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ICGT Icg Enterprise Trust Plc

4.00 (0.33%)
30 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Icg Enterprise Trust Plc ICGT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
4.00 0.33% 1,214.00 16:35:18
Open Price Low Price High Price Close Price Previous Close
1,212.00 1,212.00 1,236.00 1,214.00 1,210.00
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Industry Sector

Icg Enterprise ICGT Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

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Posted at 10/5/2024 15:18 by 1968jon
I understand the distinction Riverman. My point is more to a wider audience who distrust the valuations of private markets and might say "ah! you sell the good stuff at 29% premium but what of all the unsold stuff". Well it seems to me that the rump stuff should have a floor at -15% not -38%.

Don't get me wrong, I am confident in ICGT and eventually the backup in PE deals will clear and we can get back back to a high teens discount and it will hopefully compound for me at 10+% for the next ten years.
Posted at 10/5/2024 14:15 by riverman77
ICGT is realising assets at an average 29% premium. The 15% discount you mention relates to a secondary sale of some assets where they saw less upside - hopefully a one-off clear out and the majority of the portfolio can be sold at a premium. PE funds are generally quite conservative on valuations since they are not typically incentivised to mark up asset values before they are sold.

Unlike PIN and some of the others, there has been no press coverage at all of ICGT's plans - feel they need to up their game on the PR front.
Posted at 10/5/2024 13:40 by skyship
1968 - PIN finally did the right thing - though done with buybacks rather than dividends. I cursed them for not rewarding shareholders - finally they have done so.

ICGT & HVPE still less so...
Posted at 08/5/2024 12:08 by cousinit
They obviously know there is an overhang so it seems like an invitation to motivated sellers to pick up the phone.

I suspect the dividend would be nudged up if the discount closes.
Posted at 08/5/2024 12:03 by skyship
Personally feel they should raise the dividend rather than making more buybacks. The 2.7% yield too low.
Posted at 08/5/2024 10:17 by riverman77
New 'opportunistic' buyback announced alongside the existing long term buyback and dividends. Detail is somewhat buried in the report - you'd think they'd want to publicise this a bit more. New buyback is up to £25m, which appears to be in addition to the existing buyback (last year £13m) and the 33p dividend. If you add all this up it could equate to a 7.5% shareholder return at current share price.

Nav returns slightly soft over last year but seems to be a combination of fx, 50% fall in Chewy share price (now only 1.4% of portfolio) and the sale of some older underperforming assets at 15% discount. Underlying portfolio seems to be performing well with 14% EBITDA growth.

Overall think looks pretty good value on a 38% discount, having lagged some its peers recently. They're realising assets at a 29% premium to book value, so on that basis looks very cheap.
Posted at 08/5/2024 08:05 by spangle93
Results RNS - unusual formatting

Link to Results page of ICG website, for presentation slide or webcast at 10am
Posted at 04/3/2024 09:27 by donald pond
There's a useful Quoted Data puff piece on CHRY worth starting at. I find ICGT and HVPE a little frustrating (HVPE in particular) as they are so diversified that there's little point digging into the underlying assets. Which makes the discounts even more baffling when most markets are not only as all time highs but breaking out. I suppose PE valuations didn't go stratospheric in 21 (most HVPE realisations were at a 100% premium to carry value) or crash in 22, but surely they should be recovering sharply now
Posted at 02/3/2024 20:56 by apple53
Sky- you are even worse than me. I WOULD take 3% on HVPE (and have taken less when I needed the cash), but on ICGT with STAMP!
I also sold APEO early, average 513p. Most of it went into OCI at 443 average, and a bit into CORD (along with some PIN proceeds) which I flipped already to buy (more) ONT at 135. I am sure I will regret the latter. PEIT can be volatile but ultimately you feel so much surer of medium term value than in 'growth' stocks like ONT.

Thanks for the buyback discussion Acol and Cousin. I take the points - ie 1) they did as much volume in one day as in the 27 transactions mentioned in the Q3 report for end October; and 2) yes they took the 22p hit to NAV to raise valuable cash upfront, and 3) given price performance since, they may indeed have cleared the overhang. The sacrificial sale ultimately meant that in local currency, they were down more than 1% in Q3 restated, saved by 3% currency benefit from a 5.5% fall in cable. It did mean we have an example of a PE firm selling BELOW carrying value. Hmmm.

July to October saw a 10% fall in world MSCI, so serious headwinds, even for conservative accountants. My real time estimate of ICGT's NAV is 2075, with the biggest factor being 45% of world MSCI's increase, partially offset by sterling strength. End Jan MSCI was almost 5% lower than now (though up 16% since October), so I guess I'm thinking around 2020 for end Jan. On the one hand I hate to think how much of World MSCI is driven by META and NVDA, and therefore that accountants will be cautious marking up PE portfolios. On the other hand I'm not building in much for real organic growth, which they normally achieve in spades. I own some ICGT but not enough. If HVPE went up £2 I would switch some. If it's still languishing round here, it has to be worth owning it for Q4 results.

If anyone has done any work on their actual holdings and their likely correlation (or lack thereof) with S&P, NASDAQ etc........
Posted at 23/2/2024 13:55 by skyship
Sold my APEO too early on into the recent rise; but a good turn nevertheless as it hit target pretty rapidly.

Want to be back into another PE trust. Looked at HVPE due to the large discount; but hate management as they won't pay a dividend in a poorly disguised desire not to reduce their fees.

So, back into ICGT at 1190 versus the Oct'23 NAV of 1959. Discount at c39%; but likely higher as the Jan'24 NAV should be North of 2000p. Hate paying the 0.5% SD! I feel it shouldn't apply in a tax-free SIPP.

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