REG-Quarterly Update for the Quarter to 30 April 2017 <Origin Href="QuoteRef">ICGT.L</Origin>
13/06/2017 12:55
For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20170613:nGNE17wRdq
13 June 2017
ICG Enterprise Trust Plc
Quarterly Update
For the quarter to 30 April 2017
Highlights
* Share price Total Return(1) of 5.7% for the quarter and 39.9% for the 12
months to 30 April 2017
* Net asset value per share Total Return(1 )of 0.6% for the quarter and 19.9%
for the 12 months
* The Portfolio(1) is valued at £541.1m at 30 April 2017 with underlying
growth for the quarter of 2.3%
* Strong realisations of £76.1m outstripped £17.6m of new investments in the
quarter. In the last 12 months realisations and new investments are broadly
in balance at £132.3m and £128.5m respectively
* The Company continued to deliver on a key strategic objective to broaden its
geographic diversification: UK exposure at 37.6% is down from 45.1% in the 15
months since the change of manager and US exposure of 24.0% is up from 14.1%
over the same period.
* The performance(2) of the Company remains strong over the short, medium and
long term, with the share price outperforming the FTSE All-Share Index over
one, three, five and ten years
* As previously announced, and in line with ongoing succession plans being
implemented by the Board, Jeremy Tigue is proposed to take over as Chairman at
the AGM later today
Performance to 30 April 2017 1 year 3 year 5 year 10* year
Net asset value per share 19.9% 36.7% 63.6% 112.4%
Share price 39.9% 40.6% 102.3% 112.0%
FTSE All-Share Index 20.1% 21.8% 58.6% 73.0%
* As the Company changed its year end in 2010, the ten year figures are for the 121 month period to 30 April 2017.
Footnote
1. Included in this Quarterly Update are Alternative Performance Measures
("APMs"). APMs have been used if considered by the Board and the Manager to be
the most relevant basis for shareholders in assessing the overall performance
of the Company, and for comparing the performance of the Company to its peers
and its previously reported results. The Glossary includes further details of
APMs and reconciliations to IFRS measures, where appropriate. The rationale
for the APMs was discussed in detail in the Manager's Review of the 31 January
2017 Annual Report and Accounts. The Glossary includes a reconciliation of the
Portfolio to the most relevant IFRS measure.
2. All performance figures are on a total return basis, including the effect
of re-invested dividends.
Performance overview
In the quarter to 30 April 2017 the share price increased by 5.7% to 738.0p
and the net asset value increased by 0.6% to 876.0p. The FTSE All-Share
Index was up 4.0% in the same period.
In the last twelve months the Net asset value per share Total Return is 19.9%
and Share price Total Return is 39.9% compared with a 20.1% return from the
FTSE All-Share Index.
The 30 April 2017 share price implies a discount to the net asset value per
share of 15.7%, down from 19.8% at 31 January 2017.
The Portfolio(1) is valued at £541.1m at 30 April 2017 with underlying growth
for the quarter of 2.3% partially offset by adverse currency movements of
1.4%.
Activity in the quarter to 30 April 2017
Investment activity
Realisations
The Portfolio generated £76.1m of proceeds in the three months to 30 April.
18 full realisations were completed during the quarter at an average total
return of 2.8 times cost and an average uplift of 38% to the prior carrying
value.
The largest realisation during the quarter was the completion of the
previously announced disposal by Graphite Capital of Micheldever, a
distributor and retailer of tyres. This was the largest underlying investment
in the Portfolio as at 31 January 2017 and the realisation generated proceeds
of £35.9m representing a 3.7 times cost.
New Investments
New investment activity in the quarter totalled £17.6m, comprising fund
drawdowns of £9.3m and secondary purchases of £8.3m.
During the quarter to 30 April 2017 two new commitments were made to third
party funds, Oak Hill IV ($15.0m) and Hg Capital 8 (£5.5m). An additional
primary commitment was also made to an in-house fund, ICG Strategic
Secondaries Fund II, with the $10.0m increase in the quarter bringing the
total commitment to this fund to $35.0m.
