International Petroleum Corporation Announces Share Buyback Results
International Petroleum Corporation Share Buyback Announcement
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 169,800 IPC common shares during its normal course issuer bid program.
Overview of the Normal Course Issuer Bid
IPC's normal course issuer bid (NCIB) commenced on December 1, 2023, in compliance with the Market Abuse Regulation and applicable rules of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. The objective of the NCIB is to enhance shareholder value through the tactical repurchase of its shares.
Recent Share Repurchase Activities
During the period of August 19 to 23, IPC repurchased a total of 130,000 IPC common shares on Nasdaq Stockholm, executing these transactions through Pareto Securities AB on behalf of IPC. In addition, IPC acquired 39,800 IPC common shares on the TSX through ATB Capital Markets Inc.
Cancellation of Repurchased Shares
All common shares repurchased under the NCIB will be cancelled, thus reducing the overall number of outstanding shares. As of the latest reporting date, IPC has 122,244,738 common shares issued with voting rights and holds an additional 677,400 common shares in treasury.
Total Repurchase Volume Since Program Initiation
Since the inception of the NCIB on December 5, 2023, IPC has repurchased a total of 6,657,482 common shares through transactions on both the TSX and Nasdaq Stockholm. The program permits IPC to repurchase a maximum of 8,342,119 shares over a twelve-month period, set to conclude on December 4, 2024, unless completed earlier.
About International Petroleum Corporation
International Petroleum Corp. is an international oil and gas exploration and production company with diverse assets spread across multiple regions. The company specializes in finding and developing oil and gas reserves, thus supporting both organic and inorganic growth. IPC is part of the Lundin Group of Companies and has its shares listed on both the Toronto Stock Exchange and the Nasdaq Stockholm exchange under the symbol "IPCO".
Contact Information for Investors
For further questions regarding this announcement, please contact:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
rebecca.gordon@international-petroleum.com
Tel: +41 22 595 10 50
Or
Robert Eriksson
Media Manager
reriksson@rive6.ch
Tel: +46 701 11 26 15
Frequently Asked Questions
What is the purpose of IPC's normal course issuer bid?
The NCIB aims to enhance shareholder value by repurchasing shares, ultimately reducing the number of outstanding shares in the market.
How many shares did IPC repurchase in the latest period?
IPC repurchased a total of 169,800 common shares during the period of August 19 to 23.
Who executed the share repurchases on behalf of IPC?
Transactions on Nasdaq Stockholm were carried out by Pareto Securities AB, while repurchases on the TSX were conducted by ATB Capital Markets Inc.
Will the repurchased shares be cancelled?
Yes, all common shares repurchased through the NCIB will be cancelled, reducing the total number of issued shares.
What is the maximum number of shares IPC can repurchase under the NCIB?
IPC is authorized to repurchase a maximum of 8,342,119 shares during the twelve-month duration of the program.
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