asset Value Cap Restricts the Price ICGT May Pay in Any Buyback Transaction

A notable constraint disclosed in the announcement is that ICG Enterprise Trust is prohibited from paying a price for any repurchased shares that would equate to a premium to net asset value. This restriction is a standard discipline applied by investment trusts operating buyback programmes, and it serves to protect remaining shareholders from value dilution. The company has stated its current intention to hold all shares bought back in treasury rather than cancelling them, preserving the option to reissue those shares in future should market or strategic conditions make that appropriate.

Deutsche Numis Acts as Broker for ICGT's Ongoing Share Repurchase Transactions

ICG Enterprise Trust has instructed Numis Securities Limited, trading for these purposes as Deutsche Numis, as its broker to execute buyback transactions. The announcement confirms this arrangement is conducted in accordance with UKLA Listing Rules and the company's general authority to repurchase shares. Deutsche Numis's role provides a regulated framework for the execution of purchases under the programme. ICG Enterprise Trust is a listed private equity investment trust managed by Intermediate Capital Group, investing primarily in private equity funds and direct co-investments across Europe and North America.