India Capital Growth issues share buyback programme of up to £5m

investmentweek.co.uk:

The programme will take place from today until 29 December 2023, unless ICG decides to terminate the scheme earlier, the trust said.

It will purchase ordinary shares for 1 penny each, up to a maximum aggregate purchase price of £5m.

The trust has entered into an agreement with its broker, Shore Capital Stockbrokers, setting out that the broker will make the trading decisions around the timing of the purchases, independently from and without the influence of the trust.

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The programme will take place from today until 29 December 2023, unless ICG decides to terminate the scheme earlier, it said.

Under the authority granted to the trust by shareholders at its annual general meeting in June 2023, ICG can only purchase up to 14,417,696 shares.

The trust said: «Any market purchase of shares pursuant to the programme on any dealing day could represent a significant proportion of the daily trading volume in the shares on the main market of the London Stock Exchange and could exceed 25% of the average daily trading volume. Shares acquired as a result of the programme will be held by the company in treasury and will not have any voting rights.»

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