International Petroleum Corporation Updates Share Repurchase Details
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International Petroleum Corporation Share Repurchase Program
International Petroleum Corporation (IPC) has recently updated its stakeholders regarding its normal course issuer bid (NCIB) following repurchase activity of its common shares. Throughout the designated period, IPC successfully repurchased a total of 138,900 IPC common shares, showcasing the company’s commitment to returning value to its shareholders.
Understanding the Share Repurchase Program
The NCIB program, which started on December 1, 2023, is conducted in accordance with various regulations, including the Market Abuse Regulation (EU) No 596/2014 and the Safe Harbour Regulation (EU) No 2016/1052. These guidelines aim to ensure the integrity and transparency of the share repurchase process, allowing companies like IPC to engage in repurchases without misleading the market.
Repurchase Activity Overview
During the recent repurchase period from August 26 to 30, 2024, IPC conducted significant transactions by purchasing 104,000 common shares on Nasdaq Stockholm, all executed through Pareto Securities AB. In parallel, the corporation also bought 34,900 shares on the Toronto Stock Exchange (TSX) through ATB Capital Markets Inc. This coordinated effort highlights IPC’s proactive approach towards its capital management strategy.
Implications of Share Repurchases
All common shares repurchased under the NCIB are scheduled to be cancelled, thereby reducing the outstanding shares in the market. Specifically, IPC cancelled 771,300 common shares throughout August 2024, resulting in an updated total of issued and outstanding IPC shares being 121,473,438, including 45,000 shares held in treasury. This strategic move not only signals management's confidence in IPC’s growth but is also expected to enhance shareholder value.
Total Repurchased Shares
Since the NCIB program commenced on December 5, 2023, a total of 6,796,382 common shares have been repurchased. The program allows IPC to repurchase a maximum of 8,342,119 shares over a twelve-month period, indicating sustained commitment to upholding shareholder interests.
Company Background and Future Outlook
International Petroleum Corporation is recognized as a viable player in the international oil and gas exploration sector, boasting a strong asset portfolio across various regions. Being part of the esteemed Lundin Group of Companies, IPC prioritizes not only operational efficiency but also commitment to sustainable growth and shareholder engagement.
Contact Information for Stakeholders
For further inquiries about IPC's share repurchase program and overall corporate strategy, stakeholders can reach out to:
Rebecca Gordon
SVP Corporate Planning and Investor Relations
Email: rebecca.gordon@international-petroleum.com
Tel: +41 22 595 10 50
Or
Robert Eriksson
Media Manager
Email: reriksson@rive6.ch
Tel: +46 701 11 26 15
Frequently Asked Questions
What is the purpose of IPC's NCIB?
The NCIB allows IPC to repurchase shares from the open market to enhance shareholder value and reduce the number of issued shares.
How many shares has IPC repurchased to date?
As of now, IPC has repurchased a total of 6,796,382 shares since the NCIB program began.
Who executed the share repurchases on Nasdaq Stockholm?
The share repurchases during the specified period were conducted by Pareto Securities AB on behalf of IPC.
What will happen to the shares that IPC repurchases?
All repurchased shares are intended for cancellation, which reduces the total outstanding shares in circulation.
How can I contact IPC for further information?
Interested parties can contact Rebecca Gordon or Robert Eriksson using the provided email addresses and phone numbers for more information.
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