International Petroleum Corporation's Share Repurchase Overview
International Petroleum Corporation (IPC) is thrilled to announce significant achievements related to its normal course issuer bid (NCIB). Recently, the Corporation bought back 313,424 common shares from the market during the specified period.
The NCIB program, which commenced in late 2024, allows IPC to repurchase its shares under defined regulations. Specifically, IPC adhered to the Market Abuse Regulation and the applicable rules from stock exchanges in Canada and Sweden, ensuring compliance while undertaking these stock buybacks.
Details of the Share Buyback Program
Throughout the buyback period, IPC successfully repurchased a total of 237,064 IPC common shares on Nasdaq Stockholm. The trades were executed by Pareto Securities AB, acting on behalf of IPC. Additionally, a total of 76,360 shares were acquired on the Toronto Stock Exchange (TSX), with ATB Securities Inc. managing these transactions.
Upon completion of the repurchases, all shares acquired under the NCIB will be permanently canceled, reducing the overall share count. As of the end of this reporting period, IPC had 117,781,927 shares outstanding, with 822,277 shares held in treasury. This proactive approach demonstrates IPC's commitment to enhancing shareholder value.
Future Projections Under the NCIB
Since the beginning of the buyback initiative, IPC has repurchased a total of 2,923,051 shares, reflecting a robust strategy to return value to shareholders. Over a twelve-month period from December 5, 2024, the Corporation has the option to buy back up to 7,465,356 shares. This flexibility reflects IPC’s confidence in its operations and the overall market environment.
About International Petroleum Corporation
IPC is an international exploration and production company with a strong asset portfolio across various countries, including Canada and Malaysia. Their strategic focus is on delivering organic growth and pursuing value-accretive acquisitions as a member of the Lundin Group of Companies. Being listed on both the TSX and Nasdaq Stockholm under the symbol "IPCO", IPC is well-positioned for future expansions.
Contact Information for Shareholder Inquiries
For more details regarding the repurchase activities or for investor relations, shareholders can contact:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
rebecca.gordon@international-petroleum.com
Tel: +41 22 595 10 50
Robert Eriksson
Media Manager
reriksson@rive6.ch
Tel: +46 701 11 26 15
Frequently Asked Questions
What is the Normal Course Issuer Bid (NCIB)?
The NCIB is a program allowing companies to repurchase their own shares from the market, helping to manage share price and return value to shareholders.
How many shares did IPC repurchase recently?
IPC repurchased a total of 313,424 common shares during the NCIB period that ran from February 10 to 14.
What is the significance of the share cancellations?
Canceling repurchased shares decreases the number of outstanding shares, which can enhance the value of remaining shares for shareholders.
Who handles IPC's share buyback transactions?
The share buybacks were conducted by Pareto Securities AB in Sweden and ATB Securities Inc. in Canada.
Where can I find more information about IPC's financials?
Further details about IPC's financial performance and reports are accessible on their official website and through regulatory filings.
