ICG Enterprise Trust, a prominent UK-listed investment company, has unveiled plans to repurchase up to 15,280,825 ordinary shares, equivalent to approximately 5.26% of its issued share capital, at an aggregate market value not exceeding £316 million. The programme, disclosed on 19 February 2026, is a direct follow-through on the strategic partnership with Amundi announced on 18 November 2025.

Programme Details and Timeline

The share buyback will commence on 26 February 2026 and run until 30 June 2027, or earlier if shareholder authorities expire without renewal. Repurchased shares will initially be held as treasury shares before cancellation in bi-annual tranches, reducing the company's issued ordinary share capital.

To support the buyback, ICG has engaged Merrill Lynch International (BofA Securities) to execute purchases on the London Stock Exchange and other venues. Transactions will adhere to Market Abuse Regulation parameters, with the maximum price per share set at the higher of 105% of the five-day average middle market quotation or the prevailing independent trade/bid price.

Link to Amundi Partnership

The buyback serves as a precondition for issuing an equivalent number of new non-voting shares to Amundi. These unlisted shares, with a nominal value of £0.2625 each, will be allotted in tranches matching the repurchases, facilitating the partnership's terms without diluting voting control.

The programme relies on existing shareholder authority from the 2025 AGM, expiring by 30 September 2026 or the next AGM. ICG plans to seek renewal at its 2026 AGM to ensure continuity.

Strategic Implications

William Rucker, Chair of ICG, highlighted the move as part of broader capital management efforts. The announcement also coincides with the appointment of a new non-executive director, though specifics were not detailed beyond compliance with UK Listing Rules.

This development signals strong shareholder returns focus amid favourable market conditions, potentially boosting investor sentiment in the private capital sector. ICG will provide periodic disclosures on repurchases during the programme's duration.