ICG Enterprise Trust Plc: Portfolio liquidity events

26 November 2020
ICG ENTERPRISE TRUST PLC
Portfolio liquidity events

ICG Enterprise Trust is pleased to announce that following the recent IPO of Telos Corporation (“Telos”) on NASDAQ that its investment in private securities of Telos has been converted to publicly tradable stock, generating a significant uplift to ICG Enterprise Trust’s net asset value. Telos is a US-based provider of cyber, cloud and enterprise security services. ICG Enterprise Trust originally invested directly in private securities of the company in 1998.

At the closing valuation of Telos (NASDAQ:TLS) on 25 November 2020 of $20.06 per share, ICG Enterprise Trust estimates that the resulting uplift relative to its 31 July 2020 net asset value would be 3.0%, or 33.8p per share.

ICG Enterprise Trust is also pleased to announce that Graphite Capital has reached an agreement to sell City & County Healthcare Group, a provider of home care services in the UK. This company was ICG Enterprise Trust’s 8^th largest investment at 31 July 2020, representing 2% of total portfolio value. The financial terms of the transaction have not been disclosed. ICG Enterprise Trust estimates that the uplift arising from this disposal relative to its 31 July 2020 net asset value represents an increase of 0.3%, or 3.5p per share. The transaction is subject to customary closing conditions, with proceeds expected to be received by the end of this calendar year.

These two transactions would collectively result in a combined uplift to the 31 July 2020 net asset value of ICG Enterprise Trust of 3.3%, or 37.3p per share.

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