International Petroleum Corporation Shares Repurchase Update
International Petroleum Corporation's Strategic Share Buyback
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) has taken a significant step in optimizing its capital structure by successfully repurchasing a total of 181,100 common shares from September 2 to 6, conducted under its normal course issuer bid (NCIB) share repurchase program.
Details of the Share Repurchase Program
Established on December 1, 2023, IPC's NCIB aligns with the applicable regulations and policies in place at the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. In just the first week of September, a remarkable 147,000 IPC common shares were acquired from the Nasdaq Stockholm exchange through transactions facilitated by Pareto Securities AB. Concurrently, an additional 34,100 shares were repurchased via the TSX, executed by ATB Capital Markets Inc.
Impact on Share Structure
These repurchases play a vital role in maintaining shareholder value, as all repurchased shares will be canceled. As of September 6, 2024, the outstanding IPC common shares amount to 121,473,438, demonstrating the company's commitment to reducing the total share count. The treasury currently holds 226,100 shares, reflecting a proactive approach in managing IPC's equity.
Current Performance and Future Outlook
Since initiating the NCIB on December 5, 2023, IPC has repurchased a total of 6,977,482 common shares. The program allows for the repurchase of up to 8,342,119 shares over a twelve-month period, indicating a strategic approach to enhance shareholder returns. IPC's adept management of this program illustrates confidence in their operational success and market positioning.
About International Petroleum Corporation
International Petroleum Corporation is dedicated to oil and gas exploration and production, with assets in Canada, Malaysia, and France. As part of the Lundin Group of Companies, IPC prides itself on its robust portfolio, which supports both organic and inorganic growth strategies, aimed at driving long-term value for shareholders.
Contact Information for Inquiries
Should you require further information regarding the NCIB program or other inquiries, please reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Phone: +41 22 595 10 50
Or
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Phone: +46 701 11 26 15
Frequently Asked Questions
What is the purpose of the normal course issuer bid (NCIB)?
The NCIB allows IPC to repurchase its shares from the market to enhance shareholder value and manage capital structure effectively.
How many shares has IPC repurchased in total since starting the NCIB?
IPC has repurchased a total of 6,977,482 common shares since the initiation of the NCIB on December 5, 2023.
Who facilitated the share repurchases on Nasdaq Stockholm?
Pareto Securities AB executed the share repurchases on the Nasdaq Stockholm exchange on behalf of IPC.
What will happen to the repurchased IPC shares?
All repurchased shares will be canceled, reducing the total number of outstanding shares.
Where can I find more information about IPC's share repurchases?
Detailed transaction information under the NCIB can be found on IPC’s official website and other regulatory disclosures.
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