International Petroleum Corporation's Share Buyback Initiative
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce significant milestones in its share repurchase program. Recently, from September 16 to 20, IPC executed a strategic buyback of 190,600 IPC common shares as part of its normal course issuer bid (NCIB), underscoring the Corporation's dedication to boosting shareholder value.
Understanding the Normal Course Issuer Bid
Launched on December 1, 2023, the normal course issuer bid underscores IPC's strong alignment with the regulations and guidelines established by the Market Abuse Regulation (EU) No 596/2014 (MAR) and the Safe Harbour Regulation. By adhering to these standards, IPC ensures that its practices are transparent and ethically responsible, reinforcing its reputation as a trustworthy corporation in the oil and gas industry.
Details of the Share Repurchase
In the recent buyback period, IPC acquired 150,000 shares on Nasdaq Stockholm, with the execution managed by Pareto Securities AB on its behalf. Additionally, it bought 40,600 shares on the Toronto Stock Exchange (TSX), facilitated by ATB Capital Markets Inc. This dual strategy not only helps in managing the share value but also positions IPC favorably in the market.
Immediate Impact and Future Strategy
All common shares bought back under the NCIB are set to enter a cancellation process, which plays a crucial role in preserving share integrity and value. Currently, IPC has a total of 121,473,438 common shares with voting rights, alongside 613,900 shares held in treasury.
Ongoing Buyback Plans
Since the inception of this buyback initiative, IPC has repurchased a total of 7,365,282 shares. The corporation is authorized to buy back up to 8,342,119 shares throughout the twelve-month program, highlighting its strong intent to continue enhancing shareholder returns through strategic capital management.
About International Petroleum Corporation
International Petroleum Corp. (IPC) is a prominent player in the oil and gas exploration and production sector, supported by a diverse portfolio of high-quality assets located in Canada, Malaysia, and France. This extensive asset base provides a foundation for both organic and inorganic growth, effectively positioning IPC within the global marketplace. As a valued member of the Lundin Group of Companies, IPC is committed to operational excellence and active shareholder engagement.
Contact Information for Investors
If you have questions or need more information about IPC’s initiatives, feel free to contact Rebecca Gordon, Senior Vice President of Corporate Planning and Investor Relations, or Robert Eriksson, Media Manager. They are available to address any inquiries and provide further insights into IPC’s strategies and performance metrics.
Frequently Asked Questions
What is the purpose of the NCIB by IPC?
The NCIB is designed to enhance shareholder value by letting IPC repurchase its shares, helping to manage capital and possibly boost stock prices.
How many shares has IPC repurchased under the NCIB?
As of now, IPC has bought back a total of 7,365,282 shares under the NCIB since December 5, 2023.
Who conducts the share repurchases for IPC?
On Nasdaq Stockholm, share repurchases are handled by Pareto Securities AB, while transactions on the TSX are managed by ATB Capital Markets Inc.
What happens to the shares repurchased by IPC?
All common shares bought back under the NCIB will be cancelled, which decreases the total number of outstanding shares.
Where can I find more information about IPC's performance?
IPC offers comprehensive reports and updates on its website, where investors can find financial documents and strategic information about its operations.
