International Petroleum Corporation Announces Share Buyback
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is excited to share that it has repurchased a total of 169,800 IPC common shares as part of its normal course issuer bid program.
Details of the Normal Course Issuer Bid
The normal course issuer bid (NCIB) for IPC began on December 1, 2023, in accordance with the Market Abuse Regulation and the relevant regulations of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. The primary goal of the NCIB is to boost shareholder value through strategic share repurchases.
Recent Share Repurchase Activities
From August 19 to 23, IPC repurchased a total of 130,000 IPC common shares on Nasdaq Stockholm, with these transactions being executed by Pareto Securities AB on behalf of IPC. Additionally, IPC acquired 39,800 IPC common shares on the TSX through ATB Capital Markets Inc.
Cancellation of Repurchased Shares
All common shares bought back under the NCIB will be cancelled, leading to a decrease in the total number of outstanding shares. As of the most recent reporting date, IPC has issued 122,244,738 common shares with voting rights and retains an additional 677,400 common shares in treasury.
Overall Repurchase Volume Since Program Launch
Since the NCIB's initiation 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 allows IPC to buy back a maximum of 8,342,119 shares over a twelve-month period, which is set to end on December 4, 2024, unless the program is completed earlier.
About International Petroleum Corporation
International Petroleum Corporation is a global oil and gas exploration and production company with a diverse portfolio of assets across various regions. The company focuses on discovering and developing oil and gas reserves, facilitating both organic and inorganic growth. IPC is part of the Lundin Group of Companies and is listed on both the Toronto Stock Exchange and Nasdaq Stockholm under the symbol "IPCO".
Investor Contact Information
If you have any questions regarding this announcement, please reach out to:
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 is designed to enhance shareholder value by repurchasing shares, which ultimately reduces the number of shares available in the market.
How many shares did IPC repurchase in the latest period?
During the period from August 19 to 23, IPC repurchased a total of 169,800 common shares.
Who executed the share repurchases on behalf of IPC?
Transactions on Nasdaq Stockholm were executed by Pareto Securities AB, while ATB Capital Markets Inc. handled the repurchases on the TSX.
Will the repurchased shares be cancelled?
Yes, all common shares that are repurchased through the NCIB will be cancelled, which will decrease the total number of issued shares.
What is the maximum number of shares IPC can repurchase under the NCIB?
IPC is permitted to repurchase a maximum of 8,342,119 shares during the twelve-month duration of the program.
