International Petroleum Corporation Announces Share Buyback Details
International Petroleum Corporation Share Buyback Announcement
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) has announced the repurchase of a total of 169,800 common shares under its normal course issuer bid/share repurchase program (NCIB) between August 19 and 23. This proactive step reflects IPC's focus on enhancing shareholder value.
Understanding IPC's Normal Course Issuer Bid
The NCIB, which was initially announced on December 1, 2023, is structured in accordance with the Market Abuse Regulation and the relevant rules of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. This regulatory framework provides guidance on how repurchase activities are conducted legally and transparently.
Share Repurchase Details
During the repurchase period from August 19 to 23, IPC executed its strategy by acquiring 130,000 common shares on Nasdaq Stockholm. The share repurchases were facilitated by Pareto Securities AB acting on IPC's behalf. Additionally, IPC repurchased 39,800 common shares on the TSX, managed by ATB Capital Markets Inc.
Implications of Share Repurchase
All repurchased shares under the NCIB will ultimately be cancelled, ensuring a reduction in the number of outstanding shares. As of August 23, 2024, there were 122,244,738 common shares with voting rights in circulation, while IPC holds 677,400 shares in treasury.
Performance Overview
From December 5, 2023, to August 23, 2024, IPC has successfully repurchased a total of 6,657,482 common shares via the NCIB strategy. The program allows for a maximum repurchase of 8,342,119 shares over a twelve-month period, emphasizing IPC's commitment to returning value to its shareholders.
Company Overview
International Petroleum Corporation is a prominent international oil and gas exploration and production company with a robust portfolio of assets across various regions. IPC’s operations span Canada, Malaysia, and France, positioning the company for both organic and inorganic growth. As a member of the Lundin Group of Companies, IPC is incorporated in Canada and its shares are listed on both the TSX and Nasdaq Stockholm under the symbol "IPCO".
Contact Information
For more details on IPC's operations or the share repurchase program, please reach out to:
Rebecca Gordon
Senior Vice President of 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 main purpose of IPC's share buyback program?
The primary aim of IPC's share buyback program is to enhance shareholder value by reducing the number of outstanding shares, thus potentially increasing earnings per share.
How many shares has IPC repurchased so far?
As of August 23, 2024, IPC has repurchased a total of 6,657,482 common shares under its NCIB since the beginning of the program.
Who facilitates IPC's share repurchases?
IPC's share repurchase transactions are facilitated by designated financial institutions, such as Pareto Securities AB and ATB Capital Markets Inc.
What happens to the shares repurchased under the NCIB?
All shares repurchased under the NCIB are cancelled, which ultimately reduces the total number of shares available in the market.
Where can I find more information about IPC?
Further information about IPC's operations, including press releases and updates, can be found on their official website.
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