International Petroleum Corporation Reports Share Buyback Success
International Petroleum Corporation's Share Buyback Initiative
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is excited to share noteworthy accomplishments regarding its repurchase program. Recently, from September 16 to 20, IPC executed a strategic buyback totaling 190,600 IPC common shares during its normal course issuer bid (NCIB), a decision reflecting the Corporation's commitment to enhancing shareholder value.
Understanding the Normal Course Issuer Bid
The normal course issuer bid initiated by IPC on December 1, 2023, emphasizes the Corporation's strong alignment with the regulations and guidelines set by the Market Abuse Regulation (EU) No 596/2014 (MAR) and the Safe Harbour Regulation. This compliance ensures that IPC's actions are both transparent and ethically sound, reinforcing confidence in the corporation as a reputable entity in the oil and gas sector.
Details of the Share Repurchase
During the specified period, IPC repurchased 150,000 shares on Nasdaq Stockholm, executed by Pareto Securities AB on its behalf. Additionally, there were 40,600 shares purchased on the Toronto Stock Exchange (TSX), facilitated by ATB Capital Markets Inc. This dual approach not only serves to manage share value but also strategically positions IPC in the market.
Immediate Impact and Future Strategy
All common shares repurchased under the NCIB will enter a cancellation process, which is vital for maintaining share integrity and value. As of now, IPC holds a total of 121,473,438 common shares with voting rights, while also maintaining 613,900 shares in treasury.
Ongoing Buyback Plans
Since the commencement of this buyback initiative, IPC has repurchased a total of 7,365,282 shares. The corporation is authorized to repurchase up to 8,342,119 shares within the span of the twelve-month program, indicating robust future intentions to continue fostering shareholder returns through strategic capital management.
About International Petroleum Corporation
International Petroleum Corp. (IPC) stands as a notable player in the oil and gas exploration and production arena, backed by a diverse portfolio of high-quality assets across Canada, Malaysia, and France. This broad asset base lays the groundwork for both organic and inorganic growth, positioning IPC effectively in the global marketplace. As a proud member of the Lundin Group of Companies, IPC is dedicated to operational excellence and shareholder engagement.
Contact Information for Investors
For inquiries or further details regarding IPC’s initiatives, stakeholders can reach out to Rebecca Gordon, Senior Vice President of Corporate Planning and Investor Relations, or Robert Eriksson, Media Manager. They are available for questions and will gladly provide additional insights into IPC’s strategies and performance metrics.
Frequently Asked Questions
What is the purpose of the NCIB by IPC?
The NCIB aims to enhance shareholder value by allowing IPC to repurchase its shares, helping to manage its capital and potentially increasing stock prices.
How many shares has IPC repurchased under the NCIB?
As of now, IPC has repurchased a total of 7,365,282 shares under the NCIB since December 5, 2023.
Who conducts the share repurchases for IPC?
Share repurchases on Nasdaq Stockholm are conducted by Pareto Securities AB, while ATB Capital Markets Inc. handles the transactions on the TSX.
What happens to the shares repurchased by IPC?
All common shares repurchased under the NCIB will be cancelled, thereby reducing the total outstanding shares.
Where can I find more information about IPC's performance?
IPC provides detailed reports and updates on its website, where investors can access financial reports and strategic insights into its operations.
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