International Petroleum Corp. Announces Share Buyback Results
International Petroleum Corporation Reports Buyback Activities
International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) is excited to share that from September 23 to 30, the company successfully repurchased a total of 138,500 IPC common shares as part of its normal course issuer bid (NCIB).
Details of the Repurchase Program
The NCIB was first announced on December 1, 2023, following all required regulations established by the Market Abuse Regulation and relevant trading policies set forth by the Toronto Stock Exchange (TSX) and Nasdaq Stockholm.
Recent Share Repurchases
During the specified period, IPC acquired 118,000 IPC common shares on Nasdaq Stockholm, under the management of Pareto Securities AB on behalf of the company.
In addition to this, IPC purchased 20,500 common shares on the TSX, facilitated by ATB Capital Markets Inc. All repurchased shares will be cancelled. In September alone, IPC cancelled a total of 752,400 shares under this program.
Impact on Share Structure
As of September 30, 2024, IPC has 120,751,038 common shares with voting rights outstanding, while maintaining 30,000 shares in treasury. Since the inception of the NCIB on December 5, 2023, IPC has repurchased a remarkable 7,503,782 shares, showcasing its commitment to returning value to its shareholders.
Looking Ahead
The company has permission to repurchase a maximum of 8,342,119 additional shares over a twelve-month period, demonstrating IPC’s proactive stance on enhancing shareholder equity.
About International Petroleum Corporation
International Petroleum Corporation is an organization that specializes in oil and gas exploration and production. The company owns an impressive portfolio of high-quality assets across Canada, Malaysia, and France, thereby providing a solid base for growth opportunities, both organically and through acquisitions. Being part of the esteemed Lundin Group of Companies, IPC is well-positioned in the oil and gas sector.
Contact Information
For further details, please reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Phone: +41 22 595 10 50
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Phone: +46 701 11 26 15
Frequently Asked Questions
What is the significance of IPC's repurchase of shares?
The repurchase highlights IPC's commitment to enhancing shareholder value by reducing the number of outstanding shares.
How does the NCIB work?
The NCIB allows IPC to buy back its shares in the open market, which can stabilize or potentially increase share prices.
When was the NCIB announced?
The normal course issuer bid was announced on December 1, 2023.
What are the total shares repurchased as of now?
As of September 30, 2024, IPC has repurchased a total of 7,503,782 shares under the NCIB.
What is IPC's strategy moving forward?
IPC aims to continue share repurchases and enhance its asset portfolio, aiming for sustainable growth in the oil and gas industry.
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