International Petroleum Corporation Share Buyback Update
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International Petroleum Corporation Updates Share Repurchase Program
International Petroleum Corporation (IPC) has announced a significant development regarding its Normal Course Issuer Bid (NCIB) program. Through its diligent share repurchase efforts, IPC successfully bought back 138,900 common shares during the period of August 26 to 30, showcasing its commitment to enhancing shareholder value.
Details of the Share Repurchase Initiative
The buyback was conducted under IPC's normal course issuer bid, which initially began on December 1 of the previous year. This initiative is in compliance with the Market Abuse Regulation and various applicable securities laws, reinforcing IPC's dedication to transparency and regulations outlined by the Toronto Stock Exchange (TSX) and Nasdaq Stockholm.
Repurchases on Nasdaq Stockholm
During the specified period, IPC aggressively repurchased a total of 104,000 shares on Nasdaq Stockholm, facilitated by Pareto Securities AB. This strategic acquisition reflects IPC's strong market presence and ongoing investment philosophy.
TSX Buyback Activity
In addition to its activities on Nasdaq Stockholm, IPC also repurchased 34,900 shares on the TSX during the same timeframe, executed through ATB Capital Markets Inc. These transactions underline the Corporation's comprehensive approach to optimizing its share structure across multiple exchanges.
Impact of Share Repurchases on Capital Structure
All shares acquired through the NCIB are set to be canceled, effectively reducing the total number of outstanding common shares. By the end of August, IPC had already canceled 771,300 shares previously repurchased under the NCIB. As of August 30, the total number of issued and outstanding IPC shares stands at 121,473,438, with IPC holding 45,000 shares in treasury.
Total Share Repurchases Since Program Inception
From the start of the NCIB on December 5, 2023, to August 30, 2024, IPC has repurchased a substantial total of 6,796,382 common shares. The company is authorized to repurchase up to 8,342,119 shares over the duration of this twelve-month period, ending on December 4, reinforcing its long-term commitment to returning capital to shareholders and maintaining a robust financial position.
International Petroleum Corporation's Market Position
With a diverse portfolio encompassing high-quality assets primarily in oil and gas exploration and production, IPC is well positioned for sustained growth. The Corporation’s operations span across significant markets, giving it a strategic advantage in addressing global energy needs.
Contacts for Further Information
If investors seek additional insights into IPC's latest initiatives or have specific inquiries, they can reach out to the following contacts.
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Phone: +41 22 595 10 50
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Phone: +46 701 11 26 15
Frequently Asked Questions
What is the significance of IPC's Normal Course Issuer Bid?
The NCIB allows IPC to repurchase its common shares, signaling an investment in shareholder value and an effort to optimize its capital structure.
How many shares has IPC repurchased to date?
As of August 30, 2024, IPC has repurchased a total of 6,796,382 shares under the NCIB since its inception.
What are the future plans for share repurchases?
IPC is authorized to repurchase up to 8,342,119 shares through December 4, 2024, indicating ongoing support for its shareholders.
Who manages the share repurchase transactions?
Transactions are managed by financial institutions such as Pareto Securities AB and ATB Capital Markets Inc., ensuring operational efficiency and compliance.
Where can I find more information about IPC's market activities?
Further insights and disclosures about IPC's activities can be found through their official website and filings with regulatory authorities.
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