International Petroleum Corporation Announces Share Buyback
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) has revealed its intention to buy back a total of 169,800 common shares as part of its normal course issuer bid/share repurchase program (NCIB) from August 19 to 23. This initiative underscores IPC's commitment to boosting shareholder value.
Overview of IPC's Normal Course Issuer Bid
The NCIB, first announced on December 1, 2023, operates in compliance with the Market Abuse Regulation and the applicable rules of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. This regulatory framework ensures that the share repurchase activities are conducted in a legal and transparent manner.
Details of the Share Repurchase
During the buyback period from August 19 to 23, IPC implemented its strategy by purchasing 130,000 common shares on Nasdaq Stockholm. These transactions were executed by Pareto Securities AB on behalf of IPC. Additionally, IPC acquired 39,800 common shares on the TSX, with the assistance of ATB Capital Markets Inc.
Impact of the Share Repurchase
All shares repurchased under the NCIB will be cancelled, leading to a decrease 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 Summary
From December 5, 2023, to August 23, 2024, IPC has successfully repurchased a total of 6,657,482 common shares through its NCIB strategy. The program allows for a maximum repurchase of 8,342,119 shares over a twelve-month period, highlighting IPC's dedication to returning value to its shareholders.
Company Profile
International Petroleum Corporation is a leading international oil and gas exploration and production company with a diverse portfolio of assets across various regions. IPC operates in Canada, Malaysia, and France, positioning itself 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 further information regarding IPC's operations or the share repurchase program, please contact:
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 goal of IPC's share buyback program is to enhance shareholder value by decreasing the number of outstanding shares, which may lead to an increase in 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 program started.
Who facilitates IPC's share repurchases?
IPC's share repurchase transactions are conducted through selected financial institutions, including 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?
Additional information about IPC's operations, including press releases and updates, can be accessed on their official website.
