ICG Enterprise Trust PLC - London-based investor in North America and Europe buyouts - Announces sale of eight mature primary fund investments for net cash proceeds of £62 million. Says it executed the sale with ‘significant buyer interest’ and at a 5.5% discount to their valuation at September 30, realising a return of 1.6 times invested cost and releasing undrawn commitments of £10 million. The company has received the proceeds and will deploy them ‘into opportunities in line with ICGT’s investment objectives and capital allocation policy’.
Portfolio Managers Oliver Gardey and Colm Walsh said: ‘This is the fourth time in the last five years that ICGT has executed a secondary sale of mature fund investments, as part of our active approach to managing our portfolio and our focus on maximising shareholder returns. These eight primary fund investments, with vintage years ranging from 2014 to 2020, delivered good returns in aggregate for ICGT but we believe have limited future potential relative to other opportunities. This sale allows ICGT to take advantage of a strong pricing environment and enables us to redeploy this capital into opportunities that we believe will generate additional long-term value for our shareholders.’
Current stock price: 1,253.96 pence, up 0.2% in London on Wednesday
12-month change: up 5.2%
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