International Petroleum Corporation Share Repurchase Program
International Petroleum Corporation (IPC) has recently informed its stakeholders about updates to its normal course issuer bid (NCIB) following its recent share repurchase activities. During the specified period, IPC successfully repurchased a total of 138,900 of its common shares, demonstrating the company's dedication to delivering value to its shareholders.
Understanding the Share Repurchase Program
The NCIB program, which commenced on December 1, 2023, is carried out in compliance with various regulations, including the Market Abuse Regulation (EU) No 596/2014 and the Safe Harbour Regulation (EU) No 2016/1052. These regulations are designed to uphold the integrity and transparency of the share repurchase process, enabling companies like IPC to conduct repurchases without misleading the market.
Repurchase Activity Overview
In the recent repurchase period from August 26 to 30, 2024, IPC made significant transactions by acquiring 104,000 common shares on Nasdaq Stockholm, all facilitated through Pareto Securities AB. Additionally, the corporation purchased 34,900 shares on the Toronto Stock Exchange (TSX) through ATB Capital Markets Inc. This coordinated effort underscores IPC’s proactive approach to managing its capital.
Implications of Share Repurchases
All common shares repurchased under the NCIB are set to be cancelled, which will decrease the number of outstanding shares in the market. Specifically, IPC cancelled 771,300 common shares throughout August 2024, resulting in a new total of issued and outstanding IPC shares at 121,473,438, including 45,000 shares held in treasury. This strategic decision not only reflects management's confidence in IPC’s growth but is also anticipated to enhance shareholder value.
Total Repurchased Shares
Since the NCIB program began on December 5, 2023, IPC has repurchased a total of 6,796,382 common shares. The program permits IPC to buy back a maximum of 8,342,119 shares over a twelve-month period, demonstrating a sustained commitment to prioritizing shareholder interests.
Company Background and Future Outlook
International Petroleum Corporation is recognized as a significant player in the international oil and gas exploration industry, with a robust asset portfolio spanning various regions. As part of the esteemed Lundin Group of Companies, IPC is committed not only to operational efficiency but also to sustainable growth and active shareholder engagement.
Contact Information for Stakeholders
For any inquiries regarding IPC's share repurchase program or 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 buy back shares from the open market, aiming to enhance shareholder value and decrease the total number of issued shares.
How many shares has IPC repurchased to date?
Currently, IPC has repurchased a total of 6,796,382 shares since the NCIB program was initiated.
Who executed the share repurchases on Nasdaq Stockholm?
The share repurchases during the specified timeframe were carried out 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 will lower the total number of outstanding shares in circulation.
How can I contact IPC for further information?
Interested individuals can reach out to Rebecca Gordon or Robert Eriksson using the provided email addresses and phone numbers for more information.
