International Petroleum Corporation Shares Buyback Update
International Petroleum Corporation Announces Share Buyback Results
International Petroleum Corporation (IPC) has reported a significant share buyback under its normal course issuer bid (NCIB) plan, reflecting its ongoing commitment to enhancing shareholder value. A total of 190,600 IPC common shares were repurchased from September 16 to 20, demonstrating robust activity in its stock management strategy.
Details of the Buyback Program
Launched on December 1, 2023, IPC's NCIB aligns with financial regulations and market practices within Canada and Sweden. The repurchase program adheres to the rules set by the Toronto Stock Exchange (TSX) and Nasdaq Stockholm, as well as applicable Canadian and Swedish securities laws, ensuring a transparent process.
Share Repurchases on Nasdaq Stockholm
During the reporting period, IPC acquired a considerable quantity of shares on Nasdaq Stockholm, with 150,000 IPC common shares repurchased through its broker, Pareto Securities AB. This investment reflects IPC's continuous efforts to manage its capital effectively and optimize return for its shareholders.
Share Activity on the TSX
Alongside its Stockholm transactions, IPC also engaged in share repurchases on the TSX, buying back an additional 40,600 shares through ATB Capital Markets Inc. This dual-market approach underscores IPC's strategic positioning in both primary stock exchanges.
Implications of the Share Repurchase
All shares acquired by IPC under the NCIB will be subsequently canceled, impacting the total number of outstanding shares. As of September 20, 2024, IPC had issued 121,473,438 common shares, with an additional 613,900 held in treasury. This proactive share management helps improve earnings per share and indicates IPC's confidence in its future performance.
Broader Context of the NCIB
Since initiating the NCIB in December 2023, IPC has successfully repurchased a total of 7,365,282 shares under the program. The maximum allowable shares for repurchase during this twelve-month period is set at 8,342,119, showcasing IPC's strategic allocation of capital and focus on shareholder returns.
Impact of Market Conditions
The decision to implement the NCIB comes amid a dynamic market environment. IPC's management is taking proactive steps amid fluctuating commodity prices and uncertain economic conditions, demonstrating a strong commitment to its investors and aligning corporate actions with shareholder interests.
About International Petroleum Corporation
International Petroleum Corporation is prominently engaged in oil and gas exploration and production, boasting a high-quality asset portfolio. The corporation operates in regions that include Canada, Malaysia, and France, and is a member of the Lundin Group of Companies. IPC’s shares trade on both the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO", making it a recognized player in the global energy market.
Contact Information for Investor Queries
For further inquiries regarding IPC's recent developments and their commitment to stakeholders, interested parties can reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Tel: +41 22 595 10 50
Robert Eriksson
Media Manager
Tel: +46 701 11 26 15
Frequently Asked Questions
What prompted IPC to initiate its share repurchase program?
The share repurchase program aims to provide value to shareholders by reducing the number of outstanding shares, thereby increasing earnings per share.
How many shares has IPC repurchased under its NCIB?
As of September 20, 2024, IPC has repurchased a total of 7,365,282 shares under its normal course issuer bid program.
Who is managing the share repurchase transactions for IPC?
Transactions on Nasdaq Stockholm are managed by Pareto Securities AB, while ATB Capital Markets Inc. handles repurchases on the Toronto Stock Exchange.
Will the repurchased shares be canceled?
Yes, all shares acquired through the NCIB will be canceled, reducing the total outstanding shares of IPC.
How does the NCIB align with IPC’s growth strategy?
The NCIB supports IPC's overall growth strategy by optimizing capital allocation and enhancing shareholder value during fluctuating market conditions.
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