Three secondary purchases were made during the quarter: Oak Hill III (£4.8m),
Oak Hill II (£0.6m) and ICG Recovery 2008B (£1.2m drawn out of a total
commitment of £10.4m)
The Oak Hill primary and secondary transactions, as well as the ICG Strategic
Secondaries fund continue to increase the Company's exposure to private equity
investments in the US. This is in line with the Company's objective of
increasing US exposure to 30-40%.
Cash and liquid assets(1)
Cash and liquid assets increased by £50.3m to £88.9m mainly as a result of
the high level of realisations of the Portfolio in the three months to 30
April 2017. Non-investment cash flows and currency movements decreased cash by
£3.0m. The Company also bought back 740,000 shares for £5.2m.
Movement in liquid assets 3 months to
£m 30 April 2017
Additions (17.6)
Cash proceeds generated by the portfolio (including income) 76.1
Net cash generated by the investment portfolio 58.5
Non-investment cash flows (2.7)
Effect of changes in foreign exchange rates (0.3)
Cash inflow before shareholder distributions 55.5
Share buy-backs settled in the period (5.2)
Net cash movement 50.3
Opening cash and liquid assets 38.6
Closing cash and liquid assets 88.9
Footnote
1. All balance sheet data is presented on a look-through basis to the
investment portfolio held by the Company, which is consistent with the
commentary in previous annual and interim reports.
Balance sheet
The summary balance sheet and commitment position at 30 April 2017 is set out
below.
30 April 2017 % of net assets 31 January 2017 % of total assets
£m £m
Total portfolio 541.1 88.7% 594.4 97.0%
Cash and liquid assets 88.9 14.6% 38.6 6.3%
Other net current (liabilities)/assets (20.3) (3.3%) (20.3) (3.3)%
Net assets 609.7 100.0% 612.7 100.0%
30 April 2017 31 January 2017
£m £m
Cash and liquid assets 88.9 38.6
Undrawn bank facility 101.9 103.0
Total liquidity 190.8 141.6
Outstanding commitments 320.6 300.3
Less: Total liquidity (190.8) (141.6)
Over-commitment 129.8 158.7
Overcommitment as % of net assets 21.3% 25.9%
Enquiries
Analyst / Investor enquiries:
Emma Osborne, Portfolio Manager,
ICG
+44 (0) 20 3201 1302
Mark Crowther, Investor Relations, ICG
+44 (0) 20 3201 7842
Nicola Edgar, Finance,
ICG
+44 (0) 20 3201 7791
Disclaimer
This Quarterly Update 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.
This Quarterly Update contains information which, prior to this announcement
was insider information.
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which ICG Enterprise had the
largest investments by value at 30 April 2017. These investments may be held
directly or through funds, or in some cases in both ways. The valuations are
gross and are shown as a percentage of the total investment Portfolio.
Company Manager Year of investment Country Value as a % of Portfolio
1 City & County Healthcare Group
Provider of home care services Graphite Capital 2013 UK 3.1%
2 Froneri+ ^
Manufacturer and distributor of ice cream products PAI Partners 2013 UK 2.3%
3 Education Personnel+
Provider of temporary staff for the education sector ICG 2014 UK 2.3%
4 nGAGE
Provider of recruitment services Graphite Capital 2014 UK 2.3%
5 Standard Brands+
Manufacturer of fire lighting products Graphite Capital 2001 UK 2.2%
6 PetSmart+
Retailer of pet products and services BC Partners 2015 USA 2.1%
7 Frontier Medical+
Manufacturer of medical devices Kester Capital 2013 UK 1.9%
8 Gerflor
Manufacturer of vinyl flooring ICG 2011 France 1.8%
9 Skillsoft+
Provider of off the shelf e-learning content Charterhouse 2014 USA 1.8%
10 David Lloyd Leisure+
Operator of premium health clubs TDR Capital 2013 UK 1.8%
11 System One+
Provider of specialty workforce solutions Thomas H Lee Partners 2016 USA 1.6%
12 Visma+
Provider of business services Cinven 2014 Norway 1.5%
13 TMF^
Provider of management and accounting outsourcing services Doughty Hanson 2008 Netherlands 1.5%
14 The Laine Pub Company+
Operator of pubs and bars Graphite Capital 2014 UK 1.5%
15 Roompot+
Operator and developer of holiday parks PAI Partners 2016 Netherlands 1.4%
