RECI Real Estate Credit Investments Limited

Hardman & Co Research on ICG Enterprise Trust plc:

Unique approach to capital allocation

In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024 note FY’24: portfolio companies performing strongly). We have in previous notes highlighted how ICGT’s defensive growth strategy in practice differentiates itself from peers (see Appendix 1) and the capital allocation policy is also a differentiator. ICGT’s approach rewards investors with immediate income through a progressive dividend, long-term compounding capital growth through new PE investments, ongoing NAV accretion through a long-term buyback programme and further NAV accretion with an opportunistic buyback programme when the discount is high.

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