International Petroleum Corporation Completes Share Repurchase Program
International Petroleum Corporation (IPC) is thrilled to announce the successful conclusion of its current normal course issuer bid (NCIB), through which the company has repurchased a total of 8,342,119 IPC common shares. This effort spanned from December 2023 to November 2024, indicating a significant investment in enhancing shareholder value. This repurchase represents approximately 6.5% of the total outstanding common shares at the start of the NCIB.
Future Plans for Share Buyback Program
As part of its commitment to maximizing shareholder returns, IPC's Board of Directors has approved the renewal of the NCIB, pending acceptance by the Toronto Stock Exchange (TSX). The extended program will run from December 2024 to December 2025, with expectations set to allow for the purchase of an additional 7.5 million common shares—approximately 6.2% of the outstanding shares at that time.
Recent Share Repurchases Overview
During a short window from November 11 to 15, 2024, IPC executed the repurchase of 191,989 common shares on Nasdaq Stockholm, with all transactions undertaken by Pareto Securities AB on behalf of IPC. Additionally, in the same timeframe, a total of 14,348 IPC common shares were bought back on the TSX through ATB Capital Markets Inc. These share repurchases reflect IPC's commitment to maintaining operational flexibility while returning value to its shareholders.
Regulatory Compliance and Shareholder Transparency
IPC has executed this buyback program in accordance with the EU's Market Abuse Regulation and the applicable TSX and Nasdaq Stockholm regulations. Transparency remains a priority for IPC, and the company has made detailed reports available for stakeholders wishing to review transaction volumes, average prices, and total value related to its share repurchase activities.
Current Standing and Future Outlook
As of November 15, 2024, the total number of issued and outstanding IPC common shares stands at 120,244,638, with 361,937 shares being retained in treasury. After the cancellation of shares, the total is expected to decrease to approximately 119,882,701, demonstrating IPC's strategic approach in managing its capital.
About International Petroleum Corporation
International Petroleum Corporation is a dynamic entity in the oil and gas sector, focusing on exploration and production. With a diverse portfolio of high-quality assets located across Canada, Malaysia, and France, IPC aims to provide a robust platform for both organic growth and strategic acquisitions. IPC is proud to be part of the Lundin Group of Companies, cementing its status in the energy market. The corporation is incorporated in Canada and operates under the ticker symbol "IPCO" on both the Toronto Stock Exchange and Nasdaq Stockholm.
For further details, please reach out to:
Contact Information
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Tel: +41 22 595 10 50
Email: rebecca.gordon@international-petroleum.com
Or
Robert Eriksson
Media Manager
Tel: +46 701 11 26 15
Email: reriksson@rive6.ch
Frequently Asked Questions
What is the total number of shares repurchased by IPC?
IPC has repurchased a total of 8,342,119 common shares through its normal course issuer bid program.
When does IPC’s renewed share buyback program commence?
The renewed share buyback program is set to commence from December 2024 and will last until December 2025.
How many shares did IPC repurchase during November 11 to 15, 2024?
During that period, IPC repurchased 191,989 common shares on Nasdaq Stockholm and 14,348 on the TSX.
What are IPC's future growth strategies?
IPC aims to pursue organic growth alongside strategic acquisitions, leveraging its strong asset portfolio for expansion.
How can shareholders access information about IPC's transactions?
Shareholders can find detailed reports regarding share repurchase activities on IPC's official website and relevant stock exchange platforms.