16 Beck & Pollitzer
Provider of industrial machinery installation and relocation Graphite Capital 2016 UK 1.4%
17 CPA Global+
Provider of patent and legal services Cinven 2012 UK 1.3%
18 Algeco Scotsman
Supplier and operator of modular buildings TDR Capital 2007 USA 1.3%
19 Cambium
Provider of educational solutions and services ICG 2016 USA 1.3%
20 New World Trading Company
Operator of distinctive pub restaurants Graphite Capital 2016 UK 1.2%
21 Formel D
Provider of out-sourced services to the automotive industry Deustche Beteiligungs 2013 Germany 1.2%
22 U-POL^
Manufacturer and distributor of automotive refinishing products Graphite Capital 2010 UK 1.1%
23 Swiss Education+
Provider of hospitality training Invision Capital 2015 Switzerland 1.0%
24 ProXES
Manufacturer of food processing machinery Deustche Beteiligungs 2013 Germany 1.0%
25 Ceridian+
Provider of payment processing services Thomas H Lee Partners 2007 USA 1.0%
26 Cognito+
Supplier of communications equipment, software & services Graphite Capital 2002 UK 1.0%
27 Aero Technics Group
Provider of civil aircraft maintenance Graphite Capital 2015 UK 0.7%
28 Parques Reunidos
Operator of attraction parks Arle Capital 2007 Spain 0.7%
29 ICR Group^
Provider of repair and maintenance services to the energy industry Graphite Capital 2014 UK 0.7%
30 Infobase Publishing
Provider of educational solutions ICG 2016 USA 0.7%
Total of the 30 largest underlying investments 44.7%
+ All or part of this investment is held directly as a co-investment or other direct investment.
^ All or part of this investment was acquired as part of a secondary purchase.
The 30 largest fund investments
The 30 largest funds by value at 30 April 2017 are:
Fund Year of commitment Country/ region Value £m Outstanding commitment £m
1 Graphite Capital Partners VIII *
Mid-market buy-outs 2013 UK 51.2 39.8
2 BC European Capital IX **
Large buy-outs 2011 Europe 21.7 1.9
3 CVC European Equity Partners V **
Large buy-outs 2008 Europe/USA 16.1 1.2
4 Deutsche Beteiligungs Fund V
Mid-market buy-outs 2006 Germany 14.6 0.2
5 Fifth Cinven Fund
Large buy-outs 2012 Europe 14.6 1.2
6 Thomas H Lee Parallel Fund VI
Large buy-outs 2007 USA 14.5 1.1
7 Graphite Capital Partners VII * / **
Mid-market buy-outs 2007 UK 13.6 4.7
8 ICG Velocity Partners Co-Investor **
Mid-market buyouts 2016 USA 10.7 2.2
9 CVC European Equity Partners VI
Large buy-outs 2013 Global 10.3 7.5
10 TDR Capital II
Mid-market and large buy-outs 2006 Europe 10.0 0.8
11 Doughty Hanson & Co V **
Mid-market and large buy-outs 2006 Europe 10.0 6.4
12 Graphite Capital Partners VI **
Mid-market buy-outs 2003 UK 10.0 2.1
13 ICG Europe VI **
Mezzanine and equity in mid-market buyouts 2015 Europe 9.8 11.5
14 Bowmark Capital Partners IV
Mid-market buy-outs 2007 UK 9.3 -
15 TDR Capital III
Mid-market and large buy-outs 2013 Europe 9.3 2.9
16 Permira V
Large buy-outs 2013 Europe 8.9 1.1
17 IK VII
Mid-market buy-outs 2013 Europe 8.7 0.5
18 Deutsche Beteiligungs Fund VI
Mid-market buy-outs 2012 Germany 8.6 1.0
19 ICG Europe V **
Mezzanine and equity in mid-market buyouts 2012 Europe 8.5 1.2
20 Hollyport Secondary Opportunities V
Tail-end secondary portfolios 2015 Global 8.3 2.3
21 Thomas H Lee Equity Fund VII
Large buy-outs 2015 USA 8.1 9.5
22 ICG European Fund 2006 B
Mezzanine 2014 Europe 6.9 2.0
23 Activa Capital Fund II
Mid-market buy-outs 2007 France 6.8 1.5
24 PAI Europe VI
Mid-market and large buy-outs 2013 Europe 6.8 10.2
25 Nordic Capital Partners VIII
Mid-market and large buy-outs 2013 Nordic 6.7 3.0
26 ICG Strategic Secondaries Fund II
Secondary fund restructurings 2016 North America 6.7 21.3
27 Egeria Private Equity Fund IV
Mid-market buy-outs 2012 Europe 5.8 3.1
28 PAI Europe V **
Mid-market and large buy-outs 2007 Europe 5.5 1.0
29 One Equity Partners VI
Mid-market buy-outs 2016 USA/Western Europe 5.3 6.8
30 Activa Capital Fund III
Mid-market buy-outs 2013 France 5.2 6.8
Total of the largest 30 fund investments 332.5 154.8
Percentage of total investment Portfolio 61.4%
* Includes the associated Top Up funds.
