ICG Enterprise Trust Plc: Portfolio Update

ICG Enterprise Trust plc

8 February 2021

Portfolio Update

Realisation of Telos generates estimated 29.5p per share uplift in NAV

ICG Enterprise Trust (“ICGT”) is pleased to announce that it has realised its holding in Telos Corporation (“Telos”), generating net cash proceeds to ICGT of c. £40m.

ICGT estimates that the uplift from this realisation relative to ICGT’s net asset value at 31 October 2020 is c. 2.4%, or 29.5p per share.

At ICGT’s Q3 results for the period ended 31 October 2020 (announced on 4 February 2021), Telos was ICGT’s 4th largest underlying investment and represented c. 2.9% of ICGT’s Portfolio Value.  The investment was realised at a c. 33x multiple of initial cost.

Oliver Gardey, Head of Private Equity Fund Investments at ICG, commented:

“Since the IPO of Telos in November 2020 we have been actively considering options to maximise the risk-adjusted return to our shareholders.

“This transaction crystallises a significant value uplift and provides ICG Enterprise Trust with substantial additional liquidity to take advantage of our growing pipeline of investment opportunities.”

Enquiries

Analyst / Investor enquiries:                                                                                              +44 (0) 20 3545 2000

Oliver Gardey, Head of Private Equity Fund Investments, ICG    

Colm Walsh, Managing Director, ICG                                         

James Caddy, Investor Relations, ICG                                                               

Media:

Fiona Laffan, Global Head of Corporate Affairs, ICG                                                        +44 (0) 20 3545 1510

Ed Gascoigne Pees, Eddie Livingstone-Learmonth, Camarco                                          +44 (0) 20 3757 4993

Disclaimer

This report may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.