International Petroleum Corporation's Strategic Share Buyback
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) has made a significant move to enhance its capital structure by successfully buying back a total of 181,100 common shares from September 2 to 6. This action was carried out under its normal course issuer bid (NCIB) share repurchase program.
Details of the Share Repurchase Program
Launched on December 1, 2023, IPC's NCIB adheres to the relevant regulations and policies set by the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. During the first week of September alone, an impressive 147,000 IPC common shares were acquired from the Nasdaq Stockholm exchange, facilitated by Pareto Securities AB. Additionally, 34,100 shares were repurchased through the TSX, with the execution handled by ATB Capital Markets Inc.
Impact on Share Structure
These repurchases are crucial for preserving shareholder value, as all shares bought back will be canceled. As of September 6, 2024, the total outstanding IPC common shares stand at 121,473,438, showcasing the company's dedication to reducing its share count. Currently, the treasury holds 226,100 shares, reflecting a proactive strategy in managing IPC's equity.
Current Performance and Future Outlook
Since the NCIB's initiation on December 5, 2023, IPC has successfully repurchased a total of 6,977,482 common shares. The program permits the repurchase of up to 8,342,119 shares over a twelve-month timeframe, indicating a strategic effort to improve shareholder returns. IPC's effective management of this program demonstrates confidence in its operational success and market positioning.
About International Petroleum Corporation
International Petroleum Corporation focuses on oil and gas exploration and production, with assets located in Canada, Malaysia, and France. As part of the Lundin Group of Companies, IPC takes pride in its strong portfolio, which supports both organic and inorganic growth strategies aimed at delivering long-term value for its shareholders.
Contact Information for Inquiries
If you need more information about the NCIB program or have other inquiries, please contact:
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 enables IPC to buy back its shares from the market, which helps to enhance shareholder value and effectively manage its capital structure.
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 NCIB began on December 5, 2023.
Who facilitated the share repurchases on Nasdaq Stockholm?
Pareto Securities AB was responsible for executing the share repurchases on the Nasdaq Stockholm exchange on behalf of IPC.
What will happen to the repurchased IPC shares?
All shares that are repurchased will be canceled, which will decrease the total number of outstanding shares.
Where can I find more information about IPC's share repurchases?
For detailed transaction information regarding the NCIB, you can visit IPC’s official website and review other regulatory disclosures.