** All or part of an interest acquired through a secondary fund purchase.
Portfolio analysis
Closing Portfolio by value at 30 April 2017
Third party £m Graphite Capital £m ICG £m Total £m % of investment Portfolio
Primary investments in funds 250.4 69.1 22.3 341.8 63.2%
Secondary investments in funds 42.1 5.6 24.4 72.1 13.3%
Direct and co-investments 85.2 30.4 11.6 127.2 23.5%
Total Portfolio 377.7 105.1 58.3 541.1 100.0%
% of Portfolio 69.8% 19.4% 10.8% 100.0%
Undrawn commitments 217.6 46.7 56.3 320.6
Total exposure 595.3 151.8 114.6 861.7
% exposure 69.1% 17.6% 13.3% 100.0%
Portfolio by investment type % of value of underlying investments
Large buyouts 36.6%
Mid-market buyouts 54.0%
Small buyouts 9.4%
Total 100.0%
Portfolio by geographic distribution based on location of company headquarters % of value of underlying investments
UK 37.6%
North America 24.0%
Germany 11.1%
France 7.8%
Benelux 6.3%
Scandinavia 5.9%
Spain 1.8%
Italy 1.7%
Other Europe 2.4%
Rest of world 1.4%
Total 100.0%
Total Continental Europe 37.0 %
Portfolio by calendar year of investment % of value of underlying investments
2017 1.7%
2016 21.3%
2015 13.8%
2014 20.9%
2013 17.3%
2012 5.4%
2011 4.1%
2010 3.6%
2009 1.4%
2008 3.0%
2007 3.9%
2006 and before 3.6%
Total 100.0%
Portfolio by sector % of value of underlying investments
Business services 19.8%
Healthcare and education 18.5%
Consumer goods and services 17.3%
Industrials 15.0%
Leisure 12.8%
Financials 5.9%
Technology and telecommunications 4.4%
Media 2.8%
Automotive supplies 2.3%
Chemicals 1.2%
Total 100.0%
Investment activity
Largest new underlying investments
Cost*
Investment Description Manager Country £m
Ten Entertainment Group PLC Operator of indoor bowling centres Harwood UK 1.1
Intervias Operator of petrol station forecourts TDR Capital UK 0.9
Imagine Provider of in-store marketing solutions Oak Hill USA 0.8
Berlin Packaging Supplier of rigid packaging products and value-added services Oak Hill USA 0.8
Professional Physical Therapy Provider of outpatient physical therapy services Thomas H Lee Partners USA 0.7
CSafe Provider of cold chain packaging solutions to airlines, freight forwarders Thomas H Lee Partners USA 0.7
OH Aircraft Provider of leasing platform for aircrafts Oak Hill USA 0.7
Art Van Retailer of furniture Thomas H Lee Partners USA 0.7
Allegro Operator of online marketplace and price comparison website Permira Poland 0.7
FirstLight Fiber Provider of fibre-optic bandwith infrastructure services Oak Hill USA 0.7
Total of 10 largest new underlying investments 7.8
* Cost of investment is calculated as the Company's share of the fund's cost of investment
Largest underlying realisations
Investment Manager Year of investment Realisation type Proceeds £m
Micheldever Graphite Capital 2006 Trade 35.9
Quironsalud CVC 2011 Trade 4.9
Xella PAI Partners 2008 Secondary 3.5
Cerba PAI Partners 2010 Secondary 3.5
Findis Activa 2011 Secondary 3.3
Autodata Bowmark 2014 Trade 2.9
Host Europe Group Cinven 2013 Trade 2.5
Alix Partners CVC 2012 Secondary 1.5
Gaz Europeen Activa 2013 Trade 1.4
Formula One Group CVC 2006 Trade 1.4
Total of 10 largest underlying realisations 60.8
Commitments analysis
The following tables analyse commitments at 30 April 2017. Original
commitments are translated at 30 April 2017 exchange rates.
