Please carefully review the following information and respond to the questions below.
The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on Hardman and Co (the “Company”) or its affiliates or agents. Equity securities in the ICG Enterprise Trust have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in ICG Enterprise Trust referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.
The promotion of ICG Enterprise Trust and the distribution of the materials contained in the report in the United Kingdom are restricted by law. Accordingly, it should only be accessed by, and are directed only at:
The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.
Your reading of this report is governed by the above terms. The Company may change these terms. The changes will be posted on the website. Your access to our website is governed by the version of these terms then in force.
Should you continue reading this report, you represent, warrant and agree that you (1) have read and understood these terms and the other information set out above, (2) agree to be bound by the terms, (3) do not have a registered address in, and are not resident or located in, an Excluded Jurisdiction (or, if you do, you will not seek to make any investment in the securities of the ICG Enterprise Trust), (4) are not a U.S. Person or a national, resident or citizen of an Excluded Jurisdiction (or, if you are, you will not seek to make any investment in the securities of ICG Enterprise Trust, (5) are permitted under applicable laws and regulations to receive the information contained in the pages that follow, and (6) agree that you will not transmit or otherwise send any information contained in this website to any person in the United States or to any U.S. Person for the purpose of that person considering an investment in the securities of ICG Enterprise Trust, or to any publication with a general circulation in the United States.
We reviewed the latest results in our note, 3Q’23: continued growth and resilience. ICGT reported another strong quarter, with an NAV per share total return of 3.6% in 3Q’22, and a portfolio return of 13.8% (local currency) for the past 12 months. Total proceeds and new investments for the quarter were strong, at £63m and £60m, respectively. Net investment continues, capitalising on attractive opportunities. ICGT saw an average 33% exit uplift. It has a progressive dividend policy, is doing share buybacks and has a reduced management fee. ICGT’s investee companies offer good risk-adjusted returns and defensive characteristics, giving investors both growth and resilience. We expect similar trends in the next results.
If you'd like to be introduced to the team at ICG Enterprise Trust, get in touch.Request a meeting