International Petroleum Corporation Updates on Share Buyback Initiative
International Petroleum Corporation Shares Recent Buyback Details
The International Petroleum Corporation (IPC) is thrilled to share that it has repurchased a total of 66,800 IPC common shares during a recent period under its normal course issuer bid (NCIB). This exciting update demonstrates IPC’s commitment to enhancing shareholder value and reflects an active approach to managing its capital. The shares were repurchased between October 28 and October 31, 2024, indicating a proactive strategy for capital management.
Understanding IPC's Normal Course Issuer Bid
IPC launched its NCIB plan on December 1, 2023, as part of a strategy aligned with the Market Abuse Regulation (EU) and relevant rules of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. This initiative allows IPC to return value to its shareholders by repurchasing shares in the open market, an essential aspect of the company's overall business strategy.
Recent Repurchases on Nasdaq Stockholm
During the period from October 28 to October 31, 2024, IPC was particularly active, repurchasing 52,500 common shares on Nasdaq Stockholm. These transactions were executed by Pareto Securities AB, acting on behalf of IPC. Such measures not only enhance liquidity but also strengthen the company's balance sheet.
Significance of Share Cancellation
All the repurchased shares under the NCIB will be cancelled. In fact, during this month alone, IPC has cancelled 506,400 common shares from previous repurchases, reducing the overall number of shares in circulation. As of the end of October 2024, IPC's total issued and outstanding shares is reported to be 120,244,638 shares, with an additional 44,400 shares held in treasury.
Performance of the Buyback Program
Since the initiation of the NCIB on December 5, 2023, IPC has managed to repurchase a notable total of 8,024,582 shares through transactions on both TSX and Nasdaq Stockholm. The program allows for a maximum buyback of 8,342,119 shares within a span of twelve months, thus demonstrating IPC's responsive approach to market conditions and shareholder interests.
Core Business Strategy of IPC
As an international oil and gas exploration and production company, IPC operates with a high-quality portfolio that spans Canada, Malaysia, and France, focusing on both organic and inorganic growth avenues. Being a part of the Lundin Group of Companies, IPC is well-positioned to navigate the complexities of the energy sector while delivering substantial value to its stakeholders.
Contact Information for Stakeholders
For additional information or inquiries, stakeholders can reach out to:
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 purpose of the NCIB for IPC?
The NCIB allows IPC to repurchase its shares, thereby returning value to shareholders and optimizing its capital structure.
How many shares has IPC repurchased recently?
IPC repurchased a total of 66,800 shares during the specified period from October 28 to October 31, 2024.
What will happen to the repurchased shares?
All repurchased shares will be cancelled, reducing the number of shares outstanding in the market.
Is IPC part of any larger group?
Yes, IPC is a member of the Lundin Group of Companies, which enhances its operational capabilities.
How can shareholders contact IPC for more information?
Shareholders can contact Rebecca Gordon or Robert Eriksson through their provided emails or phone numbers for further inquiries.
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