Original commitment £m Outstanding commitment £m Average drawdown percentage % of total outstanding commitments
Investment period not commenced 5.5 5.5 0.0% 1.7%
Funds in investment period 444.1 258.3 41.8% 80.6%
Funds post investment period 658.9 56.8 91.4% 17.7%
1,108.5 320.6 71.1% 100.0%
Remaining investment period of commitments % of commitments
Investment period not commenced 1.7%
> 5 years 8.8%
4-5 years 16.0%
3-4 years 13.0%
2-3 years 19.4%
1-2 years 20.9%
<1 year 2.5%
Investment period complete 17.7%
Total 100.0%
Movement in outstanding commitments in the quarter £m
As at 31 January 2017 300.3
New commitments 35.0
Drawdowns (9.3)
Currency and other movements (5.4)
As at 30 April 2017 320.6
New commitments in the quarter to 30 April 2017
Fund Strategy Geography £m
Primary commitments
Oak Hill IV Mid-market buyouts USA 12.0
ICG Strategic Secondaries II Secondary fund restructurings USA 7.9
Hg Capital 8 Mid-market buyouts Europe 5.5
Total primary commitments 25.4
Commitments relating to secondary purchases 9.6
Total new commitments 35.0
Currency Exposure
30 April 30 April 31 January 31 January
2017 2017 2017 2017
£m % £m %
Portfolio*
- Sterling 230.3 42.7% 269.1 45.3%
- Euro 140.5 26.0% 156.5 26.3%
- US dollar 116.7 21.6% 115.4 19.4%
- Other European 41.5 7.7% 41.5 7.0%
- Other 12.1 2.0% 11.8 2.0%
Total 541.1 100.0% 594.3 100.0%
*Currency exposure is calculated by reference to the location of the underlying Portfolio companies' headquarters.
Outstanding commitment currency exposure
30 April 30 April 31 January 31 January
2017 2017 2017 2017
£m % £m %
Outstanding commitments
- Sterling 82.3 25.7% 77.5 25.8%
- Euro 161.8 50.5% 166.2 55.4%
- US dollar 74.5 23.2% 54.5 18.1%
- Other European 2.0 0.6% 2.1 0.7%
Total 320.6 100.0% 300.3 100.0%
Glossary
Alternative Performance Measures ("APMs") are a term defined by the European
Securities and Markets Authority as "financial measures of historical or
future performance, financial position, or cash flows, other than a financial
measure defined or specified in the applicable financial reporting framework".
APMs are used in this report if considered by the Board and the Manager to be
the most relevant basis for shareholders in assessing the overall performance
of the Company and for comparing the performance of the Company to its peers,
taking into account industry practice. Definitions and reconciliations to IFRS
measures are provided in the main body of the report or in this Glossary,
where appropriate.
Co-investment incentive scheme accrual represents the estimated value of
interests in the co-investment incentive scheme operated by the Company. At
both 30 April 2017 and 31 January 2017, the accrual was estimated as the
theoretical value of the interests if the Portfolio had been sold at its
carrying value at those dates.
Drawdowns are amounts invested by the Company into funds when called by
underlying managers in respect of an existing commitment.
EBITDA stands for earnings before interest, tax, depreciation and
amortisation, which is a widely used valuation measure in the private equity
industry.
Enterprise value is the aggregate value of a company's entire issued share
capital and net debt.
FTSE All-Share Index Total return is the change in the level of the FTSE
All-Share Index, assuming that dividends are re-invested on the day that they
are paid.
Full realisations are exit events (e.g. trade sale, sale by public offering,
or sale to a financial buyer) following which the residual exposure to an
underlying company is zero or immaterial.
Funds in investment period are those funds which are able to make new
investments under the terms of their fund agreements, usually up to five years
after the initial commitment.
Net asset value per share Total Return is the change in the Company's net
asset value per share, assuming that dividends are re-invested at the end of
the quarter in which the dividend was paid.
Net debt is calculated as the total short term and long term debt in a
business, less cash and cash equivalents.
Overcommitment
In order to achieve full or near full investment, it is usual for private
equity fund investors to make commitments exceeding the amount of cash
immediately available for investment. This is described as "overcommitment".
When determining the appropriate level of overcommitment, careful
consideration needs to be given to the rate at which commitments might be
drawn down, and the rate at which realisations will generate cash from the
existing portfolio to fund new investment.
Portfolio
Throughout, reference is made to the "Portfolio", which represents the
aggregate of the investment Portfolios of the Company and of its subsidiary
limited partnerships. This is consistent with the commentary in previous
annual and interim reports. The Board and the Manager consider that this is
the most relevant basis for shareholders to assess the overall performance of
the Company and comparison with its peers.
The closest equivalent amount reported on the balance sheet is "investments at
fair value". A reconciliation of these two measures is presented below:
£m Investments at fair value as per balance sheet Cash held by subsidiary limited partnerships Balances receivable from subsidiary limited partnerships Co-investment incentive scheme accrual Portfolio
30 April 2017 522.5 (2.3) 1.5 19.4 541.1
31 January 2017 572.2 - 1.4 20.7 594.3
Post-crisis investments are defined as those completed in 2009 or later.
Pre-crisis investments are defined as those completed in 2008 or before, based
on the date the original deal was completed, which may differ from when the
Company invested if acquired through a secondary.
Realisation proceeds are amounts received by the Company in respect of the
Portfolio, which may be in the form of capital proceeds or income such as
interest or dividends.
Share price Total Return is the change in the Company's share price, assuming
that dividends are re-invested on the day that they are paid.
Total Return is a performance measure that assumes the notional re-investment
of dividends. This is a measure commonly used by the listed private equity
sector and listed companies in general.
The tables below set out the share price and the net asset value per share
growth figures for periods of one, three, five and ten years to the balance
sheet date, on both an unadjusted basis (i.e. without dividends re-invested)
and on a Total Return basis.
Unadjusted performance in years to 30 April 2017 1 year 3 year 5 year 10 year*
Net asset value per share 17.6% 27.3% 49.9% 88.1%
Share price 36.3% 29.0% 81.3% 78.3%
FTSE All-Share Index 15.8% 9.5% 32.8% 20.7%
Total Return performance in years to 30 April 2017 1 year 3 year 5 year 10 year*
Net asset value per share 19.9% 36.7% 63.6% 112.4%
Share price 39.9% 40.6% 102.3% 112.0%
FTSE All-Share Index 20.1% 21.8% 58.6% 73.0%
* As the Company changed its year end in 2010, the ten year figures are for
the 121 month period to 30 April 2017.
Underlying valuation movement is the change in the valuation of the Company's
Portfolio, before the effect of currency movements.
Undrawn commitments are commitments that have not yet been drawn down (see
definition of drawdowns).
Uplift on exit represents the increase in gross value relative to the
underlying manager's most recent valuation prior to the announcement of the
disposal. Excludes a small number of investments that were public throughout
the life of the investment. May differ from uplift in the reporting period in
certain instances.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of
Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: ICG Enterprise Trust Plc via GlobenewswireRecent news on ICG Enterprise Trust
See all newsRCS - ICG Enterprise Trust - Kepler Trust Intelligence: New Research
AnnouncementRCS - ICG Enterprise Trust - Kepler Trust Intelligence: New Research
AnnouncementRCS - ICG Enterprise Trust - Kepler Trust Intelligence: New Research
AnnouncementREG - ICG Enterprise Trust - Price Monitoring Extension
AnnouncementREG - ICG Enterprise Trust - Second Price Monitoring Extn
Announcement